December 13, 2024 14:05 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Congress always prioritised personal interest over Constitution: Rajnath Singh | Jaishankar calls attack on Hindus in Bangladesh 'a source of concern' | Allu Arjun arrested over woman's death in stampede during Pushpa 2 premiere show | RBI receives bomb threat in Russian language, case filed | UP teenager kills mother, lives with body for 5 days | At least six people including a child killed in Tamil Nadu hospital fire | Amid Atul Subhash row, SC says mere harassment is not enough to prove abetment to suicide | India's D Gukesh becomes youngest ever world champion in chess | Devendra Fadnavis meets PM Modi amid suspense over Maharashtra portfolio allocation | Congress wants to deviate the issue of Sonia Gandhi-George Soros link: JP Nadda

Arun Jaitley participates in G-20 Finance Ministers and Central Bank Governors’ meeting

| | Apr 16, 2016, at 10:34 pm
New Delhi, Apr 16 (IBNS) On the third day of his US official visit, the Union Finance Minister Arun Jaitley participated in the G-20 Finance Ministers and Central Bank Governors’ Meeting in Washington D.C. on Friday.

G-20 is a premier forum for international economic cooperation.

Jaitley welcomed the agreed timeline of October 2017 for shareholding review in IMF and said that the new quota formula should enhance the voice, role and voting share of the developing countries and reflect their increased share in global GDP. On the same lines, the Finance Minister also emphasized the need for review of the World Bank’s shareholding to reflect share of the developing countries in the global economy.

Jaitley reiterated the need to leverage the credit rating and balance sheets of Multilateral Development Banks to ensure increased infrastructure investment in poor countries.

The FM stressed upon the need to take strong measure against Tax Havens.

G-20 Finance Ministers have committed to take stern measures to prevent corruption, tax evasion, terrorist financing and money laundering.

Jaitley also held a bilateral meeting with the World Bank Group (WBG) President  Jim Yong Kim. FM supported the WBG assessment of its funding and capital requirement and encouraged the President to raise annual financing volumes of the World Bank Group to $100 billion a year.

Referring to the excellent contribution made by Indians in the World Bank Group, the Finance Minister emphasized upon the need to increase the representation of Indians in the top Management of the World Bank. Further, various ongoing and possible new projects in Social Sector in India were also discussed during the meeting.

The Union Finance Minister Jaitley held a courtesy meeting with the Minister of State for Finance and Planning of Bangladesh M.A Mannan.

Finance Minister conveyed that India continues to attach the highest importance to her relations with Bangladesh. Both sides showed satisfaction over the progress of ‘Maitree’ Power Project, which would be the largest power plant in Bangladesh.

BHEL has been awarded the execution of this project. The Bangladesh Minister sought support of India for regional connectivity projects. Finance Minister assured full support of India on the issue.

Jaitley also held a bilateral meeting with Minister of Finance of Luxembourg, Pierre Gramegna. Finance Minister stated that Luxembourg is an important source of FDI for India and there is a huge potential to increase it further.

The Finance Minister also sought support of Luxembourg for information sharing in the area of taxation and cross border financial flows.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.