AMN / WEB DESK
India’s Minister for Finance and Corporate Affairs Nirmala Sitharaman has called on the World Bank to promote a two-way exchange of innovations, drawing from the transformative experiences of the Global South in the sectors of digital inclusion and sustainable energy.
The Finance Minister made this statement while addressing the Development Committee Plenary session on “A Future-Ready World Bank Group” during the annual meetings in 2024 at the World Bank in Washington, D.C. She sought a more affordable World Bank with a more competitive pricing model to foster broader participation, incentivise middle-income countries to borrow more and deepen development impact.
Nirmala Sitharaman also reiterated India’s stand 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.
The Finance Minister also participated in the IMFC Plenary session on ‘MD’s Global Policy Agenda’ at the International Monetary Fund during annual meetings.
At the event, She 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.
In addition to her participation at the World Bank session, Sitharaman attended the IMFC Plenary session on “MD’s Global Policy Agenda” at the International Monetary Fund (IMF) Annual Meetings. She acknowledged the resilience of the global economy in 2024, highlighting that while output is nearing potential in some economies and headline inflation is stabilizing around central bank targets, challenges remain. Sitharaman noted downside risks such as geopolitical tensions and the weakening medium-term growth prospects.
The Ministry of Finance posted on X, “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.”
Addressing the IMF’s approach, Sitharaman underscored the importance of a balanced and impartial stance in the Fund’s policy advice, especially for countries with debt vulnerabilities. She expressed optimism about the ongoing Review of the Transparency Policy and Open Archives Policy, noting that these initiatives could strengthen the IMF’s role as a trusted advisor and promote greater transparency in its multilateral surveillance.