Indian, Saudi Arabian Finance Ministers Meet; Discuss Global Debt Crisis, G20 agenda

Indian, Saudi Arabian Finance Ministers Meet; Discuss Global Debt Crisis, G20 agenda

Union Finance Minister Nirmala Sitharaman met her Saudi Arabia counterpart, Mohammed Aljadaan and discussed the global debt crisis and strengthening of the multilateral development banks – an initiative under India’s G-20 presidency.

The finance ministers met on the sidelines of the annual Spring Meetings of the International Monetary Fund and the World Bank in Washington on April 12. In a series of tweets, the ministers shared their experiences. “H.E. Minister Nirmala Sitharaman and I discussed the #G20 agenda, and the progress made,” Aljadaan said in a tweet.

Among other things, the two leaders discussed the World Bank Evolution Roadmap and the Expert Group on Strengthening the Multilateral Development Banks constituted by the G20 India Presidency, the finance ministry said in a tweet. The finance ministers discussed global inflation issues, including spillover effects of measures taken, on the growth prospects of developing and low-income countries, besides the urgent need to tackle increasing global debt distress and improving the implementation of the Common Framework, the ministry said in its tweet.

Nirmala Sitharaman also visited the National Aeronautics and Space Administration’s (NASA) Goddard Space Flight Centre in Greenbelt, Maryland during her US visit. She also met with US Treasury Secretary Janet Yellen on the sidelines of the World Bank and IMF Spring Meetings 2023 in Washington. The two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums.