FM Sitharaman meets World Bank chief, discusses world economy and impact of Russia-Ukraine conflict
The world is undergoing a phase of exceptional uncertainty, Sitharaman said
Union Finance Minister Nirmala Sitharaman met with World Bank President David Malpass in Washington on Friday and discussed several key economic issues including India’s continued recovery from the Covid-19 pandemic and the impact of the Russia-Ukraine conflict.
The two leaders also discussed India’s upcoming G20 Presidency and World Bank leadership in India, the Ministry of Finance said on Saturday.
During the meeting, Finance Minister Sitharaman stated that India’s pandemic response has focused on the twin goals of saving lives and livelihoods. India has been successfully running the world’s second-largest vaccination program, administering more than 1.85 billion doses of vaccines, she said, according to the Ministry of Finance.
“The two discussed India’s continued recovery from COVID19, the impact of Russia-Ukraine conflict, Single Borrower Limit and exploring the possibility of Guarantees from other G-7 nations, India’s G20 Presidency and @WorldBank leadership in India,” the Ministry of Finance tweeted.
The Finance Minister also suggested that multilateralism has become more critical as the world is undergoing a phase of exceptional uncertainty.
On account of the pandemic and the recent geo-political developments, there is a need for the World Bank to come to the rescue of countries facing debt stress. In particular, the World Bank needs to pay special attention to Sri Lanka, which is facing an unprecedented economic situation, Sitharaman said, according to a finance ministry.
She also highlighted India’s roadmap for infrastructure development.
During the US visit, Sitharaman delivered remarks at the International Monetary and Financial Committee (IMFC) Development Committee Plenary. She also held a series of bilateral meetings with her counterparts including ones from South Korea, South Africa, and Indonesia.
Sitharaman also met with senior officials of multilateral institutions including OECD, IMF, President CoP-26; and Vice-Chair of Glasgow Financial Alliance for Net-Zero.
She earlier attended a FATF Ministerial Meeting and met with US Commerce Secretary Gina Raimondo.