FM Nirmala Sitharaman Meets Saudi Counterpart, Discusses Global Debt Crisis, Inflation And G20 Agenda

The meeting took place on the sidelines of the annual Spring Meetings of the World Bank and IMF in Washington D.C.

Union Finance Minister Nirmala Sitharaman with her Saudi counterpart Mohammed Aljadaan ( Image Source :Twitter/@FinMinIndia )

Union Finance Minister Nirmala Sitharaman on Tuesday met her Saudi Arabia counterpart Mohammed Aljadaan and discussed the global debt crisis and strengthening of the multilateral development banks, an Indian initiative under its G-20 presidency. The meeting took place on the sidelines of the annual Spring Meetings of the World Bank and IMF in Washington D.C. The Finance Ministry took to Twitter and said, "Among other things, the two leaders discussed about the World Bank Evolution Roadmap and the Expert Group on Strengthening the Multilateral Development Banks constituted by the #G20India Presidency."

In the same thread, the Ministry also said, "They discussed global inflation issues, including spillover effects of measures taken, on the growth prospects of developing and low-income countries, besides the urgent need to tackle increasing #GlobalDebt distress & improving the implementation of the Common Framework."

They discussed global inflation issues, including spillover effects of measures taken, on the growth prospects of developing and low income countries, besides the urgent need to tackle increasing #GlobalDebt distress & improving the implementation of the Common Framework. (3/3)— Ministry of Finance (@FinMinIndia) April 11, 2023

Aljadaan after the end of the meeting tweeted, "H.E. Minister Nirmala Sitharaman and I discussed the #G20 agenda, and the progress made."

H.E Minister Nirmala Sitharaman and I discussed the #G20 agenda and the progress made.#Spring_Meetings 2023— محمد عبدالله عبدالعزيز الجدعان | Mohammed Aljadaan (@MAAljadaan) April 11, 2023

Earlier the Union Finance Minister said that there are some pain points in the way the green agenda is being pursued across the globe. She drew attention to the fact that the $100 billion which was committed by developed nations for the purpose of climate action in the developing nations had not been materialized yet. She also said that India fulfilled its COP21 commitments given in Paris primarily out of its own funds only.

The Finance Minister also visited the National Aeronautics and Space Administration's (NASA) Goddard Space Flight Centre in Greenbelt, Maryland on Tuesday during her US visit.

She also met with US Treasury Secretary Janet Yellen on the sidelines of the World Bank and IMF Spring Meetings 2023 in Washington.

The two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums.