FM Sitharaman meets World Bank president; discusses Covid-19, Russia-Ukraine conflict

Union Finance Minister Nirmala Sitharaman met the World Bank President David Malpass in Washington, US on Friday and discussed many key economic issues comprising India's continued recovery from the COVID-19 pandemic and the Russia-Ukraine war's impact.

Additionally, the two also talked about India's upcoming G20 Presidency and World Bank leadership in India.

FM Sitharaman stated that India's pandemic response has focused on the twin goals of saving lives and livelihoods. India has been successfully running the world's second largest vaccination programme, administering more than 1.85 billion doses of vaccine, she said.

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"The two discussed India's continued recovery from COVID19, impact of Russia-Ukraine conflict, Single Borrower Limit and exploring the possibility of Guarantees from other G-7 nations, India's G20 Presidency and @WorldBank leadership in India," the Union Finance Ministry tweeted.

The finance minister added that India remains concerned about the risks to global recovery due to rising uncertainty amidst enhanced geopolitical tensions.

FM Sitharaman also suggested that multilateralism has become more critical as the world is undergoing a phase of exceptional uncertainty. 

"On account of the pandemic and the recent geopolitical developments, there is a need for the World Bank to come to the rescue of countries facing debt stress. In particular, the World Bank needs to pay special attention to Sri Lanka, which is facing an unprecedented economic situation," she noted.

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FM Sitharaman also highlighted "India's roadmap for infrastructure development and look forward to World Bank's continued support for financing investments for the National Infrastructure pipeline and Gati Shakti programme," the finance ministry said.

The finance minister delivered remarks at the International Monetary and Financial Committee (IMFC) Development Committee Plenary. FM Sitharaman also held a series of bilateral meetings with her counterparts comprising ones from Sri Lanka, Indonesia, Singapore and South Africa.

She also met with senior officials of IMF, OECD, President CoP-26; and Vice-Chair of Glasgow Financial Alliance for Net-Zero.

FM Sitharaman attended a FATF Ministerial meeting and meeting with Commerce Secretary Gina Raimondo. She also engaged the strategic community at Atlantic Council on India's economic recovery, reforms and initiatives.