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IMF Should Increase Resources For Emerging & Low-Income Countries: FM Sitharaman
The FM urged IMF to avail more resources for emerging nations to help safeguard global financial system
Photo Credit : PIB
FM Sitharaman at IMFC Meeting, Washington DC
Finance Minister Nirmala Sitharaman on Saturday urged the International Monetary Fund (IMF) to increase resources for emerging and low-income countries.
At the International Monetary and Financial Committee (IMFC) meeting in Washington DC, FM Sitharaman asked the IMF urged to avail more resources for emerging nations to help safeguard global financial system.
The FM stated that a key downside risk to global recovery is the exacerbated debt distress in many low-income countries. It is, therefore, important that the Fund provides them necessary support to deal with balance of payments related vulnerabilities. In this context, Sitharaman welcomed Fund's recent initiative of a new food shock window to help countries address food insecurity.
She said that the IMFC Meeting is being held at a juncture when the global economic outlook is clouded by key downside risks-growth slowdown in major economies, cross-border effects due to the on-going geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies.
Earlier this week, World Bank President David Malpass also stated that as world inches closer to recession there must be targeted assistance for the poor.
At the IMFC meeting, Sitharaman said Indian economy will stay on course and is projected to grow at 7 per cent in FY 2022-23 despite global headwinds.
The FM emphasised the initiatives the Indian Government has taken to protect growth while pursuing inflation management. "We have ensured the availability of free food grains to more than 800 million vulnerable families for the past 25 months, through the country's massive public distribution network."
Sitharaman said last mile delivery of financial services to the poor has been a key priority of the government and this has been aided by India's digital public good infrastructure.
Sitharaman sought coordinated responses of the global community to help address the strategic challenges the world faces today.