India Calls for Enhanced Global Financial Aid at G7 Roundtable

Union Finance Minister Nirmala Sitharaman urged international financial institutions to bolster support, emphasizing the need for increased MDB lending capacity to achieve Sustainable Development Goals. Participating in the G7 African Ministerial Roundtable, she highlighted India's strategic partnership with Africa and advocated for intensified G7 and G20 backing.

Union Finance Minister Nirmala Sitharaman actively participated in the G7 African Ministerial Roundtable on Saturday, seeking expanded support from international financial bodies to meet Sustainable Development Goals (SDGs). The Finance Ministry conveyed this in a post on social media platform X, emphasizing the necessity of heightened lending from Multilateral Development Banks (MDBs).

During discussions at the G7 African Ministerial Roundtable, Sitharaman tackled country-specific solutions to challenges in development finance and noted the G7's developmental initiatives in Africa. These discussions took place alongside the 2024 Annual Meetings in Washington, D.C.

The finance minister advocated for increased access to long-term, affordable development financing, underscored by policy measures to foster domestic resource mobilization and attract foreign investment to enhance financial resilience.

Sitharaman highlighted India's significant partnership with Africa, as reshaped by Prime Minister Narendra Modi's ten guiding principles focused on capacity-building, enhanced public services, and climate change mitigation.

The Finance Minister also urged the G7 and G20 to strengthen their support for Africa, as noted by the finance ministry. She stressed India's contributions in infrastructure development and health, offering expertise and technology transfers.

Additionally, Sitharaman attended the World Bank Group's Annual Meetings in Washington, D.C., where she met with Gita Gopinath, the International Monetary Fund's First Deputy Managing Director, commending the FDMD for the successful execution of the 2024 meetings. The minister conveyed optimism for sustained collaboration.

Sitharaman also reaffirmed commitments from India's recent Union Budget focusing on employment and skills development. In response, Gopinath sought India's support for the 16th General Review of Quotas and expressed contentment over the reunion with Finance Minister Sitharaman, recognizing India's robust growth forecast at 7 percent for FY24/25.

(With inputs from agencies.)