New Delhi Finance Minister Nirmala Sitharaman on Thursday told world leaders that tackling climate change requires a multilateral approach in which financing and transfer of low-cost technology are key elements.
Addressing the IMF’s International Monetary and Financial Committee plenary meeting in Washington DC, the minister “emphasized the importance of a multilateral approach to combat climate change and climate finance and the transfer of low-cost technologies from the developed to the developing world”. countries,” the finance ministry said in a social media post late Thursday.
Sitharaman also stressed the need for timely completion of its general review of quotas to address the greater role of the IMF in the post-pandemic period and under-representation of emerging and developing market economies. He said the latest IMF growth estimate for India during 2022-23, 8.2%, is the fastest among the world’s major economies. “India continues to implement major structural reforms aimed at increasing productivity and employment,” the ministry quoted Sitharaman as saying in an update on Twitter.
The ministry said that in the backdrop of emerging challenges, Sitharaman pointed out that the global economy may see some slowdown.
The minister also participated in the Ministerial-level meeting of the Financial Action Task Force (FATF) in Washington DC on Thursday to support its strategic priorities for 2022-24 along with the IMF-World Bank 2022 spring meetings- was held together. The ministry said that the FATF has identified strategic priorities to strengthen its global network, enhance beneficial ownership transparency, leverage digital transformation and ensure sustainable funding as part of the FATF’s strategic priorities.
The Minister endorsed these strategic priorities and reiterated India’s commitment to providing necessary resources and support to the FATF as a global coalition against money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.
The Minister reaffirmed India’s political commitment to fight money laundering, terrorist financing and proliferation financing. They also appreciated FATF’s work on beneficial ownership transparency and the role of the FATF Global Network in safeguarding the global financial system.