Key Points
- Nirmala Sitharaman attended the G7 African Ministerial Roundtable.
- She requested more support from international financial institutions.
- She focused on increasing the lending ability of Multilateral Development Banks.
- She emphasized the need for long-term, affordable financing for development.
- She highlighted India’s partnership with Africa and ongoing support efforts.
- She met with Gita Gopinath of the IMF during the Annual Meetings 2024.
Looma News
Union Finance Minister Nirmala Sitharaman took part in the G7 African Ministerial Roundtable, pushing for more help from international financial institutions to achieve Sustainable Development Goals (SDGs). A post from the Finance Ministry on social media platform X noted that she specifically highlighted the need to boost lending capacity from Multilateral Development Banks (MDBs) as essential for reaching these goals.
During the roundtable, Sitharaman talked about specific solutions to challenges in development finance and G7 initiatives designed to support Africa. This discussion happened on the sidelines of the Annual Meetings 2024 in Washington, D.C. She called for better access to long-term and affordable financing, backed by reforms and policies that would help gather local resources and attract foreign investments, ultimately building financial strength for sustainable development.
Sitharaman emphasized the strong partnership between India and Africa, referring to Prime Minister Narendra Modi’s ten guiding principles for supporting Africa’s growth. These principles include building skills, enhancing public services, and addressing climate change. She urged the G7 and G20 to step up their support for Africa.
The Finance Minister pointed out India’s contributions to Africa, especially in infrastructure and health, through sharing technical expertise and technology. She also attended the Annual Meetings 2024 organized by the World Bank Group and met Gita Gopinath, the First Deputy Managing Director of the IMF, congratulating her on the event’s success. Sitharaman expressed hope for continued collaboration and mentioned recent Union Budget announcements aimed at creating jobs and developing skills.
After their meeting, Gopinath expressed happiness in reconnecting with Sitharaman, noting India’s projected growth rate of 7 percent for FY24/25, reinforcing India’s position as the fastest-growing major economy in the world.
