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IMF chief says India is ‘bright spot’ in global economy

NEW DELHI: Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva Despite global uncertainties and headwinds, India continues to be a bright spot in the global economy, said on Thursday.
She made the statement during the meeting with the finance minister Nirmala Sitharamanwhere India’s upcoming G-20 Presidency was also discussed and the IMF reiterated its support for India’s candidacy.
Both leaders shared concerns about the main downside risks to the global economy and cross-border impacts due to the geopolitical situation and tighter financial conditions, the Ministry of Finance said. know in a series of tweets.
Sitharaman and Georgieva found the fact that the effects of rising global inflation due to rising food and energy prices as well as international debt had most affected low-income countries.
The Finance Minister emphasized the need to ensure energy security for all.
She also reiterates the importance of coordinated policy measures and multilateralism in mobilizing appropriate financial resources for climate action, noting that the committed funds of economies economic development is not yet available.
She also added that carbon pricing may not be a viable policy tool for climate action.
During the meeting, Georgieva and Sitharaman both emphasized the importance of promptly ending the 16th General Review Quota (GRQ) in a way that addresses inequality and imbalances in the global economy.
Georgieva agreed with the Finance Minister that for the IMF to remain relevant, it is important to reach consensus on a GRQ as early as possible to reflect the changing status of emerging market economies (EMEs). in the world order.
The implications of regulating crypto assets and the need for a globally coordinated and synchronized approach to the matter were felt by both leaders during the meeting, the Treasury Department tweeted. .
Sitharaman called on the IMF to play a major role in the matter.

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