Kristalina Georgieva also appreciated India’s help to Sri Lanka in dealing with its economic crisis and assured that the IMF will continue to actively work with the island nation
Kristalina Georgieva also appreciated India’s help to Sri Lanka in dealing with its economic crisis and assured that the IMF will continue to actively work with the island nation
Finance Minister Nirmala Sitharaman met with IMF Managing Director Kristalina Georgieva on Tuesday and discussed a range of issues including the impact of the geopolitical situation on global growth.
During the meeting, held on the sidelines of the ongoing annual spring meetings of the International Monetary Fund (IMF) and World Bank, the IMF chief highlighted India’s well-aimed policy mix that has helped the country’s economy become resilient even with limited fiscal space stay .
She also appreciated India’s help to Sri Lanka in dealing with its economic crisis and assured that the IMF will continue to work actively with the island nation.
“In discussing recent geopolitical developments, FM Smt. @nsitharaman and Ms. @KGeorgieva raise concerns about their impact on the global economy and the challenges related to the resulting soaring energy prices,” the Treasury Department said in a tweet.
Referring to India’s economic revitalization policy, Ms. Sitharaman highlighted the government’s commitment to supporting economic growth through capital expenditure (capex), underlining that the country’s fiscal accommodation accommodation, accompanied by comprehensive structural reforms and strong monetary policy, are contributing to its recovery contributed after the pandemic.
India is expected to record the highest growth rate among the world’s major economies. According to the economic report, the country can record GDP growth of 8-8.5% in the current financial year.
In a bid to spur high growth, the government has boosted capital spending for FY2022-23 by 35.4% to 7.5 lakh crore to continue the public investment-led recovery of the pandemic-hit economy. Capital spending last year was set at 5.5 lakh crore.
Ms. Georgieva congratulated India on its successful immunization program to stem the spread of COVID-19 and also paid tribute to New Delhi for extending aid to other vulnerable countries to fight the pandemic.
Ms. Sitharaman also met Sri Lankan Finance Minister Ali Sabry on the sidelines of the IMF WB Spring Meeting and discussed the current economic situation and her approach to addressing the prevailing challenges in Sri Lanka.
The Minister of Finance assured her Sri Lankan counterpart that India, as a close friend and good neighbor, will try to extend any possible cooperation and support.
On the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, Ms Sitharaman had a meeting with Indonesian Finance Minister Sri Mulyani Indrawati.
“The two ministers discussed the current global situation and the #G20 #Indonesian Presidency’s response to it, along with other #G20FMCBG agendas including #GlobalHealth, international financial architecture and #SustainableFinance,” the finance ministry said in a separate tweet.
Both leaders stressed the need for collective G20 attention to energy price volatility, inflationary pressures and the impact of geopolitical tensions on the global economy.
