Finance Minister Calls For Concerted Action To Mitigate Disruption On Account of Synchronous Slowdown

Union Finance Minister Nirmala Sitharaman led the Indian delegation to the Annual Meetings Plenary session of the International Monetary Fund (IMF) and the World Bank Group held in Washington DC. She also attended the Working Lunch Session of the Development Committee (DC), the ministerial-level committee of the IMF and the World Bank. In the DC Lunch, the members discussed about the global economic outlook. In her intervention, the Finance Minister mentioned that trade wars and protectionism have generated uncertainties that will ultimately impact flow of capital, goods and services. She called for 'concerted action' to mitigate the disruption on account of synchronous slowdown and to invoke the spirit of multilateralism for global growth. She further said that the increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination and that we need not wait for the slowdown to become a crisis.

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