Thu, 23 Mar 2023

New Delhi [India], February 9 (ANI): Union Finance Minister Nirmala Sitharaman and International Monetary Fund Managing Director Kristalina Georgieva on Thursday expressed solidarity with those affected by devastating earthquakes in Turkey and Syria.

Finance Minister Sitharaman also conveyed India's immediate support extended by Prime Minister Narendra Modi through the deployment of the National Disaster Response Force (NDRF) and medical teams under Operation Dost. The Finance Minister's official Twitter handle posted about the virtual meeting with the IMF MD in a series of tweets on Thursday.

In a virtual meeting on Thursday, Finance Minister Sitharaman and IMF MD Georgieva were discussing the upcoming G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting scheduled to be held in Bengaluru later this month.

During the meeting, Georgieva congratulated India on its strong economic performance in challenging global times as well as its role at the forefront of digitalisation of the economy, especially in the area of digital payments.

Sitharaman also thanked the IMF for the support that it had been providing to the G20 Indian Presidency on various work streams under the G20 Finance Track.

During the virtual meeting, IMF MD also deeply appreciated India's contribution of USD 50 million for the South Asia Regional Training and Technical Assistance Center (SARTTAC), Delhi, which is a partnership between IMF and India. This will further strengthen India and IMF's role in building capacity in the South Asia Region, the finance minister posted on the social media site.

Sitharaman also discussed the role of IMF and other relevant international organisations to develop a globally coordinated approach on the regulation of crypto assets.

Meanwhile, Sitharaman told IMF MD Georgieva that India will continue to play its leadership role during the G20 Presidency to strengthen multilateralism and global governance for a peaceful, sustainable, and prosperous world for all.

During the discussion via video conference, both leaders recognised that the voices of the most vulnerable and under-represented need to be heard through the leadership of the G20 nations.

While discussing energy and food security, Sitharaman stressed the need to ensure food and energy security for all and asked the IMF for support to the Indian Presidency in the form of detailed technical analysis to develop an evidence-based policy guidance on the issue.

FM Sitharaman informed IMF MD Georgieva that debt discussions will be at the forefront of G20 Finance Track discussions and India will continue to support the ongoing efforts for orderly and timely implementation of the Common Framework. The Common Framework is intended to deal with insolvency and protracted liquidity problems, along with the implementation of an IMF-supported reform programme, according to IMF website.

Along with addressing debt vulnerabilities, Sitharaman and Georgieva also discussed other key deliverables such as the timely completion of the 16th GRQ to strengthen the Global Financial Safety Net. According to IMF, the 16th General Review of Quotas (GRQ), which is currently underway and is expected to be completed no later than December 15, 2023, offers an opportunity to assess the overall adequacy of quotas as well as the adequacy of their distribution among IMF member countries. (ANI)

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