On the sidelines of the International Monetary Fund-World Bank (IMF-WB) Spring Meetings in Washington, D.C., Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman met with Ms. Kristalina Georgieva, Managing Director, International Monetary Fund (IMF).
Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, and Ms. Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) in Washington, D.C.
Senior officials such as Shri Anantha V. Nageswaran, Chief Economic Advisor, Ministry of Finance, Government of India, and Ms. Gita Gopinath, FDMD of the IMF accompanied both the Finance Minister and the Managing Director.
During the meeting, they discussed topics that are important to India, as well as a number of challenges that are currently affecting the global and regional economy.
Despite the problems faced by the COVID-19 pandemic, Ms. Georgieva emphasized India’s resiliency as the world’s fastest-growing country. Ms. Georgieva also mentioned India’s excellent policy mix, which she said was properly targeted. She praised India’s support for the IMF’s capacity development efforts.
Ms. Georgieva lauded India’s vaccination program as well as the assistance provided to its neighboring countries and other economically challenged countries. The IMF’s Managing Director specifically mentioned India’s assistance to Sri Lanka amid their terrible economic crisis. Smt. Sitharaman stated that the IMF should support Sri Lanka and provide financial assistance as soon as possible. The IMF’s Managing Director told Sri Lanka’s Finance Minister that the IMF would continue to work with the country.
Smt. Sitharaman and Ms. Georgieva expressed concern about recent geopolitical developments, citing the impact on the global economy and the issues associated with rising oil costs as examples.
Smt. Sitharaman explained India’s policy approach by stating that an accommodating fiscal attitude was followed by important structural reforms such as the bankruptcy code and targeted assistance to MSME and other vulnerable groups.
Smt. Sitharaman stated that the Monetary Authority fully supported and supplemented these efforts by taking a flexible approach.
During the COVID pandemic, India was aided by high agricultural output, which was aided by a favorable monsoon, according to the Finance Minister. Agricultural exports, like other exports, have risen dramatically. India is embarking on new commercial ventures that will aid in the resolution of some global supply chain concerns. She concluded.