nirmala sitharaman: Sitharaman reiterates his call for the transfer of climate technology and funds, his commitment to fight against the financing of terrorism

ByRichard C. Sloan

Apr 22, 2022
Washington: Finance Minister Nirmala Sitharaman reiterated India’s call to transfer low-cost technologies and increase financing to developing countries to combat climate change at the International Monetary Fund (IMF) plenary and reaffirmed India’s commitment to combating money laundering and the financing of terrorism.

Sitharaman on Thursday stressed both “the importance of the multilateral approach to combating climate change and the transfer of climate finance and low-cost technologies from developed to developing countries”, the finance ministry published. on Twitter.

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India has long maintained that developing countries urgently need climate finance and low-cost technology transfer to enable them to do their part in combating global warming and that developed countries must take greater responsibility. for greenhouse gas emissions and must do more.

The finance minister, who attends the spring meetings of the World Bank Group which includes the IMF, has also pushed the multilateral body for greater equality among its 187 members. Some member countries have a greater say in its functioning and decision-making based on their historically inordinate status and a system of quotas that determine member countries’ relationship with the organization, including the value of their voting power.

Sitharaman stressed the “need for timely completion of the 16th General Quota Review to address the under-representation of emerging market and developing economies”, according to the Finance Ministry.

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The Minister also noted during the plenary that at the growth rate of 8.2% predicted for 2022-23 by the IMF, India is still the fastest growing among developing economies. “India has continued to implement key structural reforms aimed at improving productivity and employment,” she said according to the finance ministry. The new rate is 0.8 percentage points lower than the fund’s previous projection of 9% for the same period.

Furthermore, during a meeting of finance ministers from the 37 member countries of the Financial Action Task Force (FATF), a global monitoring body for money laundering and terrorist financing, the Minister reaffirmed “the commitment India’s policy to combat Money Laundering, Terrorist Financing and Proliferation Financing Also appreciated the work of FATF on Beneficial Ownership Transparency, the role of the FATF Global Network in safeguarding (the ) global financial system”.

Sitharaman also extended India’s support for the “strategic priorities of the FATF and reiterated India’s commitment to provide the necessary resources and support to the FATF in its efforts as a global alliance against money laundering. money, the financing of terrorism and the financing of WMD proliferation”.

In a separate statement, the FATF said the ministers “are committed to taking prompt and decisive action to improve the effectiveness of measures to combat money laundering, terrorist financing and proliferation”. This includes, he added, the rapid implementation of the FATF’s global beneficial ownership rules, which were strengthened earlier this year, to prevent criminals from hiding their illicit activities and dirty money behind shell companies. anonymous and other corporate structures.

The Minister continued her bilateral meetings on the sidelines of the Spring Meetings with counterparts from around the world and business leaders. She met with Raj Subramanian, the chairman and new CEO of FedEx on Thursday. Subramanian told the minister “he is positive for India and has major expansion plans including in the area of ​​skills,” the finance ministry said in a tweet.

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