New Delhi: Union Minister for Finance & Corporate Affairs Nirmala Sitharaman and World Bank Group President David Malpass met in Washington D.C., today, to discuss various issues.
These included India’s continued recovery from COVID-19 pandemic; impact of the Russia-Ukraine conflict on the world economy and India in particular; economy and role of the WBG; Single Borrower Limit and exploring the possibility of Guarantees from other nations, India’s G20 Presidency and World Bank’s leadership in India after CD’s departure.
Finance Minister stated that India’s pandemic response has focused on the twin goals of saving lives and livelihoods, according to press release.
India has been successfully running world’s second largest vaccination programme, administering more than 1.85 billion doses of vaccine.
Nirmala Sitharaman mentioned that India remains concerned about the risks to global recovery due to rising uncertainty amidst enhanced geopolitical tensions.
Finance Minister suggested that the multilateralism has become more critical as the world is undergoing a phase of exceptional uncertainty.
On account of the pandemic and recent geo-political developments, there is a need for the World Bank to come to the rescue of countries facing debt stress.
In particular, the World Bank needs to pay special attention to Sri Lanka, which is facing an unprecedented economic situation.