FM Sitharaman holds bilateral meetings on sidelines of Paris Summit

Finance Minister Nirmala Sitharaman on Friday held a series of bilateral meetings with her counterparts in France, Brazil and UAE on the sidelines of the Paris summit on the new global financing pact.

Sitharaman met France's Minister of Economy, Finance and Industrial and Digital Sovereignty Bruno Le Maire and exchanged views on key G20 deliverables under Indian Presidency, including strengthening MDBs (multilateral development banks) and managing debt vulnerabilities, among other issues.

Sitharaman expressed hope that the outcomes of the Paris Summit can provide political momentum to ongoing G20 and other multilateral efforts in the UN,

World Bank and CoP28.

Sitharaman also met Brazilian Minister of Finance Haddad Fernando and discussed the upcoming G20 India and Finance Track outcomes.

"@Haddad_Fernando supported #G20India Presidency efforts and also appreciated the works under #G20India Presidency. FM Smt. @nsitharaman extended India's support to the upcoming #G20Brazil Presidency in 2024," a finance ministry tweet said.

In her discussion with UAE Minister of Industry & Advanced Technology Sultan Ahmed Al Jaber, both ministers exchanged views on synergising common efforts at G20 India and COP28 by prioritising concerns of the developing world in the global climate policy dialogue.

"FM Smt. @nsitharaman highlighted the need to collaborate both through #G20 and #COP forums in catalysing global action for ensuring availability of credible, predictable, and additional #climatefinance for developing countries," the ministry tweeted.

Sitharaman is in Paris to attend the two-day summit, scheduled during June 22-23, being co-organised by France, Barbados and India.

The objective of the summit New Global Financing Pact' is to set the foundations for a new global financing architecture beyond the Bretton Woods system to address climate change, biodiversity crisis and development challenges.