Union Finance Minister Nirmala Sitharaman

Speaking at a press briefing in Washington on Thursday, Union Finance Minister Nirmala Sitharaman said that the third pillar will now have to be sustainable goals and other climate-related objectives, climate funding, and so forth.

Underlining how India's presidency has brought attention to the necessity to incorporate these factors while still being compatible with World Bank objectives and not merely balancing on them, Sitharaman said that New Delhi from its presidency very clearly highlighted that it's going to be how a perfect balance is traced the developmental goals and climate finance.

Addressing the media queries, Sitharaman also highlighted the post-pandemic development requirements and laid emphasis on how the focus should lie on them, solely.

"Not just development funding for low-income countries, post-pandemic development requirements becoming lot more focussed. We're also highlighting core 2 things for World Bank - extreme poverty alleviation & bringing prosperity post it," Sitharaman said.

The Union Finance Minister, while speaking on the development activities during the presser, also said that they are much required for not only low-income countries but also middle-income countries, as there are pockets of underdeveloped areas that desperately need funds for development there.

"Even among middle-income countries, there are pockets of underdeveloped areas that desperately need funds for development. So, it is not just development funding for low-income countries, now particularly post-pandemic. Development requirements are becoming a lot more focused on areas specific and also those communities which have been affected because of the pandemic itself," Sitharaman said during the presser.

On debt structuring, the Union Minister asserted that a lot of intense work is going on and the discussions have gone on a positive note.

"All stakeholders in debt-related, distress-related matters were there. Private participants were also there. Affected countries were also present. This discussion seems to have gone on a very positive note," she said.

Speaking on crypto-assets, the Union Finance Minsiter said that there is a greater acceptance among G20 members regarding any action on them to be global.

"I'm glad to say that there is a greater acceptance among all G20 members that any action on crypto assets will have to be global.......they agree that it's not going to be possible to have independent stand-alone country dealing with crypto assets," Finance Minister Sitharaman stated.

Addressing the press briefing, the Union Finance Minister talked about the ongoing meetings in the US. She said that it is the second of the G20 finance ministers and central bank governors' meetings under the Indian Presidency which is held at the margin of the 2023 spring meetings of the International Monetary Fund (IMF) and the World Bank group.

She stated that the meeting saw the participation of around 350 delegates and various international and regional organisations.

The governor of the Indian central bank Reserve Bank of India (RBI) apparently co-chaired it with Sitharaman.

Day 1 of the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Indian presidency witnessed Session 1 on Global Economy and International Financial Architecture held in Washington on Thursday (local time) under the ambit of Spring Meetings 2023 of the International Monetary Fund (IMF) and World Bank (WB).

The FMCBG meeting also discussed key challenges to the Global Economic Outlook and explored possible areas of policy coordination on pressing global issues.