Marrakech: Finance minister Nirmala Sitharaman on Saturday pitched for a strong, quota-based and adequately resourced International Monetary Fund (IMF) and emphasised that a coordinated response of the global community will foster multilateralism.
In her remarks at the IMF Board of Governors meeting here on the theme of ‘Dialogue on Policy Challenges’, Sitharaman expressed concerns about the slowdown in global growth.
The IMF’s steering committee has agreed on achieving a “meaningful increase” in quotas by the end of this year, its chair Nadia Calvino said. The committee also agreed on common priorities to safeguard financial stability, she said.
The committee did not issue a communique after the meeting due to divergence over the language on the Ukraine-Russia conflict, settling for a chair summary.
An official privy to the deliberations of the IMFC told ET that Sweden and Finland insisted on stronger language against the Russian invasion of Ukraine leading to deadlock in the talks and issue of chair statement instead of a communique.
Calvino, who is the Spanish economy minister, said there was unanimity on “core issues”.Speaking at a separate event, FM said India stands out as a beacon of hope and resilience for the world economy being tested by multiple headwinds that have amplified the challenge of maintaining growth with inclusivity, union finance minister Nirmala Sitharaman said Saturday.Sitharaman called on the private sector to complement the efforts of governments and multilateral institutions in advancing the Sustainable Development Goals (SDGs).
Addressing a roundtable on ‘Reviving Growth with Inclusivity’ organised by industry body CII, Sitharaman said inclusivity and consensus building were cornerstones of India’s efforts during its G20 presidency.
The FM is here to attend the annual meeting of the IMF and World Bank and the G20 Finance Ministers and Central Bank (FMCGB) governors meeting, the fourth and the last under India’s presidency.