Finance Minister Smt. Nirmala Sitharaman attends Plenary Meeting of the International Monetary and Financial Committee (IMFC) of the IMF in Washington D.C.

Finance Minister also participated in Breakfast Meeting of the IMF

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the Annual Meetings 2021 held in Washington D.C. on 14^th October 2021. The meeting was attended by Governors/Alternate Governors representing 190-member countries of the IMF.

The Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the Annual Meetings 2021 is in progress

The discussions at the meeting centered on “vaccinate, calibrate and accelerate” which is the theme of the Managing Director's Global Policy Agenda. The members of the IMFC elaborated the actions and measures taken by member countries to combat COVID-19 and facilitate economic recovery.

Finance Minister Smt. Sitharaman conveyed that India recognises that universal vaccination is the key to stemming the spread of the virus. She asserted that the stark differences in vaccination coverage of low-income countries and advanced countries is of concern and it is critical that we need to address vaccine inequity.

The Finance Minister emphasized importance of the multilateral approach with the principles of equity and common, but differentiated, responsibilities and capabilities to combat climate change. Smt. Sitharaman stressed that it is important to recognize the formidable challenges faced by developing countries in getting access to affordable financing and technology.

Before attending the IMFC Plenary meeting, Smt. Sitharaman had also participated in Restricted Breakfast Meeting of the International Monetary Fund.

Speaking on the issue of COVID-19 pandemic and the response of health care systems, the Finance Minister said that to win the war against COVID-19, it is imperative that we freely share medical research and develop adaptive, responsive, affordable, and accessible health care systems.

On the issue of COVID-19 vaccine availability and economic recovery, Smt. Sitharaman urged for greater equity in vaccine access and affordability as the world looked for a faster exit towards recovery and growth.

The Finance Minister also highlighted to all the participants that despite the pandemic crisis, India continued its agenda of structural reforms. Wide-ranging reforms, including in agriculture, labour and financial sector are expected to contribute towards acceleration of the economy.

About IMFC Meetings

The IMFC meets twice a year, once during the Fund-Bank Spring Meetings in April, and again during the Annual Meetings in October. The Committee discusses matters of common concern affecting the global economy and advises the IMF on the direction of its work.

Vaccine equity urged to ensure global recovery, calling for multilateral finance, technology access, and shared medical research. India urged global emphasis on vaccine equity and equitable, multilateral responses to support economic recovery, highlighting disparities in vaccination coverage and calling for improved vaccine access, affordability, and freer sharing of medical research. The Finance Minister stressed a multilateral approach based on equity and common but differentiated responsibilities, underscoring developing countries' challenges in obtaining affordable financing and technology for climate action and recovery, and noted India's continued structural reforms in agriculture, labour and finance.