“It was the government's duty to provide the next generation with a better India, and the third term of the Prime Minister Narendra Modi-led government will continue with its reforms,” she said.
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman and World Bank Group President David Malpass met in Washington DC, to discuss various issues, including India’s continued recovery from the COVID-19 pandemic; the impact of the Russia-Ukraine conflict on the world economy, and India in particular; economy and role of the WBG; Single Borrower Limit and exploring the possibility of Guarantees from other nations, India’s G20 Presidency and World Bank’s leadership in India after CD’s (Country Director) departure.
The Finance Minister stated that India’s pandemic response has focused on the twin goals of saving lives and livelihoods. India has been successfully running the world’s second-largest vaccination programme, administering more than 1.85 billion doses of vaccine.
Sitharaman mentioned that India remains concerned about the risks to global recovery due to rising uncertainty amidst enhanced geopolitical tensions.
The Finance Minister suggested that multilateralism has become more critical as the world is undergoing a phase of exceptional uncertainty. On account of the pandemic and the recent geopolitical developments, there is a need for the World Bank to come to the rescue of countries facing debt stress. In particular, the World Bank needs to pay special attention to Sri Lanka, which is facing an unprecedented economic situation.
Sitharaman highlighted India’s roadmap for infrastructure development and looks forward to World Bank’s continued support for financing investments for the National Infrastructure pipeline and Gati Shakti programme.