Washington: Finance Minister Nirmala Sitharaman reiterated India’s call at the International Monetary Fund (IMF) plenary session to increase low-cost technology and funding to developing countries to fight climate change and counter money laundering and financing of terrorism. reaffirmed India’s commitment to
Posted on Twitter by the finance ministry, Sitharaman on Thursday emphasized both “the importance of a multilateral approach to combat climate change and climate finance and the transfer of low-cost technologies from developed countries to developing countries”.
Sitharaman advocates for global framework to curb use of cryptocurrencies for money laundering
India has long argued that developing countries urgently need climate finance and the transfer of low-cost technology to do their bit to tackle global warming and that developed countries should take greater responsibility for greenhouse gas emissions. Should do more.
The finance minister, who is attending the spring meeting of the World Bank Group, which also includes the IMF, also pushed the multilateral body for greater equality among its 187 members. Some member states have a greater say in the functioning and decision-making by virtue of their historically greater position and a system of quotas that determine member states’ relations with the organization, including the value of their voting power.
According to the Finance Ministry, Sitharaman emphasized the “need for timely completion of the 16th General Review of Quotas to address the under-representation of emerging and developing market economies”.
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The minister also said in the plenary session that at the growth rate projected by the IMF at 8.2 per cent for 2022-23, India is still the fastest growing among the developing economies. “India continues to implement major structural reforms aimed at increasing productivity and employment,” she said, according to the finance ministry. The new rate is 0.8 percentage points lower than the fund’s previous estimate of 9 percent for the same time period.
Separately, at a meeting of finance ministers of 37 member countries of the Financial Action Task Force (FATF), a global watchdog on money laundering and terror funding, the minister made India’s “political commitment” to fight money laundering, terrorist financing and proliferation. reaffirmed. Financing. As well as commended FATF’s work on beneficial ownership transparency, the role of the FATF Global Network in safeguarding the global financial system”.
Sitharaman also extended India’s support to the FATF’s “strategic priorities” and India’s call to provide the FATF with the necessary resources and support in its effort as a global coalition against money laundering, terrorist financing and the financing of the spread of WMDs. reiterated the commitment.
In a separate statement, the FATF said the minister is “committed to taking prompt and decisive action to improve the effectiveness of measures to combat money laundering, terrorism and proliferation financing”. This would include, immediately implementing the FATF’s global beneficial ownership rules, which were strengthened earlier this year, to allow criminals to hide their illegal activities and dirty money behind anonymous shell companies and other corporate structures. to be prevented.
The minister continued his bilateral meetings during the spring meetings with counterparts and corporate leaders from around the world. He met with FedEx President and incoming CEO Raj Subramaniam on Thursday. The Finance Ministry said in a tweet that Subramaniam told the minister, “He is positive about India and has significant expansion plans including skilling.”
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