Kristalina Georgieva also lauded India’s help in dealing with Sri Lanka’s economic crisis and assured that the IMF will continue to engage actively with the island nation.
Kristalina Georgieva also lauded India’s help in dealing with Sri Lanka’s economic crisis and assured that the IMF will continue to engage actively with the island nation.
Finance Minister Nirmala Sitharaman on Tuesday met IMF Managing Director Kristalina Georgieva and discussed a range of issues, including the impact of the geopolitical situation on global development.
During the meeting held on the sidelines of the ongoing annual spring meetings of the International Monetary Fund (IMF) and the World Bank, the IMF chief highlighted India’s well-targeted policy mix, which has helped the country’s economy remain resilient even with limited financial space. helped to live. ,
He also appreciated India’s help in dealing with Sri Lanka’s economic crisis and assured that the IMF would continue to engage actively with the island nation.
In a tweet, the Finance Ministry said, “Discussing the recent geo-political developments, FM Smt @nsitharaman and Ms @KGeorgieva raised concerns about its impact on the global economy and the challenges associated with rising energy prices due to this. “
With regard to the Indian policy on economic revival, Ms Sitharaman highlighted the government’s commitment to support economic growth through capital expenditure (CAPEX) and underlined that the country’s liberal fiscal policy coupled with major structural reforms and strong monetary policies The stand has helped it recover from the pandemic. ,
India is expected to register the highest growth rate among the major economies of the world. According to the Economic Survey, the country is likely to register a GDP growth of 8-8.5% in the current fiscal.
To achieve higher growth, the government has increased the capex by 35.4% to ₹7.5 lakh crore for the financial year 2022-23 to continue the public investment-led recovery of the economy hit by the pandemic. Last year the capex was pegged at Rs 5.5 lakh crore.
Congratulating India on its successful vaccination program to control the spread of COVID-19, Ms Georgieva also lauded New Delhi for providing relief to other vulnerable countries to fight the pandemic.
Ms Sitharaman also met Sri Lankan Finance Minister Ali Sabri on the sidelines of the IMF-WB Spring Meetings and discussed the current economic situation and its approach to address the current challenges in Sri Lanka.
The Finance Minister assured his Sri Lankan counterpart that as a close friend and good neighbour, India would endeavor to extend all possible cooperation and assistance.
Ms Sitharaman held a meeting with Indonesia’s Finance Minister Mr. Mulyani Indravati on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.
“The two ministers discussed the current global situation and response to the #G20 #Indonesian Presidency, as well as the #G20FMCBG agenda including #GlobalHealth, International Financial Architecture and #SustainableFinance,” the finance ministry said in a separate tweet.
The two leaders highlighted the need for the G20’s collective attention to energy price volatility, inflationary pressures and the impact of geopolitical tensions on the global economy.