Finance Minister US Visit: Finance Minister Nirmala Sitharaman met International Monetary Fund (IMF) First Deputy Managing Director (DMD) Gita Gopinath on Thursday. During this, he discussed many issues including India’s G20 presidency.
The Finance Ministry said in a tweet, “The meeting took place on the sidelines of the IMF-World Bank Spring 2022 meeting in Washington.” Let us tell you that India will preside over the G20 from December 1, 2022 to November 30, 2023.
Finance Minister holds meeting with Finance Ministers and Central Bank Governors of G20 countries
Earlier, Union Finance Minister Nirmala Sitharaman said in the meeting of the Finance Ministers and Central Bank Governors of the G20 countries that the world’s top economies should try together to deal with the slowdown in the pace of growth of the global economy. The Union Finance Minister said in the meeting that due to prolonged high inflation, supply constraints, energy market volatility, and investor uncertainty, the pace of growth of the global economy has slowed down.
The Finance Minister had reached Washington on Monday
The Finance Minister arrived in Washington on Monday to attend the World Bank Group’s spring meeting. On Tuesday, she met International Monetary Fund President Kristalina Georgieva and on Wednesday she attended the meeting. The agenda of this meeting, chaired by Indonesia, was the economic scenario and risks, the international financial structure and the global situation. Nirmala Sitharaman said that the G-20 is fully prepared to enhance international policy coordination to deal with the consequences related to microeconomics. He also called for collective efforts to save the economies.
IMF’s projections for global economies
It is noteworthy that this meeting is taking place at a time when the global economy is going through a period of slowdown. The global economy was already grappling with the effects of the Kovid-19 infection, and in such a situation, Russia’s attack on Ukraine left the right stone unturned. According to the IMF, the global economy will fall from 6.1 per cent in FY21 to 3.6 per cent in fiscal year 2022 and 2023. This is 0.8 per cent and 0.2 per cent lower than the growth rate projected in January.
India’s GDP will grow at the rate of 8.2 percent – IMF
The global economy is projected to shrink by about 3.3 percent in the medium term after 2023. The IMF and the World Bank have also reduced India’s growth forecast. The IMF has said that India will grow at 8.2 percent in the current financial year, which is 0.8 percent less than the growth rate projected in January.