Union Finance Minister Nirmala Sitharaman sought enhanced support from international financial institutions to achieve Sustainable Development Goals (SDGs).
At the G7 African Ministerial Roundtable, the minister discussed country-specific solutions to development finance challenges, and G7 initiatives for development in Africa, on the sidelines of Annual Meetings 2024 in Washington, DC. “FM @nsitharaman especially focused on enhanced support from international financial institutions, especially through the increased lending capacity of Multilateral Development Banks (MDBs) as vital to achieving Sustainable Development Goals.” the ministry said in the post on X.
She called for scaling up access to long-term and affordable financing for development, supported by structural reforms and policy measures to promote domestic resource mobilisation and attract foreign investment to build long-term financial resilience to attain Sustainable Development Goals.
Highlighting the deep-rooted partnership between India and Africa, Sitharaman said, “Prime Minister Narendra Modi has redefined this partnership with 10 guiding principles aimed at supporting Africa’s growth through capacity-building, enhanced public services, and addressing Climate Change, among others”.
“The Union finance minister underlined India’s support to Africa in areas like infrastructure development and the health sector, offering technical expertise and technology transfers,” the ministry added.
She also met Gita Gopinath First Deputy Managing Director (FDMD) of the International Monetary Fund and congratulated the FDMD on the successful conduct of the Annual Meetings 2024. The minister expressed her optimism for continued collaboration.
She also highlighted recent Union Budget announcements focused on jobs and skilling, the finance ministry added in the post.
According to the ministry’s post, Gopinath requested India’s support for the 16th General Review of Quotas (GRQ).
Gopinath expressed her happiness over the meeting in a post on X saying, “Wonderful reconnecting with India’s Finance Minister Nirmala Sitharaman @nsitharaman to discuss India’s economic outlook and global challenges. With growth projected at 7% in FY24/25, India is set to remain the largest growing major economy in the world.”