Union minister for finance Nirmala Sitharaman and the Chief Economic Advisor (CEA) V Anantha Nageswaran are in Washington to attend the International Monetary Fund (IMF) and World Bank spring meetings. The finance minister will also attend the meeting of G20 finance ministers and the meeting of the central bank chiefs, according to the finance ministry.
In Washington, Sitharaman is scheduled to meet World Bank President David Malpass. Sitharaman will represent the government in the IMF-World Bank Spring meeting along with the CEA. India’s upcoming presidency of the G20 is also likely to be discussed during the meeting, people familiar with the developments told news agency Business Standard.
The agenda of the meeting will most likely be centred around lowering the impact on supply chains and commodity prices due to Russia’s invasion of Ukraine. The Chinese economic situation due to the crippling Covid-19 lockdowns in Shanghai is also likely to be discussed during the meetings.
The finance minister and the CEA will also meet their South Korean, South African counterparts among others. Sitharaman and CEA Nageswaran will also meet their Sri Lankan counterparts who will also be present at the meeting to discuss how to implement the IMF suggested reforms to help revive the economy.
Sitharaman, according to Sri Lankan news agencies, will be approached by her counterpart Ali Sabry who is likely to request bridging finance until an arrangement is made between the IMF and Colombo. Sabry is also likely to request Sitharaman to speak to her Japanese and other counterparts so that Colombo can reach out to India’s allies for a line of credit.
People familiar with the developments told Daily Excelsior that if an agreement is reached between Colombo and the IMF it will take at least four months and Colombo is looking at New Delhi to provide financial assistance in the interim period. The people mentioned above highlighted that New Delhi has shown keenness in helping Sri Lanka get out of the crisis it faces, compared to other nations and Colombo in return hopes to play a primary role in India’s energy aspirations for the future.
The finance minister will also meet chief executives from semiconductor, energy, and other priority sectors.
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