Sitharaman urges G7, G20 to intensify support for African nations

28 Oct 2024 CW Team

In her address, Sitharaman highlighted the long-standing partnership between India and Africa, which Prime Minister Narendra Modi has strengthened with ten guiding principles aimed at fostering African growth through capacity-building, improved public services, and climate change initiatives. She called for enhanced access to long-term, affordable financing to support development and advocated structural reforms and policy measures to mobilise domestic resources and attract foreign investment, which are vital for financial resilience and meeting the Sustainable Development Goals (SDGs).

Sitharaman also highlighted the necessity of greater support from international financial institutions and stressed the importance of boosting the lending capacities of Multilateral Development Banks (MDBs) as a means to effectively advance the SDGs.

Earlier, the Union Minister met with Gita Gopinath, First Deputy Managing Director (FDMD) of the International Monetary Fund (IMF), in Washington, D.C., where she congratulated Gopinath on the successful conduct of the Annual Meetings 2024 and shared optimism for continued collaboration. The meeting also included a discussion of recent Union Budget announcements focused on job creation and upskilling. In a post on X, the Ministry of Finance noted that Gopinath had requested India’s support for the 16th General Review of Quotas (GRQ).

In her own post on X, Gopinath expressed delight at reconnecting with the Finance Minister and praised India’s economic prospects, stating that with projected growth of 7% for FY2024-25, India is poised to continue as the fastest-growing major economy globally.

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, urged G7 and G20 nations to increase their support for African countries, emphasising India’s commitment to the continent in key areas such as infrastructure and healthcare, according to a statement from the Ministry of Finance. The Finance Minister attended the G7 African Ministerial Roundtable alongside the Annual Meetings 2024. In her address, Sitharaman highlighted the long-standing partnership between India and Africa, which Prime Minister Narendra Modi has strengthened with ten guiding principles aimed at fostering African growth through capacity-building, improved public services, and climate change initiatives. She called for enhanced access to long-term, affordable financing to support development and advocated structural reforms and policy measures to mobilise domestic resources and attract foreign investment, which are vital for financial resilience and meeting the Sustainable Development Goals (SDGs). Sitharaman also highlighted the necessity of greater support from international financial institutions and stressed the importance of boosting the lending capacities of Multilateral Development Banks (MDBs) as a means to effectively advance the SDGs. Earlier, the Union Minister met with Gita Gopinath, First Deputy Managing Director (FDMD) of the International Monetary Fund (IMF), in Washington, D.C., where she congratulated Gopinath on the successful conduct of the Annual Meetings 2024 and shared optimism for continued collaboration. The meeting also included a discussion of recent Union Budget announcements focused on job creation and upskilling. In a post on X, the Ministry of Finance noted that Gopinath had requested India’s support for the 16th General Review of Quotas (GRQ). In her own post on X, Gopinath expressed delight at reconnecting with the Finance Minister and praised India’s economic prospects, stating that with projected growth of 7% for FY2024-25, India is poised to continue as the fastest-growing major economy globally.

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