International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Wednesday met Union Finance Minister Nirmala Sitharaman to discuss India's upcoming G20 Presidency and IMF's support for it.
During the meeting Sitharaman and IMF Managing Director shared concerns on "key downside risks to the global economy and the cross-border effects due to the geopolitical situation and tighter financial conditions," the Union Ministry of Finance tweeted.
The two leaders recognised that the effect of an increase in global inflation due to the rise in food and energy prices and international debt has impacted low-income countries the most.
Finance Minister Sitharaman underlined the need to ensure energy security for all, the ministry said in a series of tweets.
Sitharaman reiterated the importance of coordinated policy measures and multilateralism for mobilising adequate financial resources for climate action, emphasising that committed funds by the developed economies is yet to become available.
The Finance Minister further stated that carbon pricing may not be a feasible policy tool for climate action.
During the meeting, IMF Managing Director stated that despite the global uncertainty and headwinds, India continues to be a bright spot in the global economy.
( With inputs from ANI )
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