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FM asks World Bank to factor in debt sustainability of vulnerable countries

Our Bureau New Delhi | Updated on April 10, 2021

Nirmala Sitharaman KAMAL NARANG

Wants the Bank to try sustaining its ongoing Covid19 crisis response

Finance Minister Nirmala Sitharaman on Friday urged the World Bank to explore the possibility of sustaining its Covid19 crisis response keeping in mind the debt sustainability of vulnerable countries.

In her intervention at the 103rd meeting of the Development Committee of the World Bank-IMF, Sitharaman at the same time lauded the efforts of the World Bank Group (WBG) in stepping up its financing in the wake of Covid19 pandemic with total financing approvals exceeding $100 billion for the first time.

Sitharaman appreciated the pro-active role played by the WBG in helping developing countries access vaccines in a timely and affordable manner in coordination with other multilateral agencies such as WHO and GAVI.

Finance Minister highlighted that the Indian government has taken several measures to contain the spread of pandemic and also to mitigate its social and economic impact including a series of economic stimulus packages in last one year.

She said that the Government has announced Aatma Nirbhar Packages of ₹ 27.1 trillion, amounting to more than 13 per cent of the GDP. These packages were meant not only to provide social protection to poor and vulnerable but also to push forward the economic reforms, she added.

Sitharaman participated in the 103rd Meeting of the Development Committee Plenary via video conferencing here on Friday.

The items on the agenda included WBG and International Monetary Fund Support for Debt Relief Under the Common Framework and Beyond; COVID-19 pandemic: World Bank Group Support for Fair and Affordable Access to Vaccines by Developing Countries; and From COVID-19 Crisis Response to Resilient Recovery – Saving Lives and Livelihoods while Supporting Green, Resilient and Inclusive Development (GRID).

Published on April 09, 2021

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