Emphasized that the World Bank Group should work together with the member countries to explore innovative financing solutions and asked the World Bank Group to work together with the member countries to explore innovative financing solutions.

The Union Finance Minister Shri Arun Jaitley arrived in Washington, D.C., USA  after a successful visit to Canada. In Washington, the Finance Minister held a meeting with the World Bank Group President, Dr. Jim Yong Kim, where he acknowledged the long-standing and mutually beneficial relationship between the World Bank Group and India since the inception of the World Bank and also appreciated the support of the World Bank to the many significant achievements of India in its development process, especially the World Bank Support in the six priority areas identified by the Prime Minster for Multilateral Development Banks’ assistance.

While discussing the policy issues related to the World Bank Group, the Finance Minister Shri Arun Jaitley indicated India’s strong support for the capital increase and its readiness to take larger share than the dynamic formula would require. He also emphasized that the World Bank Group should work together with the member countries to explore innovative financing solutions.

The Secretary General of the Commonwealth Rt. Hon. Ms Patricia Scotland also met the Finance Minister. Later in the evening, the Finance Minister interacted with several US State Department officials during the reception hosted in his honour.

Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India held a bilateral meeting with United States Treasury Under-Secretary, Mr. Nathan Sheets. After exchanging notes on the state of their respective economies, both sides took stock of the work done on technical cooperation on NIIF, public debt management and municipal bonds and agreed to expedite progress on these issues. During the course of their interaction, Secretary (EA) Shri Das also highlighted the sustained rapid growth of Indian economy and its ambitious reform agenda including the landmark Goods and Services Tax, passage of the recent national bankruptcy law and liberalization of foreign direct investment.

The Finance Minister Shri Arun Jaitley is currently on official tour to Washington to attend the Annual Meetings of the International Monetary Fund (IMF)and the World Bank and other associated meetings. He is accompanied by Dr. Urijit Patel, Governor RBI, Mr. Shaktikanta Das, Secretary, Economic Affairs, Dr. Arvind Subramanian, Chief Economic Advisor and other officials.

Innovative financing solutions urged to support multilateral development and India's pledge to back a World Bank capital increase. The Finance Minister reaffirmed India's support for a World Bank capital increase and willingness to take a larger share than indicated by the dynamic formula, urging the World Bank Group and member countries to pursue innovative financing solutions. Bilateral engagements prioritized expedited technical cooperation on NIIF, public debt management and municipal bonds, framed by India's ongoing economic reforms including the goods and services tax, new national bankruptcy law and FDI liberalization.