World News | Post-pandemic development needs become more focused: US FM Nirmala Sitharaman

washington [US]April 14 (ANI): Union Finance Minister Nirmala Sitharaman told a news conference in Washington on Thursday that the third pillar must now be sustainable goals and other climate-related targets, climate finance, and more.

Stressing how the Indian presidency draws attention to the need to incorporate these factors while still being compatible with the World Bank’s objectives rather than just balancing them, Sitharaman said the New Delhi presidency has emphasized very clearly that this It would be a perfect balance to track development goals and climate finance.

Read also | Earthquake in Philippines: Bangonai quake measuring 5.1 on the Richter scale hits, no casualties reported.

Responding to media queries, Sitharaman also highlighted the post-pandemic developmental requirements and how the focus should be fully on them.

“It’s not just development funding for low-income countries, post-pandemic development needs have become more focused. We’ve also emphasized two things that are at the heart of the World Bank – ending extreme poverty and bringing prosperity,” Sitharaman said.

Read also | PM Narendra Modi talks to Rishi Sunak to raise security concerns at Indian diplomatic missions in UK.

Speaking about the development activities at the press conference, the Union finance minister also said that they are badly needed not only in low-income countries but also in middle-income countries as there are some underdeveloped areas that are in dire need of development funds.

“Even in middle-income countries, there are some underdeveloped regions that desperately need development finance. So it’s not just development finance in low-income countries, now especially post-pandemic. Development needs are increasingly concentrated in specific regions and those Communities affected by the pandemic itself,” Sitharaman told a news conference.

On the debt structure, the Union minister claimed that a lot of intense work was being done and discussions had progressed positively.

“All the stakeholders related to the debt, related to the distress were there. The private players were there. The affected countries were there. The discussions seemed to be moving forward very positively,” she said.

Referring to crypto-assets, the joint finance minister said G20 members are more receptive to any global action on them.

“I’m pleased to say that all G20 members are more accepting that any action on crypto assets must be global… They agree that there can be no country with an independent independent body dealing with crypto assets,” said the finance minister Sitharaman said.

At a press conference, the Union Treasurer spoke about the ongoing meeting in the United States. This is the second meeting of G20 finance ministers and central bank governors to be held on the sidelines of the Indian presidency on the sidelines of the 2023 spring meetings of the International Monetary Fund (IMF) and the World Bank Group, she said.

She said the meeting was attended by some 350 delegates and various international and regional organizations.

The governor of India’s central bank, the Reserve Bank of India (RBI), apparently co-chaired the meeting with Sitharaman.

The first day of the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s presidency took place in Washington on Thursday (local time) in the context of the IMF’s 2023 Spring Meetings. The first session on the global economy and international financial architecture IMF and World Bank (WB).

The FMCBG meeting also discussed key challenges to the global economic outlook and explored possible areas for policy coordination on pressing global issues. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)