Union Finance Minister Nirmala Sitharaman stated at a press conference in Washington on Thursday that the third pillar will now have to include sustainable goals and other climate-related objectives, climate funding, and so on. Sitharaman emphasised how India’s presidency has brought attention to the necessity of incorporating these factors while remaining compatible with World Bank objectives and not simply balancing on them, saying that New Delhi has very clearly highlighted that it will be how a perfect balance is traced to the developmental goals and climate finance. In response to media inquiries, Sitharaman emphasised the post-pandemic development requirements and stressed the importance of focusing solely on them.
“Not just development funding for low-income countries, post-pandemic development requirements becoming lot more focussed. We’re also highlighting core 2 things for World Bank – extreme poverty alleviation & bringing prosperity post it,” Sitharaman said.
During the press conference, the Union Finance Minister mentioned that development activities are important not only for low-income countries but also for middle-income countries because there are pockets of underdeveloped areas that desperately need development funds.
“Even among middle-income countries, there are pockets of underdeveloped areas that desperately need funds for development. So, it is not just development funding for low-income countries, now particularly post-pandemic. Development requirements are becoming a lot more focused on areas specific and also those communities which have been affected because of the pandemic itself,” Sitharaman said during the presser.
On debt restructuring, the Union Minister stated that a lot of hard work is being done and that the discussions are going well.
“All stakeholders in debt-related, distress-related matters were there. Private participants were also there. Affected countries were also present. This discussion seems to have gone on a very positive note,” she said.
Speaking about crypto-assets, the Union Finance Minister stated that G20 members are more accepting of any action on them being global.
“I’m glad to say that there is a greater acceptance among all G20 members that any action on crypto assets will have to be global, they agree that it’s not going to be possible to have independent stand-alone country dealing with crypto assets,” Finance Minister Sitharaman stated.
The Union Finance Minister spoke at a press conference about the ongoing meetings in the United States. She stated that it is the second of the G20 finance ministers and central bank governors’ meetings under the Indian Presidency, which will take place on the eve of the International Monetary Fund (IMF) and World Bank group’s spring meetings in 2023.
She stated that approximately 350 delegates and representatives from various international and regional organisations attended the meeting. The governor of India’s central bank, the Reserve Bank of India (RBI), is said to have co-chaired the meeting with Sitharaman.
Day 1 of the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, held in Washington on Thursday (local time) as part of the International Monetary Fund (IMF) and World Bank (WB) Spring Meetings 2023, saw Session 1 on Global Economy and International Financial Architecture.
The FMCBG meeting also addressed key challenges to the Global Economic Outlook and looked into potential areas for policy coordination on pressing global issues.
