Nirmala Sitharaman: Trade war will impact the flow of capital

Union Finance Minister Nirmala Sitharaman led Indian delegation to Annual Meetings Plenary session of International Monetary Fund (IMF) and World Bank Group held in Washington DC on Friday. During her dress, Sitharaman said that increased tre integration, geopolitical uncertainties and high accumulated debt levels are consequences of strong global coordination. 

Finance Minister is currently on an official tour to Washington DC to attend Annual Meetings of IMF and World Bank and or associated meetings. She is accompanied by Secretary, Department of Ecomic Affairs and or officials from Department.

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"We need t wait for slowdown to become a crisis," she said ding that tre wars and protectionism have generated uncertainties that will ultimately impact flow of capital, goods and services. Sitharaman also called for concerted action to mitigate disruption on account of synchrous slowdown and invoked spirit of multilateralism for global growth. 

She also attended working lunch session of Development Committee, ministerial-level committee of IMF and World Bank, in which members discussed global ecomic outlook. 

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'Concerted action'

In her intervention, Finance Minister mentioned that tre wars and protectionism have generated uncertainties that will ultimately impact flow of capital, goods, and services. She called for ‘concerted action’ to mitigate disruption on account of synchrous slowdown and to invoke spirit of multilateralism for global growth. She furr said that increased tre integration, geopolitical uncertainties and high accumulated debt levels necessitate strong global coordination and that we need t wait for slowdown to become a crisis.

early warning exercise discussed upcoming risks to a global ecomy and stability. A special session on IMF resources and governance was also held early in day in context of 15th round of quota discussions concluding this year. Secretary at Department of Ecomic Affairs Atanu Chakraborty led Indian delegation. Sitharaman also led Indian delegation at G20 finance ministers and central bank goverrs meeting in which deliberations centred on international taxation and stable coins. 

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ministers and goverrs also took updates from G20 deputies on quality infrastructure investment, debt sustainability, financing for universal healthcare and building effective country platforms and from Africa visory Group on Compact with Africa (CwA) initiative. 

On discussions at session regarding work underway on developing a consensus solution on tax challenges arising from digitalisation, Sitharaman said a unified approach to nexus and profit allocation challenges is a promising one that merits serious attention. A solution that is simple to implement, simple to minister and simple to comply with is needed. 

On sidelines, she held several bilateral meetings, including with First Deputy Prime Minister and Finance Minister of Russia Anton Siluav, Finance Minister of Kyrgyz Republic Baktygul Jeenbaeva, Finance Minister of Switzerland Ulei Maurer, Australian Treasurer Josh Frydenberg and Finance Minister of Maldives Ibrahim Ameer. Chakraborty also held a one-on-one meeting with Director-General of French Treasury Renaud Basso and Chief Financial Officer of World Bank Anshula Kant. He also dressed investors in a session organised by JP Morgan.

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(with ANI inputs)