The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman
FM Sitharaman Calls for Increased Support for African Nations from G7 and G20
Union Finance Minister Nirmala Sitharaman urged the G7 and G20 countries to intensify their support for African nations, with a particular focus on infrastructure development, healthcare, and long-term financial resilience.
Speaking at the G7 African Ministerial Roundtable, Sitharaman underscored India’s ongoing commitment to Africa, aligned with the 10 guiding principles laid out by Prime Minister Narendra Modi to promote Africa’s growth through capacity building, public services enhancement, and addressing climate change.
Scaling Access to Financing and Structural Reforms
During her address on the sidelines of the Annual Meetings 2024, Sitharaman emphasized the need for scaling up access to long-term, affordable financing for development projects across Africa. She also called for structural reforms and policy measures that promote domestic resource mobilization and attract foreign investment to help African nations build financial resilience and achieve their Sustainable Development Goals (SDGs).
Strengthening Multilateral Development Banks
Sitharaman highlighted the critical role of Multilateral Development Banks (MDBs) and advocated for enhancing their lending capacities to better support African nations in reaching their SDGs. She also discussed the importance of collaboration with international financial institutions.
Earlier, Sitharaman met with IMF First Deputy Managing Director Gita Gopinath, congratulating her on the successful conduct of the Annual Meetings 2024 and expressing optimism for continued collaboration, especially on jobs and skills development.
