FM meets IFAD president, discusses issues of interest, global challenges

Finance Minister Nirmala Sitharaman on Thursday met IFAD president Alvaro Lario and discussed issues of mutual interests besides some emerging global challenges

Finance Minister Nirmala Sitharaman on Thursday met International Fund for Agricultural Development (IFAD) president Alvaro Lario and discussed issues of mutual interests besides some emerging global challenges.

During the meeting, the finance minister stressed that multilateral institutions should effectively contribute to ensuring food security by investing in food storage, food processing, and making small-size farming remunerative.

Besides, they should focus on ensuring participation of emerging economies and developing countries and address the new global challenges such as food security, debt distress and climate Change.

She underlined the need for the multilateral development banks (MDBs) to take a new and fair review to deal with new and emerging challenges.

"While appreciating the India's leadership on steering the #G20India Presidency, the @IFADPresident updated FM Smt. @nsitharaman about how @IFAD is bringing #ClimateChange to the centrestage of the institution," a finance ministry tweet said.

IFAD is an international financial institution and specialized United Nations agency based in Rome, the UN's food and agriculture hub. Since 1978, it has provided USD 23.2 billion in grants and low-interest loans.