India's Unconditional Support to Neighbors: A Precedent for IMF

Union Finance Minister Nirmala Sitharaman emphasized India's unconditional financial aid to neighboring countries before IMF intervention. Participating in a panel discussion, she highlighted India's role in providing credit to African nations for infrastructure, underscoring a commitment to the Global South without publicizing amounts extended.

Union Finance Minister Nirmala Sitharaman has highlighted India's proactive approach in providing financial support to its neighboring countries in times of need, a strategy that precedes interventions by global financial institutions such as the International Monetary Fund (IMF).

During a panel discussion titled 'Bretton Woods Institutions at 80: Priorities for the Next Decade,' organized by the Center for Global Development, Sitharaman discussed India's initiative to extend lines of credit to multiple African nations for the development of their infrastructure, including bridges, secretariats, and railway stations.

Sitharaman criticized the slow processes of the IMF while maintaining that India's financial aid comes without any conditions, emphasizing her nation's sense of responsibility towards its neighbors. She also refrained from disclosing specific monetary details, stressing their cultural significance and importance to India.

(With inputs from agencies.)