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Finance Minister Nirmala Sitharaman on Tuesday met with US Treasury Secretary Janet Yellen on the sidelines of the World Financial institution and IMF Spring Conferences 2023 in Washington. The 2 leaders mentioned strengthening the India-US financial and monetary partnership and growing engagements at bilateral and multilateral boards.
“Taking the discussions forward from their final assembly through the Financial Monetary Dialogue #EFD, in India, in Nov. ’22, the 2 leaders mentioned strengthening the India-US financial & monetary partnership and growing engagements at bilateral and multilateral boards,” the finance ministry mentioned in a sequence of tweets.
Sitharaman, who’s main a high-powered delegation, appreciated the multi-faceted India-US partnership and referred to as for additional cooperation in addressing world financial challenges, together with local weather change. She additionally highlighted the position of G20, Quad, and IPEF in fostering this partnership.
Throughout the assembly, the finance minister emphasised the significance of coordinated world motion to deal with debt vulnerability in low and middle-income nations, in addition to the necessity for monetary assist to assist creating economies obtain their local weather objectives.
Yellen applauded India for specializing in advancing the evolution of the multilateral improvement financial institution throughout its G-20 presidency. She mentioned the US was trying ahead to persevering with its shut cooperation with India to assist make India’s G20 presidency successful. “I wish to commend your presidency for its deal with advancing the evolution of the multilateral improvement banks. As you understand, this initiative is a precedence of mine and will probably be a serious focus of our conversations this week,” she mentioned.
Yellen mentioned the G-20 can convey sturdy political momentum to bear to ensure that the multilateral improvement banks speed up their work on Twenty first-century world challenges as a part of their effort to finish excessive poverty and broaden shared prosperity. She additionally mentioned that having the best management on the World Financial institution is crucial in furthering the progress that they’ve made.
“That is why I am more than happy with President (Joe) Biden’s selection of Ajay Banga as our nominee to be the subsequent President of the World Financial institution,” she mentioned. Banga, she mentioned, has the best management and administration abilities, background, and monetary experience to guide the World Financial institution at a crucial second in its historical past.
“And, in fact, Ajay was born and spent a lot of his profession in India. He has a eager understanding of the financial alternatives current in creating nations that may serve him nicely if he’s chosen,” the treasury secretary mentioned. “We additionally welcome India’s demonstrated management on debt points as G-20 president and assist your efforts to enhance the debt restructuring course of. The US additionally applauds your efforts to transition to renewable power and stands prepared to offer assist in reaching your goal of 500 gigawatts of non-fossil era capability by 2030,” Yellen mentioned.
(With inputs from PTI)
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