FM Nirmala Sitharaman Seeks Enhanced Support From International Financial Institutions To Achieve SDGs

Finance Minister Nirmala Sitharaman also highlighted recent Union Budget announcements focused on jobs and skilling.

Image Credit: @FinMinIndia/X

New Delhi: Finance Minister Nirmala Sitharaman has participated in the G7 African Ministerial Roundtable and sought enhanced support from international financial institutions to achieve Sustainable Development Goals (SDGs) on Saturday, the Finance Ministry said in a post on social media platform X.

"FM @nsitharaman especially focused on enhanced support from international financial institutions, especially through the increased lending capacity of Multilateral Development Banks (MDBs) as vital to achieving Sustainable Development Goals." the ministry said in the post.

The Union Minister, during the G7 African Ministerial Roundtable, discussed country-specific solutions to development finance challenges, and G7 initiatives for development in Africa, on the sidelines of Annual Meetings 2024 in Washington, D.C. 

Union Minister for Finance and Corporate Affairs Smt. @nsitharaman participated in the G7 African Ministerial Roundtable to discuss country-specific solutions to develoment finance challenges, and G7 initiatives for development in Africa, on the sidelines of #AnnualMeetings2024,… pic.twitter.com/1HB5GKqQiD

— Ministry of Finance (@FinMinIndia) October 26, 2024

The minister urged scaling up access to long-term and affordable financing for development, supported by structural reforms and policy measures to promote domestic resource mobilisation and attract foreign investment to build long-term financial resilience to attain Sustainable Development Goals.

Sitharaman highlighted the deep-rooted partnership between India and Africa, FM Sitharaman said, "Prime Minister Narendra Modi has redefined this partnership with 10 guiding principles aimed at supporting Africa's growth through capacity-building, enhanced public services, and addressing Climate Change, among others". The Union Finance Minister urged G7 and G20 to intensify support for Africa, the finance ministry added in the post.

"The Union Finance Minister underlined India's support to Africa in areas like infrastructure development and the health sector, offering technical expertise and technology transfers," the ministry added. The Finance Minister also participated in the Annual Meetings 2024 organised by the World Bank Group in Washington DC.

The Union Minister, during the event, met Gita Gopinath First Deputy Managing Director (FDMD) of the International Monetary Fund and congratulated the FDMD on the successful conduct of the Annual Meetings 2024. The minister expressed her optimism for continued collaboration.

She also highlighted recent Union Budget announcements focused on jobs and skilling, the finance ministry added in the post. Gopinath requested India's support for the 16th General Review of Quotas (GRQ), according to the ministry's post.

After the meeting, Gopinath expressed her happiness in a post on X saying, "Wonderful reconnecting with India's Finance Minister Nirmala Sitharaman @nsitharaman to discuss India's economic outlook and global challenges. With growth projected at 7 per cent in FY24/25, India is set to remain the largest growing major economy in the world."