Finance Minister Nirmala Sitharaman has stated that nations must work together urgently to enable a quick economic recovery following the Covid-19 outbreak, as well as to develop resilience to future shocks.
Sitharaman spoke about the economic prospects, risks, and near-term policy challenges such as food and energy security, as well as the tightening of global financial conditions, during the G20 Emerging Market Economies (EMEs) summit in Washington, DC on Wednesday.
"Discussing the future of work and debt vulnerabilities," the finance ministry wrote on Twitter, "the finance minister emphasised there is an urgent need for concerted action across countries to not only enable rapid post-pandemic recovery but also to develop resilience to future shocks."
In addition to Sitharaman, Governor Shaktikanta Das of the Reserve Bank of India attended the G20 EMEs meeting hosted by the International Monetary Fund (IMF).
The IMF released its new World Economic Outlook on Tuesday. The IMF lowered its prediction for India's FY23 gross domestic product growth to 8.2% from 9% in its latest World Economic Outlook report on Tuesday, citing increased commodity prices as a drag on private consumption and investment.
The IMF lowered its global growth forecast for calendar year 2022 to 3.6 percent from 4.4 percent, citing significant deterioration in global economic prospects as a result of commodity price volatility and supply chain disruptions, and warned that both Russia and Ukraine could see large GDP contractions.
Sitharaman also met with Klass Knot, Chairman of the Financial Stability Board, and Mary Schapiro, Vice-Chairman of the Climate Finance Leadership Initiative (CFLI), to discuss concerns in the bitcoin ecosystem and the construction of GIFT City, India's first operational smart city.
Regulate cryprocurrencies at global level to check money laundering: Sitharaman
FM Sitharaman discusses geopolitical concerns with IMF chief
India has the highest fintech adoption rate of 20 unicorns in 2-3 yrs: FM