Sitharaman led the Indian delegation to the Annual Meetings Plenary session of the International Monetary Fund (IMF) and the World Bank Group held in Washington DC on Friday.
Finance Minister Nirmala Sitharaman on Friday attended the IMF - World Bank Annual Meetings 2019 on Friday where she called for ‘concerted action’ to mitigate the disruption on account of synchronous slowdown and to invoke the spirit of multilateralism for global growth.
Sitharaman led the Indian delegation to the Annual Meetings Plenary session of the International Monetary Fund (IMF) and the World Bank Group held in Washington DC on Friday.
The Finance Minister is currently on an official tour to Washington DC to attend the Annual Meetings of the IMF and the World Bank and other associated meetings. She is accompanied by Atanu Chakraborty, Secretary, Department of Economic Affairs, and other officials from the Department.
She also attended the 'Working Lunch Session' of the Development Committee (DC), the ministerial-level committee of the IMF and the World Bank.
In her intervention at the lunch where members discussed the global economic outlook, Ms Sitharaman mentioned that trade wars and protectionism have generated uncertainties that will ultimately impact flow of capital, goods and services.
She called for ‘concerted action’ to mitigate the disruption on account of synchronous slowdown and to invoke the spirit of multilateralism for global growth, a statement by the Finance Ministry said.
She further said that the increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination and that we need not wait for the slowdown to become a crisis.
Earlier in the day, Ms Sitharaman also led the Indian delegation to the G20 Finance Ministers and Central Bank Governors meeting in which the deliberations centred on international taxation and Stablecoins.
On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalization, the Finance Minister stated that a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention.
A solution that is simple to implement, simple to administer and simple to comply with is needed, she said.
The Finance Minister held several bilateral meetings on the sideline of the main event and held discussions with Finance Minister of Russia, Anton Siluanov; Finance Minister of the Kyrgyz Republic, Baktygul Jeenbaeva; Finance Minister of Switzerland, Ulei Maurer; the Australian Treasurer, Josh Frydenberg; and the Finance Minister of Maldives, Ibrahim Ameer.
Chakraborty also held a few one-on-one meetings on the sidelines.
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