NEW DELHI: Finance Minister Nirmala Sitharaman is to embark United States tomorrow, October 11, to attend the annual meetings of the International Monetary Fund (IMF) and World Bank, which are likely to deliberate on the current global economic situation.
The finance minister will also partake in the meetings of the G20 Finance Ministers and RBI Governor, besides having interaction with business leaders and investors. She will also meet separately with World Bank President David Malpass and US Treasury Secretary Janet Yellen during her six-day trip to the US from October 11 to October 16 to address the topics of shared interest.
The minister's agenda also includes bilateral discussions with a number of nations, including Japan, South Korea, Saudi Arabia, Australia, Bhutan, New Zealand, Egypt, Germany, Mauritius, the United Arab Emirates, Iran, and the Netherlands. Additionally, one-on-one meetings with the leaders and executives of the OECD, the European Commission, and the UNDP are planned.
The formal visit of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman to the United States will start on October 11, 2022. Smt. Sitharaman will attend the G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, it reads in an official release.
The managing director of the International Monetary Fund, Kristalina Georgieva, issued a grave warning this week, claiming that the Russian invasion of Ukraine, which started in February, had fundamentally altered the IMF's assessment of the world economy. She had said that the dangers of a recession were increasing and that the current economic climate was a "time of historic fragility." With the worsening external environment as its justification, the World Bank has also reduced its growth prediction for India by 100 basis points to 6.5%.
The finance minister will also take part in a fireside discussion at the Washington-based, nonprofit Brookings Institution on "India's Economic Prospects and Role in the World Economy" while she is in town.
At the School of Advanced International Studies (SAIS), John Hopkins University, Sitharaman will discuss the multiplier effects produced in India through the interlinkages of "Technology, Finance, and Governance" and India's special Digital Public Goods tale.
The finance minister will participate in roundtable discussions with USIBC and USISPF on "Strengthening Investment and Innovation in India-US Corridor" and "Investing in India's Digital Revolution" later in the tour. These discussions with influential business executives and investors are intended to highlight India's policy priorities and discuss ways to encourage foreign investment by displaying India's allure as a location for investments.
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