FM Sitharaman, CEA Nageswaran to attend World Bank-IMF Spring Meeting

Sitharaman and CEA V Anantha Nageswaran are expected to represent the government at the World Bank-IMF Spring Meeting, which will take place in Washington DC from April 18 to April

Finance Minister Nirmala Sitharaman will attend the spring meetings of the International Monetary Fund (IMF) and World Bank, which begin on Monday in Washington DC. She will also attend the meeting of G-20 Finance Ministers and Central Bank chiefs, finance ministry said.

According to a statement by the Ministry of Finance, Sitharaman will also meet World Bank President David Malpass on the sidelines of the summit. She will hold bilateral discussions with her counterparts from Indonesia, Sri Lanka, South Korea, South Africa, and others.

During her official visit to the United States, the Finance Minister will also hold one-on-one meetings with the chief executives from semiconductor, energy, and other priority sectors.

As reported earlier, the agenda at the IMF-World Bank Spring meeting is likely to focus on how the world's nations can negotiate the impact on supply chains and commodity prices due to Russia’s invasion of Ukraine. With severe lockdowns in China due to a surge in Covid-19 cases, the joint resolution at the end of the summit will also be on the need to continue to invest in health infrastructure.

However, a key global issue, cryptocurrency regulations, will not feature in the agenda and is unlikely to be discussed on the sidelines as well.

Sitharaman and Chief Economic Advisor V Anantha Nageswaran are expected to represent the government at the IMF-World Bank Spring meeting, which will take place in Washington DC from April 18 to April 24.

“Ukraine will clearly be the main focus of discussions. The participating nations will discuss the impact the war has had on global supply chains and commodity prices, and how world powers can work together to negate these effects,” said an official. The official said that a major part of the joint statement at the end of the summit may focus on Russia’s invasion of Ukraine.

Another important set of discussions will be on further IMF quota reforms, the person added. Additionally, there could also be talks regarding India’s upcoming Presidency of the G-20.