Jaitley calls for enhanced surveillance by the IMF to address rising vulnerabilities in global monetary

The event was attended by the select Finance Ministers and Central Bank Governors.

The discussions centred on the global economic outlook, the resource base and governance framework of IMF and the importance of inclusiveness in terms of distribution of the benefits from global integration.

In the IMFC Plenary, Jaitley spoke about the Global Economy, Indian Economy and the role of IMF.

He stressed that the emerging risks to the global economy, calls for the enhanced surveillance by the IMF to address the rising vulnerabilities in the global monetary and financial systems.

Welcoming the emphasis on inclusiveness in the Global Policy Agenda (GPA) as a positive development, the Finance Minister  said that India firmly believes that finding ways to simultaneously accelerate growth and make it more inclusive is the right note to strike.

However, as the voices against integration become louder across a range of countries, he said that it is critical that the multilateral institutions stand firm in their commitment to helping member countries consolidate on the gains from integration, while finding ways to achieve more equitable distributions of those gains.

He added that the process of 15th General Review of Quotas should remain on track and that the commitments made in the IMFC Communiqué to increase the quotas of dynamic emerging economies should be adhered to.

The Finance Minister said that it would indeed be ironic if an emphasis on inclusiveness on the policy front co-existed with a lack of it on the Governance front.

Jaitley is currently on an official tour to Washington D.C., USA to attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings.