Union Finance Minister Smt. Nirmala Sitharaman to embark  an official visit to USA to attend Spring Annual Meetings of the IMF-World Bank

Union Finance Minister to also participate in G20 Finance Ministers & Central Bank Governors meetings besides investor and bilateral meetings with many countries

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will be embarking on an official visit to the USA, beginning April 10, 2023. During the visit, Smt. Sitharaman will be attending the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), along with G20 meetings, Investor/ Bilateral meetings, and other associated meetings, are scheduled to take place from April 10 to April 16, 2023, in the WBG and IMF Headquarters in Washington DC. The Spring Meetings will be attended by Finance Ministers and Central Bankers from across the world.

The Indian Finance Ministry delegation will be led by the Union Minister for Finance & Corporate Affairs and will comprise officials from the Ministry of Finance and RBI.

Key engagements of the Union Finance Minister will include the following:

1. Spring Meetings of IMF-WB;
2. Hosting the Second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s G20 Presidency and G20-related side events;
3. World Bank Development Committee and IMF Committee Plenaries
4. Interaction with Global Economists and Think-Tanks,
5. Bilateral engagements with countries and international organisations;
6. Interaction with global business leaders and investors in roundtables; and
7. Engagement with Indian Diaspora.

Finance Minister Smt. Sitharaman and Governor, Reserve Bank of India (RBI), Shri Shaktikanta Das, will jointly chair the 2^nd G20 FMCBG meeting on April 12-13, 2023. Around 350 delegates from G20 members, 13 invitee countries, and various international and regional organisations will participate and engage in multilateral discussions centred around a broad spectrum of pressing global issues.

The 2^nd G20 FMCBG meeting will comprise of three sessions:-

1. Global Economy and International Financial Architecture;
2. Sustainable Finance, Financial Sector and Financial Inclusion; and
3. International Taxation

The focus of these sessions will be to deliberate on issues such as addressing food & energy insecurity, managing global debt vulnerabilities, strengthening Multilateral Development Banks (MDBs), mobilising finance for climate action, advancing financial inclusion, and accelerating progress on International Tax and Financial Sector issues. The meeting will take stock of the progress made on outcomes envisaged under India’s G20 Finance Track agenda.

The 2^nd G20 FMCBG meeting will advance efforts towards the preparation of G20 India Finance Track deliverables for the 3^rd G20 FMCBG meeting to be held in Gandhinagar, India, in July 2023. These meetings are expected to provide informed Finance Track contributions to the Leaders Declaration set for adoption in the New Delhi Summit in September 2023.

On the sidelines of the Spring Annual Meetings, the Finance Minister will have bilateral engagements with her respective counterparts from G20 countries and Heads of other delegations, including major international organisations, to discuss issues and areas of mutual interest and cooperation under India’s G20 Presidency.

In the course of her visit, the Union Finance Minister will also participate in a fireside chat at the Peterson Institute of International Economics (PIIE) on April 10, 2023.

In a high-level meeting on April 11, 2023, the Finance Minister will meet the US Treasury Secretary Ms. Janet Yellen to discuss issues of mutual interest.

During the official visit, a meeting of the Global Sovereign Debt Roundtable will be co-chaired by India, International Monetary Fund, and the World Bank on April 12, 2023, to discuss the current global debt landscape and ways to address existing challenges in debt restructuring. On April 14, 2023, a high-level seminar on “Macro-financial implications of Crypto assets” will be held to review the macro-financial implications of Crypto Assets and discuss policies to leverage benefits and contain risks. Smt. Sitharaman will also meet the G20 Expert Group on strengthening MDBs on April 15, 2023, to discuss the need for an updated MDBs ecosystem for the 21^st century towards financing sustainable development goals and transboundary challenges.

Besides these, the Finance Minister will also participate in a high-level Seminar on ‘Stacking up the benefits of Digital Public Infrastructure (DPI)’ organised by the IMF on April 14, 2023. The Seminar aims to discuss lessons from India and other countries on the transformational power of DPI and ways to maximise its potential.

Other side events that will be held on the margins of the IMF-WB Spring Meetings include an event on ‘Enhancing the Economic Empowerment of Women as Entrepreneurs and Leaders’ (April 13, 2023), ‘LiFE (Lifestyle for Enviornment) event on Behavioral Change to Tackle Climate Change’ (April 14, 2023), and ‘Launch of debt restructuring negotiation process on Sri Lanka’ (April 13, 2023), among others.  

G20 Finance Track advances multilateral action on global debt, MDB reform, sustainable finance and international taxation. The Union Finance Minister will lead India's delegation at the IMF World Bank Spring Meetings and the Second G20 Finance Ministers and Central Bank Governors meeting to advance the G20 Finance Track, concentrating on global economy and international financial architecture, sustainable finance and inclusion, and international taxation, while coordinating multilateral initiatives on sovereign debt, MDB strengthening, climate finance mobilization, and policy dialogues on crypto assets and Digital Public Infrastructure.