FM Smt. Nirmala Sitharaman attends Plenary Meeting of IMFC of International Monetary Fund through video-conference

Last updated: 09 April 2021

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India's Finance Minister, Nirmala Sitharaman, participated virtually in the International Monetary and Financial Committee (IMFC) Plenary Meeting at the IMF's Spring Meetings 2021. The discussions focused on the IMF's Global Policy Agenda, "Bolstering the Recovery, Countering Divergence," with member countries sharing updates on their COVID-19 response and economic recovery efforts. Smt. Sitharaman highlighted the need to consider the impact of a low-carbon economy transition on developing nations and stressed the importance of vaccine accessibility and equity.

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today attended the Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the virtual Spring Meetings 2021. The meeting was attended by Governors/Alternate Governors representing 190 member countries of the IMF.

The discussions at the meeting were based on IMF Managing Director’s Global Policy Agenda (GPA) titled, “Bolstering the Recovery, Countering Divergence”. The members of the IMFC updated the committee on the actions and measures taken by member countries to combat COVID-19 pandemic and facilitate economic recovery.

Nirmala Sitharaman Joins IMF Meeting on Global Recovery

Finance Minister Smt. Sitharaman emphasised that the GPA’s suggestion to hasten the transition to a low-carbon economy for promoting growth that benefits all needs to be viewed in the context of its implications for the Emerging Market and Developing Economies and low-income economies. The burden of economic transformation to a low carbon economy would disproportionately be higher for these countries, and positive benefits may not accrue in the short run. The focus needs to remain on the agreed principles of equity and differentiated responsibility of climate action.

The Finance Minister endorsed the view of the IMF that the key priority remains to end the pandemic and the universal availability of vaccines and medical solutions need to be ensured. Smt. Sitharaman informed the Committee that the world’s largest vaccination drive is under way in India with 83.1 million doses administered as on 6^th April, 2021 and that India has supplied 65 million made-in-India COVID-19 vaccine doses to 80 countries, including 10 million vaccine doses as grant.

The IMFC meets twice a year, once during the Fund-Bank Spring Meetings in April, and again during the Annual Meetings in October. The Committee discusses matters of common concern affecting the global economy and advises the IMF on the direction of its work. This year, due to ongoing COVID-19 pandemic, the Spring Meetings took place through video-conference.

FAQ :

Smt. Nirmala Sitharaman attended the Plenary Meeting of the International Monetary and Financial Committee (IMFC) of the Board of Governors of the International Monetary Fund (IMF) during the virtual Spring Meetings 2021.

The discussions were based on the IMF Managing Director's Global Policy Agenda (GPA) titled, "Bolstering the Recovery, Countering Divergence," and focused on actions taken by member countries to combat COVID-19 and facilitate economic recovery.

She emphasised that the transition to a low-carbon economy needs to consider its implications for Emerging Market and Developing Economies, noting the disproportionately higher burden and potential short-term lack of benefits for these countries, and stressed the principles of equity and differentiated responsibility.

She endorsed the IMF's view that ending the pandemic and ensuring universal availability of vaccines and medical solutions is a key priority. She also informed the committee about India's vaccination drive and its supply of made-in-India COVID-19 vaccine doses to 80 countries.

The IMFC meets twice a year: once during the Fund-Bank Spring Meetings in April, and again during the Annual Meetings in October.

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