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Ministry of Finance of the Republic of India

10/15/2021 | Press release | Distributed by Public on 10/14/2021 23:10

Finance Minister Smt. Nirmala Sitharaman attends Plenary Meeting of the International Monetary and Financial Committee (IMFC) of the IMF in Washington D.C.

Ministry of Finance

Finance Minister Smt. Nirmala Sitharaman attends Plenary Meeting of the International Monetary and Financial Committee (IMFC) of the IMF in Washington D.C.

Finance Minister also participated in Breakfast Meeting of the IMF

Posted On: 15 OCT 2021 10:23AM by PIB Delhi

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the Annual Meetings 2021 held in Washington D.C. on 14thOctober 2021. The meeting was attended by Governors/Alternate Governors representing 190-member countries of the IMF.

The Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the Annual Meetings 2021 is in progress

The discussions at the meeting centered on "vaccinate, calibrate and accelerate" which is the theme of the Managing Director's Global Policy Agenda. The members of the IMFC elaborated the actions and measures taken by member countries to combat COVID-19 and facilitate economic recovery.

Smt. Nirmala Sitharaman speaks at the Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the Annual Meetings 2021 in Washington D.C.

Finance Minister Smt. Sitharaman conveyed that India recognises that universal vaccination is the key to stemming the spread of the virus. She asserted that the stark differences in vaccination coverage of low-income countries and advanced countries is of concern and it is critical that we need to address vaccine inequity.

The Finance Minister emphasized importance of the multilateral approach with the principles of equity and common, but differentiated, responsibilities and capabilities to combat climate change. Smt. Sitharaman stressed that it is important to recognize the formidable challenges faced by developing countries in getting access to affordable financing and technology.

Before attending the IMFC Plenary meeting, Smt. Sitharaman had also participated in Restricted Breakfast Meeting of the International Monetary Fund.

Smt. Nirmala Sitharaman speaks at the Restricted Breakfast Meeting of the International Monetary Fund in Washington D.C.

Speaking on the issue of COVID-19 pandemic and the response of health care systems, the Finance Minister said that to win the war against COVID-19, it is imperative that we freely share medical research and develop adaptive, responsive, affordable, and accessible health care systems.

On the issue of COVID-19 vaccine availability and economic recovery, Smt. Sitharaman urged for greater equity in vaccine access and affordability as the world looked for a faster exit towards recovery and growth.

The Finance Minister also highlighted to all the participants that despite the pandemic crisis, India continued its agenda of structural reforms. Wide-ranging reforms, including in agriculture, labour and financial sector are expected to contribute towards acceleration of the economy.

About IMFC Meetings

The IMFC meets twice a year, once during the Fund-Bank Spring Meetings in April, and again during the Annual Meetings in October. The Committee discusses matters of common concern affecting the global economy and advises the IMF on the direction of its work.

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