FM Sitharaman attends Development Committee Meeting of WB-IMF’s Spring Meeting

Washington DC [US], April 13 (ANI): Union Finance Minister Nirmala Sitharaman on Thursday attended the Development Committee Meeting during the World Bank-IMF’s Spring Meeting, in Washington DC.

Nirmala Sitharaman stated that “despite this year’s projected growth rate of over 6 per cent for the Indian economy, we remain concerned about the global economic outlook and geopolitical environment”, according to a tweet posted by the ministry of finance on Thursday. During the meeting, the finance minister mentioned that the “Evolution of the World Bank Group – A Report to Governors” provides a historic opportunity to think collectively on the evolution of the World Bank Group.

According to the finance ministry’s tweets, Nirmala Sitharaman posited that World Bank should continue to work for its vision of ‘A World Free of Poverty’ and seeks to achieve its mission of ‘ending extreme poverty’ and ‘promoting shared prosperity’ in a manner that is inclusive, resilient and sustainable.

The ministry also tweeted, “During her intervention, Finance Minister Smt. @nsitharaman suggested that the global public goods #GPG should also be brought into the focus as the third goal.”

During the Global Sovereign Debt Roundtable meeting alongside managing director of International Monetary Fund (IMF) Kristalina Georgieva yesterday, Nirmala Sitharaman underlined that in order to address the mounting debt crisis around the world, it is necessary to supplement current global initiatives, especially those of the G20.

During the discussion, Sitharaman also emphasised the need for debt transparency, information exchange, and clarity regarding the treatment of different debt situations on par, predictability of the process, and timeliness of the process.