Finance Minister Sitharaman highlights India's commitment to African nations

Washington D.C., Oct 27 (IANS) Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has highlighted India's commitment towards African countries which has been redefined by Prime Minister Narendra Modi, particularly in areas such as infrastructure development and healthcare and also urged the G7 and G20 nations to intensify their support. 

During her address at the meet on the sidelines of the Annual Meetings 2024, Union Minister Sitharaman highlighted the "deep-rooted partnership between India and Africa, which has been redefined by Prime Minister Narendra Modi through 10 guiding principles" that aim to support Africa's growth by focusing on capacity-building, enhancing public services, and addressing climate change, the Ministry of Finance said.

The Finance Minister participated in the G7 African Ministerial Roundtable on Saturday, the Ministry of Finance added.

Union Minister Sitharaman stressed the importance of scaling up access to long-term and affordable financing for development and called for structural reforms and policy measures to promote domestic resource mobilisation and attract foreign investment which is crucial for building long-term financial resilience and achieving the Sustainable Development Goals (SDGs).

The Union Minister particularly highlighted the need for increased support from international financial institutions and underscored the importance of enhancing the lending capacities of Multilateral Development Banks (MDBs) as essential for effectively reaching the SDGs.

Earlier, the Union Minister met with the First Deputy Managing Director (FDMD) of the International Monetary Fund, Gita Gopinath, and congratulated her on her successful conduct of the Annual Meetings 2024.

She further expressed her optimism for continued collaboration and highlighted recent Union Budget announcements focused on jobs and upskilling.

"Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, met Gita Gopinath, First Deputy Managing Director (FDMD) of the International Monetary Fund, today in Washington, D.C. The Union Finance Minister congratulated the FDMD on the successful conduct of the Annual Meetings 2024 and expressed her optimism for continued collaboration. She also highlighted recent Union Budget announcements focused on jobs and skilling. The FDMD requested India's support for the 16th General Review of Quotas (GRQ)," the Ministry of Finance said in an X post.

Gopinath also took to X and said that it was "wonderful" to reconnect with the Finance Minister.

She added that with a projected growth of 7 per cent in the financial year 2024-25, India is set to remain the largest growing major economy in the world.

"Wonderful reconnecting with India's Finance Minister Nirmala Sitharaman to discuss India's economic outlook and global challenges. With growth projected at 7 per cent in FY24/25, India is set to remain the largest growing major economy in the world," Gopinath said.

--IANS

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