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April 19, 2022

Finance Minister of India, Nirmala Sitharaman, meets IMF Managing Director Ms. Kristalina Georgieva in Washington D.C.

International Monetary Fund

Photo: A woman heads towards the metro station at Connaught Place in New Delhi, India, on March 29, 2022. Women make up 19 percent of the workforce in India, down from approximately 30 percent in 1990, as per a World Bank report. Image provided by & copyright © IMF Photo/Saumya Khandelwal.

Washington, April 19, 2022 — India’s Union Minister for Finance & Corporate Affairs, Ms. Nirmala Sitharaman, had a bilateral meeting with Ms. Kristalina Georgieva, Managing Director, International Monetary Fund (IMF), on the sidelines of the International Monetary Fund-World Bank (IMF-WB) Spring Meetings in Washington D.C. today.

Both the Finance Minister and the Managing Director were accompanied by senior officials like Mr. Anantha V. Nageswaran, Chief Economic Advisor, Ministry of Finance, Government of India, and Ms. Gita Gopinath, FDMD of IMF.

During the meeting, they discussed issues of importance for India besides several topics currently being faced by the global and the regional economies.

Ms. Georgieva highlighted the resilience of India, which remains the fastest-growing country across the globe despite challenges posed by the COVID-19 pandemic. Ms. Georgieva also referred to a well-targeted policy mix followed by India. She lauded India for its contribution to the capacity development activities of the IMF.

Ms. Georgieva praised India’s vaccination program and extended help to its neighbor and other vulnerable economies. In addition, the IMF MD referred India’s resources to Sri Lanka during their complex economic crisis. Ms. Sitharaman indicated that IMF should support and urgently provide financial assistance to Sri Lanka. The Managing Director assured the Finance Minister that the IMF would continue to engage with Sri Lanka actively.

Discussing the recent geopolitical developments, Ms. Sitharaman and Ms. Georgieva raised concerns about its impact on the global economy and the challenges linked to the rising energy prices.

Explaining India’s policy approach, Ms. Sitharaman mentioned that an accommodative fiscal stance accompanied significant structural reforms, including the bankruptcy code and targeted help to vulnerable sections.

Ms. Sitharaman said that Monetary Authority fully supported and complemented these efforts with an accommodative stance.

The Finance Minister further stated that India had a sound agricultural output, supported by a good monsoon during the COVID pandemic. As a result, agricultural exports and other exports have also sharply increased. She concluded that India is entering into new economic activities to help resolve some of the global supply chain issues.

Source: Ministry of Finance, Government of India


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Edited & Posted by the Editor | 2:36 PM | Link to this Post

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