Union Finance Minister Nirmala Sitharaman highlighted the contributions of the Global South to the foundations of multilateral development banks at the 1944 Bretton Woods conference and emphasized on embedding diverse voices in decision-making to ensure a truly inclusive and global development framework.
She was speaking at the Development Committee Plenary session on ‘A Future-Ready World Bank Group’ at the World Bank during the Annual Meetings 2024 in Washington, DC.
In her intervention at the session, Sitharaman urged the World Bank to promote a two-way exchange of innovations, drawing from the transformative experiences of the Global South in areas like digital inclusion and sustainable energy.
In a post on X, the Ministry of Finance stated, “Union Minister for Finance and Corporate Affairs Smt. @nsitharaman participated in the Development Committee Plenary session on ‘A Future-Ready World Bank Group’ at the @WorldBank during the #AnnualMeetings2024, in Washington D.C., today. In her intervention, the Union Finance Minister noted the pivotal contributions of the #GlobalSouth to the foundations of multilateral development banks at the 1944 Bretton Woods conference and also emphasised on embedding diverse voices in decision-making to ensure a truly #inclusive, global development framework.””FM also called for the @WorldBank to promote a two-way exchange of innovations, drawing from the transformative experiences of the #GlobalSouth in areas like #DigitalInclusion and #SustainableEnergy,” it added.
The Finance Minister also praised the World Bank’s initiatives over the past year to optimize balance sheet measures to increase its financial capacity, considering the growing global economic challenges and the pressing need of emerging economies to finance their developmental needs.
In the post, the Ministry of Finance further said, “FM Smt. @nsitharaman commended @WorldBank’s initiatives over the past year to optimise balance sheet measures to increase its financial capacity, however, given the growing global economic challenges and the pressing need of emerging economies to finance their developmental needs, both new and concessional resources, will be essential. The Union Finance Minister sought a more affordable @WorldBank
with a more competitive pricing model to foster broader participation, incentivise middle-income countries to borrow more and deepen development impact.”
She further reiterated India’s stance that the World Bank should adopt a strictly evidence-based and data-driven approach when preparing global indices and country comparators such as the Worldwide Governance Indicators and the new B-Ready index.
She affirmed hope that the World Bank would chart the future path with a renewed commitment by addressing key priorities, empowering regions, and fostering partnerships, to create a future-ready institution capable of accelerating progress toward the 2030 SDGs and beyond.
— FinMinIndia (@FinMinIndia)
Nirmala Sitharaman also participated in the IMFC Plenary session on ‘MD’s Global Policy Agenda’ at the International Monetary Fund (IMF) during the annual meetings in IMF.
She noted that the global economy in 2024 has shown remarkable resilience; while output is nearing its potential in some major economies, headline inflation has generally moderated and moved closer to the central banks’ targets. She also spoke about several downside risks, including geopolitical tensions and medium-term global growth prospects.
“Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman today participated in the IMFC Plenary session on ‘MD’s Global Policy Agenda’ at the International Monetary Fund (IMF) during the Annual Meetings 2024 in Washington, DC. The Union Finance Minister said that in 2024 the global economy has shown remarkable resilience; while output is nearing its potential in some major economies, headline inflation has generally moderated and moved closer to the central banks’ targets,” Ministry of Finance posted on X.
“Still, FM said that there are several downside risks, including growing geo-political tensions and medium-term global growth prospects, are a concern due to their continued weakness. Against this overall global macroeconomic backdrop, the Union Finance Minister said that the MD’s Global Policy Agenda has rightly prioritised securing a soft landing and breaking from the low growth-high debt path. FM Smt. Nirmala Sitharman emphasised that the IMF’s surveillance and policy guidance remain vital for countries with debt vulnerabilities, however, the Fund should maintain even handed in its policy advice,” it added.
She expressed hope that the ongoing Review of the Transparency Policy and Open Archives Policy will help the IMF to establish itself as a trusted advisor with regard to strengthening multilateral surveillance and enhancing transparency.
— FinMinIndia (@FinMinIndia)
Nirmala Sitharaman also held a meeting with Standard Chartered CEO Bill Winters on the sidelines of the Annual Meetings 2024 in Washington, DC. During the meeting, Winters thanked Sitharaman for her support for the India-UK Financial Partnership.
In a post on X, the Ministry of Finance stated, “Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman met Mr. Bill Winters, CEO, Standard Chartered, on the sidelines of the Annual Meetings 2024, in Washington, D.C., today. Mr. Winters thanked the Union Finance Minister for her support to the India-UK Financial Partnership IUKFP and mentioned that Standard Chartered is committed to a grow in India strategy and desires to grow bigger.”
“The Union Finance Minister suggested to Mr. Winters that India’s GIFT City is gaining foothold in the international financial services landscape, and acknowledged the existing engagement of Standard Chartered Bank in this regard. She also encouraged them to explore other avenues of engagement as well in GIFT-IFSC such as Global In House Centres, Sustainable Finance Hub and to also facilitate other investors and financial services companies to know more about relevant opportunities at GIFT City,” it added.
Referring to the Union Budget Announcement regarding the Climate Finance Taxonomy Framework, Nirmala Sitharaman made a request that key inputs in that regard may also be shared with India’s Finance Ministry.
— FinMinIndia (@FinMinIndia)
She arrived in Washington, DC on Wednesday and was welcomed by India’s Ambassador to the US, Vinay Kwatra. Prior to visiting Washington, DC, Sitharaman was in New York. During her visit to the US, Sitharaman will participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, besides the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers; and G7 – Africa Ministerial Roundtable, Ministry of Finance said in an earlier press release.
The Union Finance Minister will hold bilateral meetings with leaders of several countries, including the United Kingdom, Switzerland, and Germany. In a high-level event, Nirmala Sitharaman will participate in a World Bank Group discussion ‘From Idea to Implementation: New Financial Solutions to Accelerate Development’.
