1 hr ago
Sitharaman Discusses India’s Growth With IMF, World Bank Chiefs
India’s Finance Minister Nirmala Sitharaman met leaders of two large international financial organisations.
She spoke with International Monetary Fund chief Kristalina Georgieva about India’s economy and the world economy.
They discussed how economic reports should better show the changes happening in India.
They also talked about helping developing countries improve their institutions, policies and statistics.
Sitharaman separately met World Bank President Ajay Banga.
She thanked the World Bank for processing $1.5 billion in development financing for India.
They also discussed support for small and medium businesses through SIDBI.
The World Bank and India explored ways to use guarantees to attract more private money for infrastructure and bond markets.
Nirmala Sitharaman met IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga in Asheville.
Sitharaman and Georgieva discussed India’s growth trajectory, the global economic outlook and structural changes in India’s economy.
The IMF talks included calls for macroeconomic assessments to better reflect India’s structural transformation and emerging-market changes.
Sitharaman and Banga reviewed the World Bank’s $1.5 billion Development Policy Financing for India and support for small businesses through SIDBI.
The World Bank discussions covered greater use of MIGA guarantees and credit enhancement to mobilise private capital for infrastructure and bond markets.
- Who
- India’s Finance Minister Nirmala Sitharaman, IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga.
- What
- They discussed India’s growth, the global economic outlook, development priorities, financing and stronger institutional partnerships.
- Where
- Asheville, on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting.
- When
- During the G20 Finance Ministers and Central Bank Governors meeting; no specific date was stated.
- Why
- To strengthen India’s engagement with the IMF and World Bank and discuss economic assessment, development financing and private-capital mobilisation.
Key facts
- IMF counterpart
- Kristalina Georgieva, Managing Director of the International Monetary Fund
- World Bank counterpart
- Ajay Banga, President of the World Bank
- Development financing
- The World Bank processed $1.5 billion in Development Policy Financing for India.
- Small-business support
- The International Finance Corporation supported micro, small and medium enterprises through SIDBI.
- IMF priorities
- The talks covered surveillance frameworks, capacity development, policymaking and statistical systems.
- World Bank priorities
- Discussions included a larger role for MIGA, infrastructure credit enhancement and deeper bond markets.
Sources
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