New Delhi: Finance Minister Nirmala Sitharaman met with the President of the International Fund for Agricultural Development (IFAD), Alvaro Lario to discuss issues of mutual interest and emerging global challenges, the ministry of finance said in a tweet on Thursday.
During the meeting, Sitharaman emphasized the importance of multilateral institutions in ensuring food security by investing in food storage, food processing, and making small-scale farming more profitable.
She also stressed the need for these institutions to address the participation of emerging economies and developing countries, as well as tackle new global challenges such as food security, debt distress, and climate change.
“FM Nirmala Sitharaman highlighted that multilateral institutions should effectively contribute to ensuring food security by investing in food storage, food processing, and making small-size farming remunerative, besides ensuring participation of emerging economies and developing countries and address the new global challenges such as food security, debt distress, and climate change,” the ministry tweeted.
Sitharaman called for a comprehensive and equitable review by the multilateral development banks (MDBs) to effectively respond to these emerging challenges.
“While appreciating the India’s leadership on steering the G20 India Presidency, the IFAD President updated FM Sitharaman about how @IFAD is bringing climate change to the centre stage of the institution,” another tweet reads.
IFAD, an international financial institution and specialized agency of the United Nations based in Rome, focuses on agriculture and rural development. Since its establishment in 1978, IFAD has provided a total of $23.2 billion in grants and low-interest loans.
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Updated: 15 Jun 2023, 08:59 PM IST