Finance minister Sitharaman to attend IMF, World Bank annual meetings in US

By Consultants Review Team Monday, 10 October 2022

FMFinance Minister Nirmala Sitharaman will leave for the United States on Tuesday to attend the annual meetings of the IMF and World Bank, which are likely to deliberate on the current global economic situation.

She will also attend the meetings of the G20 Finance Ministers and Central Bank Governors, besides having interaction with business leaders and investors.

During her 6-day visit to the US from October 11-16, the minister would meet US Treasury Secretary Janet Yellen and World Bank President David Malpass separately to discuss the issues of mutual interest.

Bilateral meetings with several countries, including Japan, South Korea, Saudi Arabia, Australia, Bhutan, New Zealand, Egypt, Germany, Mauritius, UAE, Iran and the Netherlands are also part of the minister's itinerary.

Besides, one-on-one meetings are also scheduled with leaders and heads of OECD, the European Commission and UNDP.

"Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will be travelling to the USA on an official visit beginning October 11, 2022. During her visit, Smt. Sitharaman will be attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings," an official statement said.

International Monetary Fund managing director Kristalina Georgieva had last week warned of a darker global outlook, saying that the Russian invasion of Ukraine that began in February has dramatically changed the IMF's outlook on the economy.

"The risks of recession are rising," she had said, terming the current economic environment a "period of historic fragility".

The World Bank too has pared its growth estimate for India by 100 basis points to 6.5 per cent, citing the worsening external environment.

During her visit, the finance minister will also participate in a fireside chat on 'India's Economic Prospects and Role in the World Economy' at the Brookings Institution, a non-profit public policy organisation based in Washington.

Sitharaman will share her thoughts on India's unique Digital Public Goods story and multiplier effects created in India through the interlinkages of 'Technology, Finance and Governance' at the School of Advanced International Studies (SAIS), John Hopkins University, during the visit.

During the later part of the visit, the finance minister will attend roundtable meetings with USIBC and USISPF on 'Strengthen Investment and Innovation in India-US Corridor' and 'Investing in India's Digital Revolution'.

These meetings with leading business leaders and investors are aimed at highlighting India's policy priorities and deliberating on measures to facilitate foreign investment by showcasing India's attractiveness as an investment destination.

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