FM attends the Plenary Meeting of the International Monetary and Financial Committee of the IMF through video-conference

Last Updated: Thursday, October 15, 2020, 22:06
FM attends the Plenary Meeting of the International Monetary and Financial Committee of the IMF through video-conference
Union Minister of Finance & Corporate Affairs Nirmala Sitharaman attended the Plenary Meeting of the International Monetary and Financial Committee (IMFC), the Ministerial-level committee of the International Monetary Fund (IMF)through video-conference. The discussions at the meeting were based on IMF Managing Director’s Global Policy Agenda titled “Catalyzing a Resilient Recovery”. The members of the IMFC updated the committee on the actions and measures taken by member countries to combat COVID-19 and its adverse impacts.

Sitharaman, in her intervention at the meeting, briefly outlined the measures under the Atma Nirbhar BharatPackage to foster a quick and more robust economic recoveryin India. She mentioned that the V-shaped pattern of recovery is being seen in several high-frequency indicatorsincluding, manufacturing PMI that reached the highest level in last eight years in the month of September 2020, presenting a strong recovery prospect for the manufacturing sector. To stimulate consumer spending, measures worth $10 billion have been announced recently. The Finance Minister also complimented IMF’s Managing Director Ms. Kristalina Georgieva and the IMF for providing wise counsel to the economies across the globe and felt that IMF’s assertion that a premature withdrawal of policy support could trigger liquidity shortfalls and insolvencies, is relevant.
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