Udayavni Special

Global economic risks call for strengthening multilateral co-operation: Sitharaman


PTI, Oct 20, 2019, 4:53 PM IST

New Delhi: Finance Minister Nirmala Sitharaman has said the global economic risks and imbalances reinforce the need to strengthen international co-operation at the multilateral level, besides governmental initiatives.

She stated this in her intervention during International Monetary and Financial Committee (IMFC) Plenary Session on Saturday in the ongoing Annual Meetings 2019 of the IMF and World Bank being held in Washington DC, US.

At the national level, a calibrated and balanced approach to deploying a mix of fiscal, monetary and structural measures by countries can help achieve their growth potential, a finance ministry statement quoted her as saying.

The International Monetary Fund (IMF) should provide solutions that are specific to important growth geographies to help alleviate the current conundrum, Sitharaman added.

The finance minister also stated that the IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies.

On the 15th Round of the IMF’s General Review of the Quotas (15th GRQ) likely to conclude without a quota increase, she stated that work on the 16th round should begin in the right earnest and should have a tight timeframe.

Sitharaman later participated in the 100th Meeting of the Development Committee Plenary.

She said that as we draw closer to SDG 2030 (Sustainable Development Goals), India is pursuing both scale and speed of development through large National missions in a fiscally responsible, sustainable and inclusive manner.

These programs range widely from solar energy to direct benefit transfer, and from skilling to sanitation.

“But there is a common approach: to improve incomes, reduce deprivation and enhance living standards,” she said.

Sitharaman also stated that in pursuing investment led growth, we should not neglect sustainability, efficiency and transparency in debt and tax policies.

Moreover, investments must generate domestic revenues that can be channelised into effective public spending in health, education and skilling so that youth can benefit from the economic growth.

The finance minister also encouraged the IMF to guide concerted international action to combat illegal financial flows and welcomed collaboration to push investment to augment multilateral development bank (MDB) financing into developing countries.

Top News

Russia produces first batch of Covid-19 virus vaccine: Ministry

Posters hailing Panneerselvam as ‘CM 2021’ create flutter

India faced twin challenges of Covid, border aggression: Envoy in China

Nepalese PM Oli calls up Modi, first time after India-Nepal ties came under strain

K’taka Home Minister blaming Cong for riots to cover up his ‘failure’: Shivakumar

Elections in Jammu and Kashmir after delimitation exercise is completed: PM

PM Modi wins praise for breaking taboos, speaking about menstruation in I-Day speech



Related Articles More

CRPF says security forces enjoying good synergy, hopeful of maintaining peace in J-K

WHO Chief Scientist Soumya Swaminathan honoured with Tamil Nadu CM’s special award

Posters hailing Panneerselvam as ‘CM 2021’ create flutter

I was surprised to test positive for COVID-19, it was irritating to go through the ordeal: Sikki

India faced twin challenges of Covid, border aggression: Envoy in China

MUST WATCH

All you need to know about Bangalore Riots!

Classes conducted for students under the Vidyagama project at Karambaru Bhajan Mandir

Gendun Gyatso Lama : Why did I come to India? The race for independence – The Great Escape from China

BSNL Employees Union in Mangalore protest over MP Anant Hegde’s remarks

Rangayya Naik | Atleast once a year do the work of agriculture | Farmer Request

Latest Additions

K’taka considering single admission test for technical and prof grad courses

Kannada e-mail service launched through Datamail

Mangaluru: Illegal satellite phone use detected?

Russia produces first batch of Covid-19 virus vaccine: Ministry

CRPF says security forces enjoying good synergy, hopeful of maintaining peace in J-K

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.