INDIA's finance minister Nirmala Sitharaman held a series of positive meetings with top global finance leaders in Washington, discussing ways to deepen India's partnership with the World Bank and the International Monetary Fund (IMF).
Sitharaman met World Bank president Ajay Banga on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville on Tuesday (1), where the two discussed strengthening cooperation to deepen corporate, infrastructure and municipal bond markets.
The finance minister appreciated the World Bank Group's continued engagement with India and acknowledged the speedy processing of the Development Policy Financing of $1.5 billion, a Finance Ministry statement said.
She also welcomed the International Finance Corporation's support to micro and small enterprises.
The two leaders discussed exploring a larger role for the Multilateral Investment Guarantee Agency in India to deepen bond markets through systematic use of guarantees and greater mobilisation of private capital, along with a sector-based approach to credit enhancement for infrastructure.
Banga praised the significant transformation in India's infrastructure and pointed to opportunities to further leverage the World Bank Group's instruments to support the country's development goals, including through MIGA's engagement and political risk insurance for Indian companies investing overseas.
Sitharaman also highlighted India's engagement with the World Bank Group on setting up a Global Digital Public Infrastructure Knowledge Hub in India, including exploring the use of technology in areas such as agriculture, and said she looked forward to early progress on its launch.
The two also discussed developing globally competitive tourism destinations under the new India–World Bank Group Country Partnership Framework.
India's growth story
Separately, Sitharaman met IMF managing director Kristalina Georgieva, also on the sidelines of the G20, to discuss the global economic outlook and India's evolving growth trajectory.
The discussion covered the structural shifts underway in India and the importance of reflecting these developments appropriately in macroeconomic assessments and growth projections, the Finance Ministry said.
Georgieva, in a post on X, said: "Excellent exchange of views with India's Finance Minister @nsitharaman - reflecting on India's stellar growth performance, the global outlook, and our shared resolve to work ever-more-closely together."
The IMF chief appreciated India's strong economic performance and track record, noting the strength built by the Indian economy, the statement said.
Both leaders emphasised the importance of continued India-IMF engagement in strengthening analytical capabilities, supporting sound macroeconomic policies and contributing to global economic resilience.
