New Delhi: On Monday, Kristalina Georgieva, International Monetary Fund (IMF) Managing Director, praised India’s helping hand to Sri Lanka in tackling the economic crisis being faced by the country. She also assured Finance Minister Nirmala Sitharaman that the financial institution would continue to actively engage with the island nation.
Georgieva said this while speaking at the Spring Meetings of IMF-World Bank (WB) in Washington DC with Sitharaman.
During the meeting, Sitharaman and Georgieva showed concerns about its impact on the global economy and the challenges linked to rising energy prices.
Since its independence, Sri Lanka is facing the worst economic crisis with food and fuel shortages, soaring prices, and power cuts affecting a large number of the people, resulting in massive protests over the government’s handling of the situation.
The economic condition has sparked widespread protests, with Prime Minister Mahinda Rajapaksa and President Gotabaya Rajapaksa being called to quit.
Georgieva congratulated India on the successful vaccination drive. She also praised India for extending relief support to other vulnerable countries, according to the Ministry of Finance.
Georgieva praised India’s well-targeted policy mix for helping the Indian economy remain resilient, according to the Ministry.
Georgieva and Sitharaman both stressed that Capital Expenditure should support economic growth. The Union Minister focused on the point that India’s accommodative fiscal stance accompanied by major structural reforms and strong monetary policies have helped in boosting India’s post-pandemic recovery, the ministry said.
The Union Minister arrived in Washington on an official visit to attend the World Bank’s Spring Meetings, as well as the G20 Finance Ministers Meeting and Central Bank Governors Meeting (FMCBG).
Apart from her official engagements with the World Bank, IMF, G20, and Financial Action Task Force (FATF), Sitharaman on Monday also attended an event at the Atlantic Council, a think tank based in Washington DC.
Several bilateral interactions, including with Indonesia, South Korea, Sri Lanka, and South Africa as well as a high-level meeting with World Bank President David Malpass will be included in the visit, a statement by the Ministry of Finance stated.
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