( sdgs ) as part of our commitment to the g20 process. the reserve bank has been conducting several surveys to provide forward - looking inputs for policy purposes. in this context, professor rao ’ s guidance will be extremely valuable ; moreover, he has had a long - standing relationship with the bank in the technical advisory committee on surveys. we are also eager to listen to professor iyer on random connection models that help in reducing dimensions, compressing information and designing efficient algorithms in the era of big data. i am also happy to learn that experts such as dr. subrata sarkar, dr. d. v. s. sastry, shri d. k. joshi and dr. bornali bhandari will discuss the research work done and the future research agenda with young researchers in the afternoon session. their expertise would immensely help our young professionals in setting their own goals. 2 / 3 bis central bankers'speeches 9. i wish all participants the very best for today ’ s conference. i hope your deliberations will keep burning the flame of knowledge that illuminates human endeavour. thank you! 3 / 3 bis central bankers'speeches

with the world bank towards poverty reduction, debt sustainability and achieving millennium development goals ( mdgs ) are commendable. we appreciate the emphasis on efficient use of available resources, providing cushions for exogenous shocks, expanding the institutional capacity, managing additional resources, and chalking out pragmatic and effective debt restructuring mechanism. the recent studies on different aspects of financing should help to improve the flow of funds to low income countries ( lics ) and also strengthen their capacity to withstand exogenous shocks and service their debt without jeopardizing their economic growth. we agree that the focus for future fund engagement with lics should include ( a ) an assessment of policies, ( b ) dealing with shocks, ( c ) technical assistance, ( d ) donor support coordination, and ( e ) debt sustainability analysis for donors. given the likely scenario of reduced annual lending capacity under the self - sustained prgf programme from 2006, there exists a need for additional resources. to ensure efficient use of available resources, concessional arrangements should be made more effective without going for substantial changes in existing arrangements. we support greater selectivity in use of prgf resources and tapering of access norms for successive arrangements. on the proposed amendments in instruments and financing for prgf, the efforts for clarifying blend criteria, formalizing the low access prgf arrangements are welcome. greater clarity in the principles of prgf augmentation for addressing exogenous shocks and the need for fund engagement with emergency post - conflict countries are also necessary. we are not in favour of duplicating surveillance in the form of enhanced monitoring policy ( emp ). the drawing up of an explicit exit strategy and introduction of differentiated rate of charge for prolonged users as a signaling device appear necessary. moreover, a staff monitored programme, preferably after the second / third prgf arrangement, may ensure improved ownership. considering the required efforts to be put up by the lics in balancing their needs for resources and ability to service their debt, we are in favour of developing an operational framework for debt sustainability and promoting lics ’ economic growth. while it is widely recognised that rising exports could effectively reduce debt service burden, for the lics the quantum of exports has fallen short of the desired target. in this context, there is a need to focus on remittances as a supplementary source of resources to mitigate debt service burden. however, while trade in commodities has expanded over the years, and cross border capital flows exploded, growth in mobility