The IMF restated its support for India’s bid for the 2019 G-20 presidency, and she made the announcement during her meeting with Finance Minister Nirmala Sitharaman.
The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, stated on Thursday that despite global uncertainties and challenges, India’s economy remains a bright spot.
The IMF restated its support for India’s bid for the 2019 G-20 presidency, and she made the announcement during her meeting with Finance Minister Nirmala Sitharaman.
According to a series of tweets from the Finance Ministry, both leaders were concerned about major cross-border repercussions caused by the geopolitical environment and tighter financial conditions as well as big downside threats to the global economy.
Sitharaman and Georgieva acknowledged that low-income nations have been particularly affected by the effects of rising global inflation brought on by increases in food and energy prices as well as by international debt.
The Finance Minister emphasised the need of ensuring everyone’s access to energy security.She also emphasised the need for multilateralism and coordinated policy actions to mobilise sufficient financial resources for climate action, while pointing out that committed monies from the rich economies have not yet materialised.
She further stated that carbon pricing might not be a workable political tool for tackling climate change.Both Georgieva and Sitharaman stressed the need for the 16th General Review of Quotas (GRQ) to be completed on schedule and in a way that tackles inequities and imbalances in the world economy during the meeting.
Georgieva concurred with the Finance Minister that a consensus on GRQ should be found as soon as possible to reflect the altered standing of emerging market economies (EMEs) in the global order if the IMF is to continue to be relevant.Both leaders acknowledged the importance of regulating crypto assets and the necessity for a globally coordinated and synchronised strategy on the subject during the discussion, according to a tweet from the Finance Ministry. Sitharaman requested IMF to take the lead in this matter.
