FM Sitharaman meets IMF Dy MD Gita Gopinath; downside risks to economy, inflation and geo-political fragmentation discussed

Sitharaman reiterated New Delhi's commitment to foster efforts to address growing debt vulnerabilities

April 12, 2023

FM Sitharaman discusses debt vulnerabilities with IMF’s Gita Gopinath

On the sidelines of the IMF-World Bank Spring Meetings, Union Finance Minister Nirmala Sitharaman met IMF Deputy Managing Director Gita Gopinath in Washington D.C., during which she noted the monetary body’s concerns on crucial downside risks to the economy including financial sector stress, inflation and geo-political fragmentation as well as faltering growth in China.

According to the Finance Ministry, Sitharaman congratulated Gopinath for accelerating India’s work on the Global Sovereign Debt Roundtable along with the World Bank and reiterated New Delhi’s commitment to foster efforts to address growing debt vulnerabilities.

Sitharaman also acknowledged IMF’s support to India’s G20 Presidency through inputs towards developing evidence-based policy guidance.

Meanwhile, the top IMF official congratulated the Union Minister on the “fruitful discussions that translated the February consensus on the need for a globally coordinated policy response on crypto assets into an agreed set of guiding principles and an action plan on crypto assets”, said the Ministry.

Taking to Twitter following the meeting, Gopinath said: “Had a very good discussion with Finance Minister Sitharaman at the IMF-World Bank spring meetings, to discuss the progress being made under India’s G20 Presidency on debt issues and crypto-related challenges.”

Had a very good discussion with Finance Minister@nsitharaman at the IMF-World Bank spring meetings, to discuss the progress being made under India’s G20 Presidency on debt issues and crypto related challenges. pic.twitter.com/na8K5p0pjW

— Gita Gopinath (@GitaGopinath) April 12, 2023