Need to save countries in debt trouble, worried about improving economy: Finance Minister Sitharaman

Finance Minister Nirmala Sitharaman ,Nirmala Sitharaman, the pandemic (Covid-19 Pandemic) and due to the uncertainty created by recent geopolitical developments, the debt (Debt) Stressed the need to save countries facing tensions. Sitharaman on Friday told the World Bank (World Bank) In a meeting with Group President David Malpass, India said that India is concerned about the risks posed to the recovery of the global economy due to rising uncertainty amid geopolitical tensions. In a statement, the Finance Ministry has given information about the points raised during this meeting. Sitharaman, who is on a visit to the US to attend the International Monetary Fund (IMF)-World Bank meeting 2022, told the World Bank chief that multilateralism has become more important now as the world is passing through extraordinary uncertainty. .

Sitharaman said the World Bank needs to come to the rescue of countries facing debt stress due to the pandemic and recent geopolitical developments. Particular attention needs to be paid to Sri Lanka, which has been facing an unprecedented economic situation.

India focused on saving both lives and livelihoods: Sitharaman

India’s neighboring country Sri Lanka is facing its worst economic crisis ever due to shortage of foreign exchange and balance of payments crisis. The country’s economic crisis has arisen partly due to the lack of foreign exchange. Because of this, Sri Lanka is unable to pay for the import of staple food items and fuel. Due to this, with the scarcity of things, their prices have increased.

During the meeting with Malpass, Sitharaman said India’s response to the pandemic has focused on the twin goals of saving lives and livelihoods. He said that India is successfully running the second largest vaccination program in the world, in which more than 1.85 billion vaccines have been administered. They discussed the impact of the Russia-Ukraine conflict on the world economy and India in particular, the economy and role of the World Bank Group, exploring the possibility of a single borrowing limit and guarantees from other countries, and India’s G20 presidency.

Clarifying India’s vision for infrastructure development, Sitharaman said that India expects continued support from the World Bank to mobilize necessary investments for its national infrastructure pipeline and Gati Shakti programmes. Participating in the 105th meeting of the Development Committee, the Finance Minister said that India’s economic growth has been strong and the highest among all major economies, which shows India’s resilience and strong reforms. According to the Economic Survey 2021-22, the Indian economy is expected to grow at 8-8.5 per cent in the financial year starting April 1.