Nirmala Sitharaman says funds are much required for not only low-income countries but also middle-income countries, as there are pockets of underdeveloped areas
Our Bureau
Washington, DC
Describing the Global Financial Architecture as a “very important area”, Union Finance Minister Nirmala Sitharaman has said that through India’s G20 Presidency, several sessions will be taking place to get into the details on how the world wants to look at the financial architecture itself.
On the Multilateral Development Banks (MDBs), the Finance Minister said, “If I may add, the expert group which is looking at the MDBs (Multilateral Development Bank) reforms, is also actively looking at the reforms and actively progressing in this direction. They had one meeting after the terms of reference were agreed upon by the G20 members. they are now here also sitting together with diff members getting their input.”
At this point, I can now identify the following steps, but I believe it will be decided once the conversations take place here and we come up with a formulation on how to go, Sitharaman added.
Addressing the press briefing, the Union Finance Minister talked about the ongoing meetings in the US. She said that it is the second of the G20 finance ministers and central bank governors’ meetings under the Indian Presidency which is held at the margin of the 2023 spring meetings of the International Monetary Fund (IMF) and the World Bank group.
Sitharaman said that the third pillar will now have to be sustainable goals and other climate-related objectives, climate funding, and so forth.
Underlining how India’s presidency has brought attention to the necessity to incorporate these factors while still being compatible with World Bank objectives and not merely balancing on them, Sitharaman said that New Delhi from its presidency very clearly highlighted that it’s going to be how a perfect balance is traced the developmental goals and climate finance. Addressing the media queries, Sitharaman also highlighted the post-pandemic development requirements and laid emphasis on how the focus should lie on them, solely.
“Not just development funding for low-income countries, post-pandemic development requirements becoming lot more focussed. We’re also highlighting core 2 things for World Bank – extreme poverty alleviation & bringing prosperity post it,” Sitharaman said.
The Union Finance Minister, while speaking on the development activities during the presser, also said that they are much required for not only low-income countries but also middle-income countries, as there are pockets of underdeveloped areas that desperately need funds for development there.
On debt structuring, the Union Minister asserted that a lot of intense work is going on and the discussions have gone on a positive note. “All stakeholders in debt-related, distress-related matters were there. Private participants were also there. Affected countries were also present. This discussion seems to have gone on a very positive note,” she said.
Speaking on crypto-assets, the Union Finance Minsiter said that there is a greater acceptance among G20 members regarding any action on them to be global.
“I’m glad to say that there is a greater acceptance among all G20 members that any action on crypto assets will have to be global…….they agree that it’s not going to be possible to have independent stand-alone country dealing with crypto assets,” Finance Minister Sitharaman stated.
Addressing the press briefing, the Union Finance Minister talked about the ongoing meetings in the US. She said that it is the second of the G20 finance ministers and central bank governors’ meetings under the Indian Presidency which is held at the margin of the 2023 spring meetings of the International Monetary Fund (IMF) and the World Bank group.
Nirmala Sitharaman on Friday met Canadian Deputy Prime Minister and Minister of Finance Chrystia Freeland on the sidelines of the 2023 Spring Meetings of World Bank Group (WBG) and International Monetary Fund (IMF).
“Both leaders concurred that the 2-pillar solution on #InternationalTaxation is simultaneously implemented at the earliest & expressed a strong commitment to both pillars of this international tax deal. FM also encouraged investment flows from Canada into GIFT IFSC @GIFTCity_,” tweeted the Ministry of Finance. The Indian FM also attended the Restricted Breakfast Meeting of the IMF Board of Governors at IMF Headquarters in Washington DC. She expressed concern with regard to financial instability and subdued global economic outlook, volatile commodity prices and inflation.
