India’s G20 presidency shines at IMF and WB meeting

At the 2024 Spring Meetings of the IMF (International Monetary Fund) and the World Bank (WB) which took place during April 17-19 in Washington DC, India received ubiquitous commendation for its role during the 18th G20 summit which was successfully held at Bharat Mandapam, in New Delhi on September 9-10, 2023.

In 2023, India assumed the presidency of the event, an annual gathering which focuses on addressing major global economic issues. 

RBI Governor Shaktikanta Das and Economic Affairs Secretary Ajay Seth represented India in the IMF and World Bank meeting, in the absence of Finance Minister Nirmala Sitharaman who was also slated to attend the event. 

Seth informed, “There is a widespread appreciation of Indian presidency of the G20 in building consensus on several issues, relevant for global deployment, conducted of various meetings during the presidency as well as the leaders’ summit,” further adding that there is an understanding that India offers practical examples for successful development paths.

The Economic Affairs Secretary reportedly informed that delegates in the meeting lauded India for its effective conduct of monetary and fiscal policies which successfully help in maintenance of financial stability in emerging economies. He stated, “There are a few ideas given on sustainable finance about how the financing for climate action should be happening.” 

In the second meeting of G20 Finance Ministers and Central Bank Governors which was held during April 17-18 under the Brazilian Presidency, Governor Shaktikanta Das shared information on various aspects, including issuance of sovereign green bonds and the introduction of an established structure regarding green deposits.

In addition, the delegates lay emphasis on the importance for (Multilateral Development Banks) MDBs to collaborate in order to enhance the use of risk mitigation instruments.