India eyes IMF support ahead of G20 presidency

FM flags global challenges including debt, climate change

September 07, 2022 08:58 pm | Updated 10:11 pm IST - NEW DELHI 

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman with IMF News Managing Director Kristalina Georgieva, during a meeting, in New Delhi.

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman with IMF News Managing Director Kristalina Georgieva, during a meeting, in New Delhi. | Photo Credit: PTI

India will soon release the list of focus areas to be pursued during its tenure as the G20’s chair, which it is set to assume in December this year, Finance Minister Nirmala Sitharaman said, hours before she met the International Monetary Fund (IMF) top boss Kristalina Georgieva to discuss IMF’s support through its G20 presidency. 

“We will be taking over the G20 chair at a very challenging time,” Ms. Sitharaman said, noting that India’s presidency period will coincide with a time when the world is concerned about global debt and climate challenges. 

“Some of the ongoing issues will continue on the agenda, [there are] some which India will like to take up on its own,” she added.

Ms. Georgieva and the minister later shared concerns on key downside risks to the global economy and the cross-border effects due to the geopolitical situation and tighter financial conditions, the Finance Ministry said in a statement.

The effect of higher global inflation due to the rise in food and energy prices and international debt, which has impacted low-income countries the most, was also discussed, with Ms. Sitharaman underlining the need to ensure energy security for all, it added. 

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