India bright spot on global map: IMF

India continues to be a bright spot in the global economy despite the global uncertainty and headwinds, Kristalina Georgieva, managing director, International Monetary Fund, who is here to extend the multilateral lender's support New Delhi's G20 presidency, said.

Georgieva, who met finance minister Nirmala Sitharaman on Wednesday, shared her concerns with her on key downside risks to the global economy due to the geopolitical situation and tighter financial conditions.

The IMF chief recognised that global inflation due to rise in food and energy prices and international debt has impacted low-income countries the most. She is here to discuss India's upcoming G20 Presidency and IMF support to India.


"FM Smt. @nsitharaman and Ms. @KGeorgieva recognised that the effect of increase in global inflation due to rise in food and energy prices & international debt has impacted low-income countries the most. FM @nsitharaman underlined the need to ensure energy security for all," Finance Ministry said in its official twitter handle.

The Finance Minister also reiterated the importance of coordinated policy measures and multilateralism for mobilising adequate financial resources for climate action, emphasising that committed funds by the developed economies are yet to become available.

She further stated that carbon pricing may not be a feasible policy tool for climate action.

During the meeting, Sitharaman emphasized the importance of timely conclusion of 16th General Review of Quotas (GRQ) in a way that addresses inequality and imbalances in the global economy.

"Ms @KGeorgieva agreed with FM Smt. @nsitharaman that for the IMF to remain relevant it is important that a consensus on GRQ be reached to reflect the changed status of EMEs in the world order," Finance Ministry said.