FM Sitharaman, Gita Gopinath meet in US, discuss debt vulnerabilities and crypto-related challenges

Union Finance Minister Nirmala Sitharaman and First Deputy Managing Director of the IMF Gita Gopinath met and discussed a range issues, including debt vulnerabilities and crypto-related challenges.

Sitharaman, who is leading a high-powered Indian delegation to attend the Spring Meeting of the IMF and the World Bank in Washington, met Gopinath here on the sidelines of the annual Spring Meetings.

"Sitharaman congratulated Gopinath for accelerating India’s work on the Global Sovereign Debt Roundtable along with the World Bank and reiterated India's commitment to foster efforts to address growing debt vulnerabilities," the finance ministry tweeted after the meeting.

During the meeting, the finance minister noted IMF's concerns on key downside risks to the economy including financial sector stress, rising real interest rates, elevated debt, inflation, geo-political fragmentation, and faltering growth in China, as highlighted in World Economic Outlook World Economy Outlook.

Sitharaman acknowledged IMF's support to the G20 Presidency of India in the form of inputs towards developing evidence-based policy guidance, the ministry said.

India assumed the Presidency of the G20 for one year from December 1 last year. The G20 Summit will be held in New Delhi on September 9-10 this year.

The G20 meetings are being held across 56 cities, covering all 28 states and 8 Union Territories of India.

"Gopinath congratulated the finance 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," the ministry said in another tweet.

"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," Gopinath tweeted after the meeting.