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Nirmala Sitharaman participates in 103rd Development Committee Meeting of World Bank-IMF 2021

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Union Minister for Finance & Corporate Affairs Nirmala Sitharaman virtually participated in the 103rd Development Committee Meeting of World Bank-International Monetary Fund (IMF) 2021.

  • Nirmala Sitharaman represented India, Bangladesh, Bhutan & Sri Lanka in the meeting.

i.The topics of discussion were

  • World Bank Group (WBG) & IMF Support for Debt Relief Under the Common Framework & Beyond
  • COVID-19 Pandemic: World Bank Group Support for Fair and Affordable Access to Vaccines by Developing Countries
  • From COVID-19 Crisis Response to Resilient Recovery-Saving Lives & Livelihoods while Supporting Green, Resilient and Inclusive Development (GRID).

Highlights from FM’s Address

  • Nirmala Sitharaman stated that the Government has announced Atma Nirbhar Packages of INR 27.1 Lakh Crore, amounting to more than 13% of the GDP.
  • The Atma Nirbhar Packages were aimed at pushing forward the economic reforms and also providing social protection to the poor and vulnerable.
  • FM highlighted WBG has increased its financing during the pandemic, the total financing approvals by WBG exceeded by USD 100 Billion for the 1st time.
  • She also highlighted WBG’s role in helping developing countries get access to COVID-19 vaccines in a timely and affordable manner.  WBG partnered with WHO (World Health Organization) & GAVI – the Vaccine Alliance (previously known as Global Alliance for Vaccines and Immunization) for providing vaccines to developing countries.
  • The next meeting of the Development Committee is scheduled to be held on October 15, 2021, in Washington DC, USA.

FM attends Plenary Meeting of IMFC of IMF 

Nirmala Sitharaman virtually attended the Plenary Meeting of the International Monetary and Financial Committee (IMFC) of the Board of Governors of the IMF at the Virtual Spring Meetings 2021.

  • The discussions were based on IMF’s Global Policy Agenda titled ‘Bolstering the Recovery, Countering Divergence’.
  • It was attended by Governors/Alternate Governors representing 190 member countries of the IMF.

Recent Related News:

i.On October 16, 2020, Union Minister of Finance & Corporate Affairs Nirmala Sitharaman participated in the 102nd Meeting of the World Bank (WB) Development Committee Plenary through video conferencing from New Delhi.

About World Bank Group (WBG):

President – David Malpass
Headquarters – Washington DC., USA
Member Countries – 189