FM Sitharaman and CEA Nageswaran to attend World Bank-IMF Spring Meeting

Finance Minister Nirmala Sitharaman will participate in the spring meetings of the International Monetary Fund (IMF) and the World Bank, which begin Monday in Washington DC. She will also attend the meeting of G-20 finance ministers and central bank heads, the finance ministry said.

According to a Finance Ministry statement, Sitharaman will also meet World Bank President David Malpass on the sidelines of the summit. She will hold bilateral discussions with her counterparts from Indonesia, Sri Lanka, South Korea, South Africa and others.

During her official visit to the United States, the Minister of Finance will also have one-on-one meetings with business leaders in the semiconductor, energy and other priority sectors.

As previously reported, the agenda for the IMF and World Bank spring meeting is expected to focus on how the nations of the world can negotiate the impact on supply chains and commodity prices in because of Russia’s invasion of Ukraine. With severe lockdowns in China due to an increase in Covid-19 cases, the joint resolution coming out of the summit will also focus on the need to continue investing in health infrastructure.

However, a key global issue, cryptocurrency regulation, will not be on the agenda and is unlikely to be discussed on the sidelines as well.

Sitharaman and Chief Economic Adviser V Anantha Nageswaran are expected to represent the government at the IMF-World Bank Spring Meeting, to be held in Washington DC from April 18-24.

“Ukraine will clearly be at the center of the discussions. Participating nations will discuss the impact the war has had on global supply chains and commodity prices, and how world powers can work together to undo these effects,” an official said. The official said much of the joint statement at the end of the summit could focus on Russia’s invasion of Ukraine.

Another round of important talks will focus on further IMF quota reforms, the person added. Moreover, there could also be talks regarding India’s upcoming G-20 Presidency.

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