and sanctions on some major oil exporters when the world is beset by high food and energy insecurity and health crisis. we endorse the gpa ’ s emphasis on “ acting together and acting now ” to alleviate the immediate hardship due to successive years of global crises, and to build resilience for addressing future shocks that could come with more frequency and greater severity. however, as mentioned earlier, the basic requirement of “ acting together ” for the common good is at risk by the growing global fragmentation into economic and trade blocks, including the critical energy sector. we welcome the imf ’ s continued commitment to help members in need by enhancing and adapting its lending toolkit. the newly established resilience and sustainability trust ( rst ) is an important addition to the imf ’ s toolkit to help members build strong resilience to various shocks, including climate change and pandemics, through long term financing. we are encouraged by the strong uptake so far and look forward to seeing several rst - backed programs brought for the board ’ s consideration by the end of this year. against the background of swift tightening of global financial conditions, we are concerned about the precarious debt situation and the diminished debt service capacity of lics and emdes, with many of them already in debt distress or at high risk of debt distress. the imf has a key role to play in helping members with sovereign debt issues and in making the debt resolution process more predictable and efficient. in this vein, we support the joint efforts of the imf and the world bank to strengthen the common framework for debt treatment in a coordinated and timely manner, and in total concert with all creditors. we are all committed to a greener world and attach great importance to transformational reforms required to address climate change - related challenges for the benefit of generations that follow. no country and no region is immune to climate change. it is as much an existential threat to our constituency and to the mena region as it is to other constituencies and regions. in our region, we have experienced historical floods at the same time as historical droughts. we have to recognize, and collectively address, the existing highly inequitable burden sharing, where countries with negligible carbon footprints bear the weight of negative externalities associated with climate distress created over the years by large emitters. our countries are committed to their pledges made under the paris agreement with the recognition that there could be country specific strategies towards the

in a few countries like kenya and philippines. while acknowledging that the mobile banking models in these countries were perhaps the appropriate solution in the respective jurisdictions, we, in india, came to the conclusion that absence of a bank presence in large parts of the country cannot be solved by non - bank players alone. having said that, after a careful evaluation of the existing banking infrastructure in place, it is our own perception of the scope of financial inclusion and the relative merits and demerits associated with the two models that india opted for the bank - led model. it is perhaps this model which has the capability to deliver the minimum of four basic products and services, viz. a savings account with overdraft facility, a remittance product, a pure savings product, preferably, variable recurring deposit, and an entrepreneurial credit product which in our perception are minimum qualifying products that any financial inclusion model should contain. further, the bank led model provides regulatory comfort as the banks have been in the business of banking including money transfer ; systems to adhere to bis central bankers ’ speeches kyc / aml norms and customer grievance redressal are in place and are under the direct regulation and supervision by the reserve bank of india. at the same time, we did recognize the important role which the mobile service providers ( msps ) could and should play in this payment space given their vast agent network across the country touching the remotest areas where banks did not have a physical presence. we, therefore, enabled these msps to be appointed by banks as their business correspondents of banks to foster a healthy partnership between the two which could gainfully utilize the expertise of banks and the reach of the msps. the new partnerships are beginning to happen and the full impact of this liberalisation is unfolding still. b. regulatory initiatives taken to promote mobile banking 5. the first measure to regulate mobile banking in india was taken in october, 2008. since then, we have progressively liberalized the manner and extent to which banks can conduct mobile banking ; alive to the needs of the market, in particular, the unbanked population and the migrant labour force within the country. today, banks in india are permitted to facilitate funds transfer between bank accounts through a mobile phone. to enable such transfers in a cost - effective manner particularly for the small ticket transactions, we have waived the need for end - to - end encryption for transactions of value up to rs. 5000 ( around usd100 ). we have also enabled money