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NATION APRIL 21, 2023 | The Indian Eye 8

In Washington DC, Indian FM

raises issues of crypto, debt and

world financial reforms

Nirmala Sitharaman says funds are much required for not only low-income countries but also middle-

income countries, as there are pockets of underdeveloped areas

OUR BUREAU
Washington, DC

escribing the Global Finan-
cial Architecture as a “very
Dimportant area”, Union Fi-
nance Minister Nirmala Sitharaman
has said that through India’s G20
Presidency, several sessions will be
taking place to get into the details on
how the world wants to look at the fi-
nancial architecture itself.
On the Multilateral Develop-
ment Banks (MDBs), the Finance
Minister said, “If I may add, the ex-
pert group which is looking at the
MDBs (Multilateral Development
Bank) reforms, is also actively look-
ing at the reforms and actively pro- Union Finance Minister Nirmala Sitharaman meets Canadian Deputy Prime Minister and Minister of Finance Chrystia Freeland on the sidelines
gressing in this direction. They had
one meeting after the terms of refer- of the Spring Meetings 2023 in Washington DC on Friday (ANI)
ence were agreed upon by the G20
members. they are now here also sit- merely balancing on them, Sithara- Minister asserted that a lot of intense at the margin of the 2023 spring
ting together with diff members get- man said that New Delhi from its work is going on and the discus- meetings of the International Mone-
ting their input.” presidency very clearly highlighted sions have gone on a positive note. tary Fund (IMF) and the World Bank
At this point, I can now identify that it’s going to be how a perfect “All stakeholders in debt-related, group.
the following steps, but I believe it balance is traced the developmental distress-related matters were there. Nirmala Sitharaman on Friday
will be decided once the conversa- goals and climate finance. Address- Private participants were also there. met Canadian Deputy Prime Minis-
tions take place here and we come ing the media queries, Sitharaman Affected countries were also present. ter and Minister of Finance Chrys-
up with a formulation on how to go, also highlighted the post-pandemic This discussion seems to have gone tia Freeland on the sidelines of the
Sitharaman added. development requirements and laid on a very positive note,” she said. 2023 Spring Meetings of World Bank
Addressing the press briefing, emphasis on how the focus should lie Speaking on crypto-assets, the Group (WBG) and International
the Union Finance Minister talked on them, solely. Union Finance Minsiter said that Monetary Fund (IMF).
about the ongoing meetings in the “Not just development funding there is a greater acceptance among “Both leaders concurred that the
US. She said that it is the second of for low-income countries, post-pan- G20 members regarding any action 2-pillar solution on #Internation-
the G20 finance ministers and cen- demic development requirements on them to be global. alTaxation is simultaneously imple-
tral bank governors’ meetings under becoming lot more focussed. We’re “I’m glad to say that there is a mented at the earliest & expressed a
the Indian Presidency which is held also highlighting core 2 things for greater acceptance among all G20 strong commitment to both pillars of
at the margin of the 2023 spring World Bank - extreme poverty allevi- members that any action on crypto this international tax deal. FM also
meetings of the International Mon- ation & bringing prosperity post it,” assets will have to be global.......they encouraged investment flows from
etary Fund (IMF) and the World Sitharaman said. agree that it’s not going to be possi- Canada into GIFT IFSC @GIFT-
Bank group. The Union Finance Minister, ble to have independent stand-alone City_,” tweeted the Ministry of Fi-
Sitharaman said that the third while speaking on the development country dealing with crypto assets,” nance.
pillar will now have to be sustainable activities during the presser, also said Finance Minister Sitharaman stated. The Indian FM also attended
goals and other climate-related ob- that they are much required for not Addressing the press briefing, the Restricted Breakfast Meeting of
jectives, climate funding, and so forth. only low-income countries but also the Union Finance Minister talked the IMF Board of Governors at IMF
Underlining how India’s presi- middle-income countries, as there about the ongoing meetings in the Headquarters in Washington DC.
dency has brought attention to the are pockets of underdeveloped areas US. She said that it is the second of She expressed concern with regard
necessity to incorporate these fac- that desperately need funds for de- the G20 finance ministers and cen- to financial instability and subdued
tors while still being compatible velopment there. tral bank governors’ meetings under global economic outlook, volatile
with World Bank objectives and not On debt structuring, the Union the Indian Presidency which is held commodity prices and inflation.

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