Finance Minister Nirmala Sitharaman on Wednesday said India is willing to engage with the International Monetary Fund (IMF) to work with developing countries in facilitating domestic resource mobilisation to meet massive development needs and global challenges.
Finance Minister Nirmala Sitharaman on Wednesday said India is willing to engage with the International Monetary Fund (IMF) to work with developing countries in facilitating domestic resource mobilisation to meet massive development needs and global challenges.
“India ready to support IMF’s agenda in 2024 within and beyond #G20 related work. The Union Finance Minister informed Ms. @KGeorgieva,” Finance Ministry said on ‘X’ after Sitharaman met IMF Managing Director Kristalina Georgieva on the sidelines of the Annual Meetings of IMF-World Bank in Marrakech, Morocco.
In their September Summit in Delhi, G20 Leaders endorsed the need for scaling up investment to meet development needs and global challenges that require a big push on investments. In this context, they asked the IMF and the World Bank, in coordination with other relevant international institutions, to support efforts at enhancing domestic resource mobilisation in emerging markets and developing economies (EMDEs).
The Leaders also called on the MDBs to leverage private capital through innovative financing models and new partnerships to maximise their development impact.
In its first report, the Indian G20 Presidency-appointed expert group estimated an additional spending requirement of $3 trillion annually by 2030 to address urgent global challenges and sustainable development goals (SDGs). Of the $3 trillion annual requirement, $2 trillion could come from domestic resource mobilization. Of the remaining $1 trillion, more than half could come from private financing, and the rest from official financing including MDBs.
Sitharaman thanked Georgieva for support during the G20 India Presidency, including on Digital Public Infrastructure (DPI) work and promotion for tech-driven economic growth and productivity gains. She also appreciated the IMF contribution to policy work for crypto assets and the related G20 roadmap for global coordination within and beyond G20 countries.
Separately, a high-level seminar on “Strengthening the Financial Capacity of MDBs” was organised by G20 India Presidency on the sidelines of the 4th G20 FMCBG on Wednesday.
The participants during the seminar deliberated on various options to enhance MDBs financing and how these options can be implemented most effectively across the MDBs.
Source:financialexpress.com