Page 38 - The Indian EYE 042922

BUSINESS EYE APRIL 29, 2022 | The Indian Eye 38

Despite big challenges, India’s

economic recovery is pronounced,

says Sitharaman

International Monetary Fund praises India’s resilient economy while underlining the

structural reforms carried out by the government in the recent years

OUR BUREAU particularly lauded India’s help to Sri
Lanka in the face of the ongoing eco-
Washington, DC
nomic crisis.
inance Minister Nirmala Sitha- Sitharaman called upon the IMF
raman on Tuesday said India’s to support and urgently provide fi-
Feconomic recovery from the nancial assistance to Sri Lanka. The
impact of COVID-19 has been “dis- Managing Director assured the Fi-
tinct and pronounced” and the coun- nance Minister that the IMF would
try will continue to be one of the fast- continue to actively engage with Sri
est-growing economies in this decade. Lanka, the Ministry stated.
“In spite of the severe lockdown Discussing the recent geopolit-
during the first quarter of 2020-2021, ical developments, Sitharaman and
the recovery has been distinct and Georgieva raised concerns about its
the recovery has been pronounced. impact on the global economy and
And today, therefore, we are able to the challenges linked to the rising
get back where we were earlier--- one energy prices.
of the fastest-growing economies in An end to the conflict in Ukraine
the world,” Sitharaman said in her would become the most positive de-
speech at the Washington-based velopment for the recovery of the
think tank Atlantic Council. “As we global economy at present, Interna-
look at India -- given the pandemic Union Finance Minister Nirmala Sitharaman met Gita Gopinath, Depuyy Managing Director of tional Monetary Fund (IMF) Man-
and recovery from it and also where the IMF, on the sidelines of the IMF-WB Spring Meetings 2022, in Washington DC on Thursday. aging Director Kristalina Georgieva
we stand today --- we see the decade (ANI Photo/: Ministry of Finance Twitter) said on Wednesday.
before us ending in 2030 as a very ro- “Our immediate hope must be
bust decade, where India would defi- for the war to end - that would have
nitely be one of the fastest continu- main resilient in her meeting with fective policy mix followed by India the single most positive effect on the
ingly growing economies,” she added. Finance Minister Nirmala Sitha- that was well targeted. She lauded In- global recovery right now,” Geor-
The minister also referred to raman on Monday in Washington dia for its contribution to the capaci- gieva told reporters. The IMF chief
the reforms done by the government DC. Georgieva highlighted the re- ty development activities of the IMF, urged the international community
including those before and in the sit- silience of India which remains the the Ministry added in the statement. to do everything in their power o
uation created by COVID-19. “GST fastest-growing country across the Explaining India’s policy ap- help Ukraine and other countries
(Goods and Services Tax) was done globe despite challenges posed by proach, Sitharaman mentioned that that are affected by the current crisis.
before the pandemic, equally, mea- the COVID-19 pandemic. an accommodative fiscal stance was “The IMF has already provided
sures for digitizing the Indian econo- Sitharaman had a bilateral meet- also accompanied by major structur- USD 1.4 billion in emergency financ-
my had been undertaken prior to the ing with Georgieva on the sidelines al reforms, including the bankruptcy ing to Ukraine, and set up a special
pandemic,” she said. of the IMF-World Bank Spring code and targeted help to MSME account through which others can
Even while the world faces eco- Meetings. The Finance Minister and and other vulnerable sections. securely contribute,” she said.
nomic challenges in the face of var- the IMF MD were accompanied by Sitharaman said that Mone- Georgieva also noted that the
ious waves of COVID-19 pandemic, senior officials like Anantha V. Nag- tary Authority fully supported and IMF is working with other impacted
the International Monetary Fund eswaran, Chief Economic Advisor complemented these efforts with an countries, including Moldova, in or-
(IMF) has praised India’s resilient and Gita Gopinath, FDMD of IMF, accommodative stance. India is en- der to mitigate the negative effects of
economy while underlining the struc- said the Ministry of Finance in an of- tering into new economic activities the crisis that they are facing.
tural reforms carried out by the gov- ficial statement. which will help resolve some of the After the meetings conclude in
ernment in the recent years. During the meeting, they dis- global supply chain issues, she added. Washington, Sitharaman will head to
Earlier, the IMF Managing Di- cussed several issues currently being Georgieva also praised India’s San Francisco on April 24, where she
rector Kristalina Georgieva lauded faced by the global and the regional vaccination programme and the help will engage with business leaders and
India’s well-targeted policy mix that economies. extended to its neighbor and other will also interact with the faculty and
has helped the Indian economy re- Georgieva also referred to an ef- vulnerable economies. The IMF MD students at Stanford University.

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