Government committed to reforms for a stronger India: Finance Minister Ms. Nirmala Sitharaman
- IBEF
- April 13, 2023
At round table on ‘Investing in the India Decade’ organised by the Federation of Indian Chambers of Commerce & Industry (FICCI) and US-India Strategic Partnership Forum, Finance Minister Ms. Nirmala Sitharaman said that “The government is committed to pursuing the reforms agenda for building a stronger and more dynamic India to provide plenty of opportunities for collaboration and investments”.
Ms. Nirmala Sitharaman is presently in the United States to attend the World Bank and International Monetary Fund (IMF) Spring Meet.
Participating in a round table discussion on 'Multilateral Development Bank (MDB) Evolution: Building Shareholder Consensus,' hosted by US Treasury Secretary Ms. Janet Yellen, Sitharaman highlighted two fundamental issues concerning MDB evolution: building consensus on the definition of global development challenges and augmenting the World Bank Group's financial and operational capacity.
The conversation focused on how global development concerns such as climate change, pandemics, fragility, and conflict affect development progress and World Bank reforms. She previously met with her Saudi Arabian counterpart, Mr. Mohammed Al-Jadaan, to discuss the matters about the World Bank's evolution plan and improving MDB.
The World Bank seeks to better address the scope of development concerns such as poverty, shared prosperity, inequality, and cross-border challenges such as climate change, pandemics, instability, conflict, and violence, all of which affect its ability to execute its mission.
The finance minister emphasized India's commitment to supporting initiatives to address growing debt risks and lauded the IMF and World Bank for their efforts to hasten India's participation in the global roundtable on sovereign debt.
The finance minister attended the Global Sovereign Debt Roundtable meeting with the President of the World Bank, Mr. David Malpass, and the Managing Director of IMF, Mr. Kristalina Georgieva. She emphasised debt transparency and information-sharing, as well as clarity on the comparability of treatment, predictability, and timeliness of the debt restructuring process, including a method to assess and enforce & the timelines for the steps involved in debt restructuring.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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