The Union Finance Minister Shri Jaitley attended the World Bank Development Committee (DC) Lunch Session in Washington D.C. yesterday. The Session focused on the Capital Adequacy question. Speaking on the occasion, the Finance Minister Shri Jasitley stressed that the World Bank and the IFC are at the crossroads today on account of their deficient capital position which is also threatening to make them lose its much-valued role of being the agent of global development. He emphasized that the question of capital constraint of World Bank Group has been allowed to remain unresolved for too long but cannot be postponed any longer. He said that the enormous challenge of meeting the Sustainable Development Goals, building quality infrastructure in developing countries, translating the Paris Climate Change Agreement and meeting the Addis Ababa Agenda, calls for the capital of the Bank to be strengthened substantially. He strongly urged that the major shareholders must, as a collective, commit to a decision on the issues of voice realignment and capital infusion into the IBRD and IFC by Spring 2018.
The Finance Minister, Shri Arun Jiatley is currently on a one week official tour to Washington D.C. to attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Dr. Urjit Patel, Governor, RBI; Secretary, Department of Economic Affairs, Shri Subhash Chandra Garg and other officials.
Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley also addressed the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C. yesterday.. He said that the big reforms undertaken by the Government for raising economic growth and maintaining macroeconomic stability have made India as one of the fastest growing major economies in the world. He said that the launch of the GST represents an historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms. He further emphasized that India carried-out such major reforms when the Global Economy was slow. With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly, the Minister added.
On the side lines of the World Bank and IMF Annual Meetings, the Finance Minister Shri Jaitley also held bilateral meetings with the Italian Minister for Economy and Finance, Australian Treasurer and the Iranian Minister for Economy and Finance, and discussed areas of mutual collaboration, issues being faced by Investment and projects being undertaken by the respective countries and commonality of their positions in various multilateral fora.
The Secretary, Department of Economic Affairs, Shri Subhash Chandra Garg also attended the IMFC Introductory Session on Global Developments and Prospects and the IMF Session on Early Warning Exercise. Besides, Secretary (EA) also held meetings with the Head of Asia Pacific Department of IMF.
The Finance Minister, Shri Arun Jiatley is currently on a one week official tour to Washington D.C. to attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Dr. Urjit Patel, Governor, RBI; Secretary, Department of Economic Affairs, Shri Subhash Chandra Garg and other officials.
