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World need not wait for slowdown to turn crisis: Indian FM

21
Oct '19
Pic: Shutterstock
Pic: Shutterstock
Increased trade integration, geopolitical uncertainties and high accumulated debt levels necessitate strong global coordination and that the world need not wait for the slowdown to turn into a crisis, Indian finance minister Nirmala Sitharaman recently told a session of the ministerial-level committee of the International Monetary Fund (IMF) and the World Bank.

She was in Washington DC last week to participate in the annual meetings plenary session of the IMF and the World Bank Group. At the working lunch session of the Development Committee (DC), SItharaman called for ‘concerted action’ to mitigate the disruption on account of synchronous slowdown and to invoke the spirit of multilateralism for global growth, according to an official press release.

Sitharaman also led the Indian delegation to the G20 Finance Ministers and Central Bank Governors meeting in which the deliberations centred on international taxation and Stablecoins.

The ministers and governors also took updates from the G20 deputies on quality infrastructure investment, debt sustainability, financing for universal health care and building effective country platforms, and from the Africa Advisory Group on the Compact with Africa (CwA) initiative.

On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalisation, SItharaman said a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention.

Fibre2Fashion News Desk (DS)


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