Home Finance India Seeks WB Support

India Seeks WB Support

New Delhi: Union Finance Minister Nirmala Sitharaman has highlighted the India’s roadmap for infrastructure development and look forward to World Bank’s continued support for financing investments for the National Infrastructure pipeline and Gati Shakti program.

She stated that India’s pandemic response has focused on the twin goals of saving lives and livelihoods.

Ms.Sitharaman called on World Bank Group President David Malpass here in Washington DC on 23 April to discuss various issues.

Issues include India’s continued recovery from COVID-19 pandemic; impact of the Russia-Ukraine conflict on the world economy and India in particular; economy and role of the WBG; Single Borrower Limit and exploring the possibility of Guarantees from other  nations, India’s G20 Presidency and World Bank’s leadership in India after CD’s departure.

India has been successfully running world’s second largest vaccination program, administering more than 1.85 billion doses of vaccine.

Ms.Sitharaman mentioned that India remains concerned about the risks to global recovery due to rising uncertainty amidst enhanced geopolitical tensions.

The Finance Minister suggested that the multilateralism has become more critical as the world is undergoing a phase of exceptional uncertainty. On account of the pandemic and the recent geo-political developments, there is a need for the World Bank to come to the rescue of countries facing debt stress. In particular, the World Bank needs to pay special attention to Sri Lanka, which is facing an unprecedented economic situation.