Finance Minister Discusses Rising Commodity Prices Impact On Economy With IMF Chief

With the Russia-Ukraine conflict impacting global economy and India's economic growth likely to be affected due to the development, finance minister Nirmala Sitharaman on Friday held a virtual meeting with International Monetary Fund (IMF) managing director Kristalina Georgieva and discussed various issues, including the impact of rising commodity prices on world economy.

They also discussed the 16th general review of quotas scheduled to be completed by 2023 and the need to ensure that under-representation of emerging markets and developing economies is addressed.

"FM Smt. @nsitharaman & Ms. @KGeorgieva, both expressed concern at diminishing focus & global supply of #Covid19 vaccines. FM highlighted India's achievement in successfully administering 1.79 bn doses while at the same time supplying 162.9 mn doses to countries in need," the finance ministry said in a series of tweets.

Ms Sitharaman and the IMF managing director also spoke about the negative impact on global supply chains, commodity prices rising and its impact on global economy, official sources added.

"FM Smt. @nsitharaman and Ms. @KGeorgieva suggested that the key question remains on the control of inflation while balancing needs for growth," another tweet said.

Both also discussed the priorities for the IMF Spring Meetings in Washington DC and G20 Presidency.

India looks forward to engaging with the IMF for its upcoming G20 Presidency in 2023.