FM Nirmala Sitharaman meets IMF & World Bank chiefs on sidelines of G20 Finance Ministers and Central Bank Governors meeting in Asheville

STC NEWS MONITORING DESK
SRINAGAR, SEPTEMBER 02 (STC): Union Finance Minister Nirmala Sitharaman met World Bank President Ajay Banga and IMF Managing Director Kristalina Georgieva on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina.
After the meeting with Georgieva, the Finance Ministry said in a statement, “The discussion also covered the structural shifts underway in India and the importance of appropriately reflecting these developments in macroeconomic assessments and growth projections”.
It said, the two leaders discussed the global economic outlook and India’s evolving growth trajectory.
“Excellent exchange of views with India’s Finance Minister @nsitharaman – reflecting on India’s stellar growth performance, the global outlook, and our shared resolve to work ever-more-closely together,” Georgieva said in a post on X.
The IMF Managing Director appreciated India’s strong economic performance and track record, noting the strength built by the Indian economy, the Finance Ministry statement said.
The Finance Minister highlighted India’s strong macroeconomic fundamentals and the importance of robust, evidence-based surveillance frameworks that adequately reflect structural shifts in Emerging Markets Developing Economies (EMDEs).
The discussions also covered the IMF’s capacity development initiatives, including support for strengthening institutional capacity, macroeconomic policymaking and statistical systems in Emerging Markets Developing Economies (EMDEs).
Both leaders emphasised the importance of continued India-IMF engagement in strengthening analytical capabilities, supporting sound macroeconomic policies and contributing to global economic resilience.
The FM met World Bank Group President Ajay Banga. The reports said the discussions focused on further strengthening the India-World Bank partnership.
FM Sitharaman appreciated the World Bank Group’s continued engagement with India and acknowledged the speedy processing of $1.5 billion in Development Policy Financing (DPF).
She also appreciated the International Finance Corporation’s (IFC) support for micro, small and medium enterprises (MSMEs) through the Small Industries Development Bank of India (SIDBI), which was processed in record time and has had a positive impact on the MSME sector.
The two leaders discussed exploring a larger role for the Multilateral Investment Guarantee Agency (MIGA) in India to deepen corporate, infrastructure and municipal bond markets through systematic use of guarantees and greater mobilisation of private capital.
The discussions also covered a sector-based, programmatic approach to credit enhancement for infrastructure.
Banga appreciated the significant transformation in India’s infrastructure sector and noted the scope for further leveraging World Bank Group instruments to support the country’s development ambitions. This included greater MIGA engagement and the use of political risk insurance to support Indian companies investing overseas.
Reports further state that FM Sitharaman also highlighted India’s engagement with the World Bank Group on establishing a Global Digital Public Infrastructure (DPI) Knowledge Hub in India. The discussions included exploring the use of technology in areas such as agriculture, with the Finance Minister expressing hope for early progress towards the launch of the initiative.
The two leaders also discussed developing globally competitive tourism destinations under the new India-World Bank Group Country Partnership Framework. The proposed approach would combine policy and infrastructure support from the International Bank for Reconstruction and Development (IBRD), investments by IFC and guarantees from MIGA, the reports said.
FM Sitharaman and Banga further discussed evolving the India-World Bank Group relationship beyond a traditional lender-borrower model into a strategic platform for global knowledge, innovation and private capital mobilisation.

(Straight Talk Communications I Source Agencies)