IMF Managing Director Kristalina Georgieva on Friday called on President Droupadi Murmu at Rashtrapati Bhavan and expressed confidence that during India's presidency, the G-20 Forum will move forward with an aspiration to make efforts in strengthening multilateralism and global governance, in the direction of building a peaceful, sustainable and prosperous world for all.
Welcoming Georgieva to Rashtrapati Bhavan, President Murmu said that the world is passing through the third year of the Covid pandemic. She noted that multilateral institutions such as the International Monetary Fund (IMF) and the World Bank have provided significant assistance to many low-income countries.
Moreover, she said that IMF has to play an important role in maintaining the stability of the International Monetary System. The President stated that India is one of the fastest growing major economies in the world, read a press release by the President's office.
India's start-up ecosystem ranks high in the world. The success of start-ups in our country, especially the growing number of Unicorns, is a shining example of our industrial progress. What is even more gratifying is that India's development is becoming more inclusive and regional disparities are also reducing. The basic mantra of today's India is compassion - compassion for the downtrodden, compassion - for the needy and compassion - for the marginalized, it read.
Speaking about the upcoming G-20 Summit in India in 2023, the President said that multilateral cooperation in the G-20 should be based on the principles of inclusion and flexibility, keeping in mind diversity.
Georgieva on Thursday also thanked Prime Minister Narendra Modi for a great meeting and congratulated on India's strong economic recovery from the COVID-19 pandemic. Taking to Twitter, Georgieva wrote "Thank you @PMOIndia @narendramodi for a great meeting. Congratulations on India's strong economic recovery from the pandemic and its remarkable advances, especially the incredible success in digitalization," and congratulated India's robust economic recovery from the pandemic.
The IMF chief also applauded the incredible success of the digitalization of India during the talks with Prime Minister Modi and assured full support for India to protect macroeconomic and financial stability. "As India takes the helm of G20, you can count on @IMFNews full support to protect macroeconomic & financial stability, advance cooperation on debt resolution & promote financial inclusion," the IMF Chief tweeted.
Georgieva also counted on India's strong leadership to further strengthen a strong multilateral system and advance IMF reforms.
The Managing Director of IMF, Kristalina Georgieva also met Union Finance Minister Nirmala Sitharaman to discuss India's upcoming G20 presidency and IMF's support for it. During the meeting Sitharaman and IMF Managing Director shared concerns on "key downside risks to the global economy and the cross-border effects due to the geopolitical situation and tighter financial conditions," the Union Ministry of Finance tweeted.
The two leaders recognised that the effect of an increase in global inflation due to the rise in food and energy prices and international debt has impacted low-income countries the most. Sitharaman reiterated the importance of coordinated policy measures and multilateralism for mobilising adequate financial resources for climate action, emphasising that committed funds by the developed economies are yet to become available.
During the meeting, IMF Managing Director stated that despite the global uncertainty and headwinds, India continues to be a bright spot in the global economy.
( With inputs from ANI )
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