Global Economic Risks and Imbalances Reinforce the Need to Strengthen Global Co-operation : Finance Minister

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Union Finance Minister, Smt Nirmala Sitharaman, has said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives. She stated this in her intervention during International Monetary and Financial Committee (IMFC) Plenary Session last day in the ongoing Annual Meetings 2019 of the IMF and World Bank being held in Washington DC, USA. At the National level, a calibrated and balanced approach to deploying a mix of fiscal, monetary and structural measures by countries can help achieve their growth potential, the Finance Minister added.

Smt. Sitharaman further stated that International Monetary Fund (IMF) should provide solutions that are specific to important growth geographies to help alleviate the current conundrum. The Finance Minister also stated that the IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies. On the 15th Round of the IMF’s General Review of the Quotas (15th GRQ) likely to conclude without a quota increase, the Finance Minister stated that work on the 16th Round should begin in right earnest and should have a tight timeframe.

The Finance Minister is currently on an official tour to Washington DC to attend the Annual Meetings of the International Monetary Fund and the World Bank and other associated meetings. She is accompanied by Mr. Shaktikanta Das, Governor, RBI; Secretary Economic Affairs, Shri Atanu Chakraborty; and other officials.

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