FM Sitharaman Discusses Crypto Challenges, Debt Vulnerabilities With IMF Deputy MD Gita Gopinath

Sitharaman acknowledged the IMF's support to India's Presidency of the G20.

Gopinath (R) congratulated Sitharaman on the fruitful discussions that resulted in an agreed set of guiding principles and an action plan on crypto assets.

Source : Twitter/@FinMinIndia

Union Finance Minister Nirmala Sitharaman and the First Deputy Managing Director of the International Monetary Fund (IMF), Gita Gopinath, held a meeting during the Spring Meeting of the IMF and the World Bank in Washington, DC, US. They discussed a range of issues including debt vulnerabilities and challenges related to cryptocurrencies. During the meeting, Sitharaman praised Gopinath for accelerating India’s work on the Global Sovereign Debt Roundtable, which is a collaborative effort with the World Bank to address growing debt vulnerabilities.

The finance minister also noted the IMF's concerns on key downside risks to the economy, such as financial sector stress, rising real interest rates, elevated debt, inflation, geopolitical fragmentation, and faltering growth in China, as highlighted in the World Economic Outlook.

Sitharaman acknowledged the IMF's support to India's Presidency of the G20, which started on December 1, 2022. The G20 meetings are being held across 56 cities, covering all 28 states and 8 Union Territories of India. The G20 Summit is scheduled to take place in New Delhi on September 9-10, 2023.

Union Finance Minister Smt. @nsitharaman met with Ms. @GitaGopinath, FDMD, International Monetary Fund @IMFNews, on the sidelines of the IMF-WB #SpringMeetings 2023 in Washington DC, today. (1/5) pic.twitter.com/jisVbHRXUX

— Ministry of Finance (@FinMinIndia) April 11, 2023

Gopinath congratulated the finance minister on the fruitful discussions that resulted in an agreed set of guiding principles and an action plan on crypto assets. He also praised India's progress on debt issues and challenges related to cryptocurrencies under its G20 Presidency.

Both sides affirmed their commitment to work together to address global economic challenges and promote sustainable growth. The meeting was held on the sidelines of the annual Spring Meetings, and the discussions were shared on social media by both parties.

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