Finance Minister Sitharaman urges G7, G20 nations to intensify support for African nations

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman urged the G7 and G20 nations to intensify their support for the African countries and highlighted India’s commitment to the continent, particularly in areas such as infrastructure development and healthcare.

The Finance Minister participated in the G7 African Ministerial Roundtable on Saturday (local time), the Ministry of Finance stated.

During her address at the meet on the sidelines of the Annual Meetings 2024, Sitharaman highlighted the “deep-rooted partnership between India and Africa, which has been redefined by Prime Minister Narendra Modi through 10 guiding principles” that aim to support Africa’s growth by focusing on capacity-building, enhancing public services, and addressing climate change, the Ministry added.

The Finance Minister stressed the importance of scaling up access to long-term and affordable financing for development and called for structural reforms and policy measures to promote domestic resource mobilisation and attract foreign investment that are crucial for building long-term financial resilience and achieving the Sustainable Development Goals (SDGs).

Sitharaman particularly highlighted the need for increased support from international financial institutions and underscored the importance of enhancing the lending capacities of Multilateral Development Banks (MDBs) as essential for effectively reaching the SDGs.

Earlier, the Union Minister met with the First Deputy Managing Director (FDMD) of the International Monetary Fund, Gita Gopinath, and congratulated her on her successful conduct of the Annual Meetings 2024.She further expressed her optimism for continued collaboration and highlighted recent Union Budget announcements focused on jobs and upskilling.”Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, met Gita Gopinath, First Deputy Managing Director (FDMD) of the International Monetary Fund, today in Washington, D.C. The Union Finance Minister congratulated the FDMD on the successful conduct of the Annual Meetings 2024 and expressed her optimism for continued collaboration. She also highlighted recent Union Budget announcements focused on jobs and skilling. The FDMD requested India’s support for the 16th General Review of Quotas (GRQ),” the Ministry of Finance stated in an X post.

Gopinath also took to X and said that it was “wonderful” to reconnect with the Finance Minister.

She stated that with a projected growth of 7 per cent in the financial year 2024-25, India is set to remain the largest growing major economy in the world.

“Wonderful reconnecting with India’s Finance Minister Nirmala Sitharaman to discuss India’s economic outlook and global challenges. With growth projected at 7 per cent in FY24/25, India is set to remain the largest growing major economy in the world,” Gopinath said.