FinMin Sitharaman met Kristalina Georgieva, MD, IMF

New Delhi: Union Finance Minister Smt Nirmala Sitharaman and Ms. Kristalina Georgieva, MD, IMF, met today in New Delhi to discuss India’s upcoming G20 Presidency and IMF’s support to India for the Presidency.

FM Smt. Sitharaman and Ms. Georgieva shared concerns on key downside risks to the global economy and the cross-border effects due to the geopolitical situation and tighter financial conditions.

Smt. Sitharaman and Ms. Georgieva recognised that the effect of increase in global inflation due to rise in food and energy prices and international debt has impacted low- income countries the most. FM Smt. Sitharaman underlined the need to ensure energy security for all.
Smt. Sitharaman reiterated the importance of coordinated policy measures & multilateralism for mobilising adequate financial resources for climate action, emphasising that committed funds by the developed economies is yet to become available. She further stated that carbon pricing may not a feasible policy tool for climate action.

Smt. Sitharaman emphasized the importance of timely conclusion of 16th General Review of Quotas GRQ) in a way that addresses inequity and imbalances in the global economy. Ms  Georgieva agreed with Smt. Sitharaman that for the IMF to remain relevant it is important that a consensus on GRQ be reached to reflect changed status of EMEs in the world order.

Smt. Sitharaman and Ms. Georgieva discussed the significance of regulation of crypto assets and the need to have a globally coordinated, synchronized approach on the issue. Smt. Sitharaman urged that the IMF should play a lead role in this regard.

Ms Georgieva stated that despite the global uncertainty and headwinds, India continues to be a bright spot in the global economy.
Smt. Sitharaman was happy to note that views of IMF and the Ministry of Finance converge on most issues.

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