FM Sitharaman meets Canadian counterpart, expresses concerns in the IMF-WB Spring Meeting

Finance Minister Nirmala Sitharaman met Canadian Deputy Prime Minister and Minister of Finance Chrystia Freeland on Friday, April 14 on the sidelines of the 2023 Spring meeting of the World Bank and Group (WBG) and the International Monetary Fund (IMF). 

"Union FM Smt. Sitharaman and Canadian Deputy Prime Minister and Minister of Finance Ms Chrystia Freeland met on the sidelines of the IMF's Spring meeting, in Washington D.C.," tweeted the Ministry of Finance. 

FM's concerns in the IMF-WB Spring Meetings 

Finance Minister Nirmala Sitharaman expressed her concerns about the global economic outlook and geopolitical environment. 

“Despite this year’s projected growth rate of over 6 per cent for the Indian economy, we remain concerned about the global economic outlook and geopolitical environment,” she stated. 

Ministerial-level financial dialogue should be held at the earliest 

The two countries concurred that a ministerial-level financial dialogue should take place as soon as possible. 

“Both leaders concurred that the two-pillar solution on International Taxation is simultaneously implemented at the earliest and expressed a strong commitment to both pillars of this international tax deal, FM also encouraged investment flows from Canada into GIFT IFSC,” read the tweet further. 

FM attends Restricted Breakfast Meeting of the IMF Board 

The Indian FM also attended the IMF Board of Governors' Restricted Breakfast Meeting on Saturday, April 15, at IMF Headquarters in Washington, DC. 

“In the spirit of Vasudhaiva Kutumbakam One Earth, One Family, One Future, FM Smt Sitharaman said that collective efforts of all G20 members will have a significant impact on the global economy while fostering multilateralism leading to a better future for all,” the ministry tweeted. 

FM’s concern regarding financial instability 

Furthermore, the Finance Minister expressed concern with regard to financial instability and subdued global economic outlook, volatile commodity prices and inflation. 

“FM emphasized the need for effected fiscal-monetary policy calibration and sustained structural reforms, with a focus on restoring growth, especially in low-income and debt burdened countries at the earliest Debt Relief,” the ministry tweeted. 

The Union Finance Minister concluded her remarks by urging strengthening of the IMF's involvement and a successful conclusion of the 16th General Review of Quotas (GRQ).