Union Finance Minister participated in 103rd Meeting of World Bank Development Committee Plenary

Union Minister for Finance Nirmala Sitharaman participated in the 103rd Meeting of the Development Committee Plenary of World Bank through video conferencing. The items on the agenda included World Bank Group (WBG) and International Monetary Fund Support for Debt Relief Under the Common Framework and Beyond COVID-19 pandemic.

The Finance Minister noted that the WBG has stepped up its financing in the wake of COVID-19 pandemic with total financing approvals exceeding 100 billion dollar for the first time. She  appreciated the pro-active role played by the WBG in helping developing countries access vaccines in a timely and affordable manner in coordination with other multilateral agencies like WHO and GAVI. She also urged the  World Bank to explore the possibility to sustain crisis response keeping in mind debt sustainability of vulnerable countries and financial sustainability of the WBG.