Union Finance Minister Sitharaman on Tuesday held a bilateral meeting with IMF MD, Kristalina Georgieva in Washington D.C
International Monetary Fund (IMF) Managing Director Kristalina Georgieva has hailed India for being the fastest-growing country across the globe despite challenges posed by the Covid-19 pandemic.
The IMF MD also lauded India for its contribution to the capacity development activities of the IMF, and referred to the country’s policy mix for economy as effective and “well targeted.”
This, she said during his meeting with Union Finance Minister Nirmala Sitharaman, on the sidelines of the International Monetary Fund-World Bank (IMF-WB) Spring Meetings in Washington D.C., a statement issued by the Ministry of Finance statement said.
Both the Finance Minister and the Managing Director were accompanied by senior officials like Anantha V. Nageswaran, Chief Economic Advisor, Ministry of Finance, Government of India and Gita Gopinath, FDMD of IMF, it stated.
During the meeting, they discussed issues of importance for India besides several issues currently being faced by the global and the regional economies, the statement added.
The IMF Chief praised India’s vaccination programme and the help extended to its neighbour and other vulnerable economies, it further mentioned.
The IMF MD particularly brought reference to the help India is providing to Sri Lanka during their difficult economic crisis, it further added.
Sitharaman indicated that the IMF should support and urgently provide financial assistance to Sri Lanka, the statement said.
The Managing Director assured the Finance Minister that the IMF would continue to actively engage with Sri Lanka, it further stated.
Discussing the recent geopolitical developments, Sitharaman and Georgieva raised concerns about its impact on the global economy and the challenges linked to the rising energy prices due to it, the statement informed.
Explaining India’s policy approach, Sitharaman mentioned that an accommodative fiscal stance was also accompanied by major structural reforms, including the bankruptcy code and targeted help to MSME and other vulnerable sections, it maintained.
According to the statement, Sitharaman said that the Monetary Authority fully supported and complemented these efforts with an accommodative stance.
The Finance Minister further stated that India has been helped by good agricultural output, supported by a good monsoon during the COVID pandemic period, it noted further.
According to the Ministry of Finance statement, agricultural exports, along with other exports, have also sharply increased. India is entering into new economic activities which will help resolve some of the global supply chain issues, she concluded.