Nirmala Sitharaman Advocates for Global South at World Bank and IMF Meetings in Washington, DC
Union Finance Minister Nirmala Sitharaman emphasized the importance of the Global South’s contributions to multilateral development banks during the 1944 Bretton Woods conference. She spoke at the Development Committee Plenary session on ‘A Future-Ready World Bank Group’ at the World Bank’s Annual Meetings 2024 in Washington, DC. Sitharaman urged the World Bank to facilitate a two-way exchange of innovations, drawing from the Global South’s experiences in digital inclusion and sustainable energy.
She praised the World Bank’s efforts to optimize balance sheet measures to enhance financial capacity, but stressed the need for new and concessional resources to meet emerging economies’ developmental needs. Sitharaman called for a more affordable World Bank with competitive pricing to encourage broader participation and deeper development impact.
At the IMF’s IMFC Plenary session on ‘MD’s Global Policy Agenda’, Sitharaman noted the global economy’s resilience in 2024, with moderated inflation and output nearing potential in major economies. She highlighted risks like geopolitical tensions and stressed the importance of the IMF’s policy guidance for countries with debt vulnerabilities.
Sitharaman also met with Standard Chartered CEO Bill Winters, discussing India’s GIFT City and the India-UK Financial Partnership. She encouraged further engagement in GIFT-IFSC and shared inputs on the Climate Finance Taxonomy Framework.
During her US visit, Sitharaman will participate in various international meetings, including the G20 and G7, and hold bilateral talks with leaders from the UK, Switzerland, and Germany.
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.
Global South -: The Global South refers to countries that are generally less economically developed, mostly located in Africa, Latin America, and parts of Asia, including India. These countries often work together to improve their economic and social conditions.
World Bank -: The World Bank is an international organization that provides financial and technical assistance to developing countries. It helps them build infrastructure and reduce poverty.
IMF -: The IMF, or International Monetary Fund, is an organization that works to stabilize the global economy. It provides financial support and advice to countries facing economic difficulties.
Washington, DC -: Washington, DC is the capital city of the United States of America. It is where many important government buildings and international organizations are located.
Standard Chartered -: Standard Chartered is a large international bank that operates in many countries, including India. It provides banking services like loans, savings accounts, and investments.
GIFT City -: GIFT City, or Gujarat International Finance Tec-City, is a business district in India. It is designed to be a hub for financial services and technology companies.
G20 and G7 -: The G20 and G7 are groups of countries that meet to discuss and coordinate economic policies. The G20 includes 20 major economies, while the G7 includes seven of the world’s largest advanced economies.