Nirmala Sitharaman Advocates for Africa at G7 Roundtable
Union Finance Minister Nirmala Sitharaman participated in the G7 African Ministerial Roundtable, emphasizing the need for increased support from international financial institutions to achieve Sustainable Development Goals (SDGs). She highlighted the importance of enhancing the lending capacity of Multilateral Development Banks (MDBs) and discussed country-specific solutions to development finance challenges.
During the event, Sitharaman underscored India’s deep-rooted partnership with Africa, mentioning Prime Minister Narendra Modi’s 10 guiding principles aimed at supporting Africa’s growth. She urged the G7 and G20 to intensify their support for Africa, focusing on infrastructure development, health sector improvements, and technology transfers.
Sitharaman also attended the Annual Meetings 2024 organized by the World Bank Group in Washington, D.C., where she met with Gita Gopinath, First Deputy Managing Director of the International Monetary Fund. They discussed India’s economic outlook and global challenges, with Gopinath expressing optimism about India’s projected 7% growth in FY24/25.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s finances, including the budget and economic policies.
G7 -: G7 stands for Group of Seven, which is a group of seven wealthy countries. These countries meet to discuss and coordinate economic policies.
Sustainable Development Goals -: Sustainable Development Goals are a set of 17 global goals set by the United Nations. They aim to end poverty, protect the planet, and ensure prosperity for all by 2030.
Multilateral Development Banks -: Multilateral Development Banks are financial institutions that provide financial support and professional advice for economic and social development activities in developing countries.
World Bank Group -: The World Bank Group is a group of five international organizations that provide financial and technical assistance to developing countries. They aim to reduce poverty and support development.
IMF -: IMF stands for International Monetary Fund. It is an organization of 190 countries that works to promote global economic stability and growth.
Gita Gopinath -: Gita Gopinath is an Indian-American economist who is the First Deputy Managing Director of the International Monetary Fund (IMF). She is known for her work on international finance and macroeconomics.
