Finance Minister Nirmala Sitharaman Meets IMF MD K Georgieva On Sidelines Of G7 Meet

Sitharaman extended her support for Brazil's upcoming G20 presidency in 2024. The South American nation will hold the G20 presidency from December 1, 2023, to November 30, 2024

Union Finance Minister Nirmala Sitharaman meets IMF MD K Georgieva on the sidelines of the G 7 Finance Ministers and Central Bank Governors meeting, in Niigata, Japan on Friday. ( Image Source :PTI )

Union Finance Minister Nirmala Sitharaman on Friday met International Monetary Fund (IMF) Managing Director K Georgieva on the sidelines of G7 Finance Minister Central Bank Governors meet. She is on a two-day visit to Japan. The G7 meeting is taking place in Niigata.

Sitharaman also met Brazilian counterpart Haddad Fernando on the sidelines of the G7FMCBG meet. Fernando appreciated India's organisation of the G20 presidency and its piloting of significant global economic issues, the finance ministry said in a tweet. The two ministers discussed issues relating to infrastructure, strengthening multilateral development banks (MDBs), debt vulnerabilities and digital public infrastructure (DPI).

Union Finance Minister Smt. @nsitharaman met Ms. @KGeorgieva, MD, IMF, @IMFNews on the sidelines of the #G7FMCBG in Niigata, Japan, today. pic.twitter.com/eGitXHilvy

— Ministry of Finance (@FinMinIndia) May 12, 2023

Sitharaman extended her support for Brazil's upcoming G20 presidency in 2024. The South American nation will hold the G20 presidency from December 1, 2023, to November 30, 2024.

Sitharaman also met Singapore Deputy Prime Minister and Minister for Finance Lawrence Wong. Both ministers exchanged their views on strengthening India-Singapore cooperation on issues like digital payment gateway, food security, green transition, skill development, crypto assets, MDB reforms and pandemic preparedness, among others.

She, during the meeting, highlighted the emerging role of Artificial Intelligence and skilling programmes in the context of setting up new AI centres. They discussed ways for collaboration between India-Singapore in AI research and quantum computing. 

Last week, Sitharaman visited South Korea to attend Asian Development Bank's annual meeting. Besides attending the 56th Annual General Meeting of the Board of Governors of the Asian Development Bank (ADB), she addressed investors and hold bilateral meetings.

Asian Development Bank (ADB) President Masatsugu Asakawa said the bank will explore the option of raising resources through rupee denominated bonds, reported by PTI. Raising funds in local currency reduces forex volatility, he said in Incheon. "We are encouraged to increase our local currency financing to avoid any kind of foreign exchange risk," Asakawa said, while adding that the decision will be based on market condition, demand and supply.