FM to visit US to attend IMF, World Bank meetings | The Financial Express

FM to visit US to attend IMF, World Bank meetings

Among other scheduled meetings, the finance minister will attend a roundtable with chambers like the USIBC and USISPF on strengthening investment and innovation in the India-US Corridor and investing in India’s digital revolution.

FM to visit US to attend IMF, World Bank meetings
She will also hold such meetings with leaders and heads of OECD, the European Commission and UNDP. (File)

Amid growing external headwinds, finance minister Nirmala Sitharaman is leaving for the US on Tuesday to attend the annual meetings of the International Monetary Fund and World Bank. 

A raft of critical issues, including threats to global economic growth, possible steps for recovery and a joint strategy around regulating crypto-currencies across nations, are expected to be deliberated on at the meetings. The six-day visit comes just months before India is set to assume the presidency of the G-20 nations in December. Sitharaman will also attend the meetings of the finance ministers and central bank governors of the G-20 nations. She will also hard-sell the India growth story in her series of meetings with business leaders to draw investments.

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Several international agencies have pared down their growth forecasts for the world as well as India in recent months, given the tightening of interest rates by key central banks and the Ukraine war. International Monetary Fund managing director Kristalina Georgieva last week warned that the risks of global recession are rising. The World Trade Organization has also cautioned about a “darkened 2023” for trade and economic growth globally.

The World Bank last week trimmed its FY23 India growth forecast sharply to as low as 6.5% from 7.5%. Demand slowdown in recession-hit advanced countries have already started to hit Indian exports. Of course, India is still better placed to tide over the latest crisis.  

Sitharaman is scheduled to hold one-to-one meetings with US treasury secretary Janet Yellen and World Bank president David Malpass. Similarly, bilateral meetings to deepen co-operation with several countries, including Japan, South Korea, Saudi Arabia, Australia, Bhutan, New Zealand, Egypt, Germany, are also part of the agenda.

She will also hold such meetings with leaders and heads of OECD, the European Commission and UNDP.

The finance minister will participate in a fireside chat on the ‘India’s Economic Prospects and Role in the World Economy’ at the Brookings Institution in Washington. 

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She is also expected to dwell on India’s unique digital public goods story and the multiplier effects that the government has been able to create in the country through the interlinkages of ‘Technology, Finance and Governance’ at the School of Advanced International Studies (SAIS), John Hopkins University.

Among other scheduled meetings, the finance minister will attend a roundtable with chambers like the USIBC and USISPF on strengthening investment and innovation in the India-US Corridor and investing in India’s digital revolution.

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First published on: 11-10-2022 at 04:00 IST