Finance Minister Nirmala Sitharaman on Friday (local time) met Canadian Deputy Prime Minister and Minister of Finance Chrystia Freeland on the sidelines of the 2023 Spring Meetings of World Bank Group (WBG) and International Monetary Fund (IMF).
“Union FM Smt. @nsitharaman and Canadian Deputy Prime Minister and Minister of Finance Ms Chrystia Freeland @cafreeland met on the sidelines of the @IMFNews-@WorldBank #SpringMeetings2023, in Washington D.C., today,” tweeted the Ministry of Finance. Both leaders agreed that ministerial-level financial dialogue should be held at the earliest between the two nations.
“Both leaders concurred that the 2-pillar solution on #InternationalTaxation is simultaneously implemented at the earliest & expressed a strong commitment to both pillars of this international tax deal. FM also encouraged investment flows from Canada into GIFT IFSC @GIFTCity_,” tweeted the Ministry of Finance.
Meanwhile, the Indian FM also attended the Restricted Breakfast Meeting of the IMF Board of Governors at IMF Headquarters in Washington DC, today.
“In the spirit of ‘Vasudhaiva Kutumbakam’ One Earth, One Family, One Future, FM Smt.@nsitharaman said that collective efforts of all #G20 members will have a significant impact on the global economy while fostering multilateralism leading to a better future for all,” tweeted the ministry.
She expressed concern with regard to financial instability and subdued global economic outlook, volatile commodity prices and inflation.
“FM Smt. @nsitharaman emphasised the need for effective fiscal-monetary policy calibration and sustained structural reforms, with a focus on restoring growth, especially in low-income and debt-burdened countries at the earliest #DebtRelief,” tweeted the ministry.
While concluding her intervention, the Union Finance Minister called for fortifying the role of IMF and also called for a successful conclusion to the 16th General Review of Quotas (GRQ).
Meanwhile, in the IMF-WB Spring Meetings, Sitharaman stated, “Despite this year’s projected growth rate of over 6 per cent for the Indian economy, we remain concerned about the global economic outlook and geopolitical environment”, according to a tweet posted by the ministry of finance on Thursday.
During the meeting, the finance minister mentioned that the “Evolution of the World Bank Group – A Report to Governors” provides a historic opportunity to think collectively about the evolution of the World Bank Group.
According to the finance ministry’s tweets, Nirmala Sitharaman posited that World Bank should continue to work for its vision of ‘A World Free of Poverty’ and seeks to achieve its mission of ‘ending extreme poverty’ and ‘promoting shared prosperity’ in a manner that is inclusive, resilient and sustainable.
The ministry also tweeted, “During her intervention, Finance Minister Smt. @nsitharaman suggested that the global public goods #GPG should also be brought into the focus as the third goal.”
