FM Sitharaman, World Bank President discuss issues related to private capital participation in Global Public Goods

Union Finance Minister Nirmala Sitharaman held a meeting with World Bank President Ajay Banga on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024, in Washington, DC on Wednesday.

During the meeting, the two sides discussed issues related to private capital participation in Global Public Goods, Energy security, and Multilateral Development Banks (MDBs) reforms. Sitharaman said that she is looking forward to the World Bank taking forward the Independent Evaluation Group’s (IEG) recommendations on MDBs reforms from India’s G20 Presidency.

In a post on X, the Ministry of Finance stated, “Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Mr. Ajay Banga, President @WorldBank on the sidelines of the World Bank and IMF #AnnualMeetings2024, in Washington DC, today. The two discussed issues related to private capital participation in Global Public Goods, #Energy security, and Multilateral Development Banks #MDBs reforms. The Union Finance Minister said that she is keenly looking forward to @World Bank to take forward the IEG’s recommendations on #MDBs reforms from India’s G20 Presidency and also requested for regular monitoring on the implementation of the recommendations going forward.”

During the meeting, Sitharaman emphasised on broader consultation process on the advisory mechanism jointly convened by the World Bank and IMF. Banga reiterated the World Bank’s interest in collaborating with India’s budget priorities, including skilling, water and sanitation and urban development.

“FM Smt. @nsitharaman also stressed on broader consultation process on the advisory mechanism jointly convened by @WorldBank and @IMFNews for discussing Bretton Woods Institutions @80. Mr. Banga noted substantial progress on the IEG recommendations, which are set to be presented at the G20. He emphasised the WBG’s focus on jobs, knowledge frameworks, bankable projects and reiterated emphasis on collaborating with India’s budget priorities, including skilling, water and sanitation and urban development,” the Ministry of Finance further wrote on X.

Sitharaman participated in a panel discussion on the ‘Bretton Woods Institutions at 80: Priorities for the Next Decade’, organised by the Center for Global Development in Washington, DC. Other panellists during the discussions included Emeritus President and Charles W Eliot University Professor, Harvard University, Lawrence H Summers, Spain’s Minister of Economy, Trade and Business Carlos Cuerpo and Egypt’s Minister of Planning, Economic Development, and International Cooperation Rania A. Al Mashat.

She arrived in Washington, DC on Wednesday and was welcomed by India’s Ambassador to the US, Vinay Kwatra. Prior to visiting Washington, DC, Sitharaman was in New York.

In a post on X, the Ministry of Finance stated, “Union Minister of Finance and Corporate Affairs Smt. @nsitharaman is welcomed at Washington DC by India’s Ambassador to USA, Shri @AmbVMKwatra after her arrival from New York, today evening.”

During her visit to the US, Sitharaman will participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, besides the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers; and G7 – Africa Ministerial Roundtable, Ministry of Finance said in an earlier press release.

The Union Finance Minister will hold bilateral meetings with leaders of several countries, including the United Kingdom, Switzerland, and Germany. In a high-level event, Nirmala Sitharaman will participate in a World Bank Group discussion ‘From Idea to Implementation: New Financial Solutions to Accelerate Development’.