IMF managing director hails Indian economy's pandemic recovery ahead of G20 presidency

Ahead of India's upcoming G20 presidency, International Monetary Fund (IMF) managing director Kristalina Georgieva on Thursday (8) thanked prime minister Narendra Modi for a great meeting and congratulated on India's strong economic recovery from the Covid-19 pandemic.

Taking to Twitter, Georgieva wrote, "Thank you @PMOIndia @narendramodi for a great meeting. Congratulations on India's strong economic recovery from the pandemic and its remarkable advances, especially the incredible success in digitalization," and congratulated India's robust economic recovery from the pandemic.

The IMF chief also applauded the incredible success of the digitalization of India during the talks with Prime Minister Modi and assured full support for India to protect macroeconomic and financial stability.

"As India takes the helm of G20, you can count on @IMFNews full support to protect macroeconomic & financial stability, advance cooperation on debt resolution & promote financial inclusion," she tweeted.

Georgieva also counted on India's strong leadership to further strengthen a strong multilateral system and advance IMF reforms.

Georgieva also met Indian finance minister Nirmala Sitharaman to discuss India's upcoming G20 presidency and IMF's support for it.

During the meeting Sitharaman and Georgieva shared concerns on "key downside risks to the global economy and the cross-border effects due to the geopolitical situation and tighter financial conditions," the finance ministry tweeted.

The two leaders recognised that the effect of an increase in global inflation due to the rise in food and energy prices and international debt has impacted low-income countries the most.

Sitharaman reiterated the importance of coordinated policy measures and multilateralism for mobilising adequate financial resources for climate action, emphasising that committed funds by the developed economies are yet to become available.

During the meeting, the top IMF official stated that despite the global uncertainty and headwinds, India continues to be a bright spot in the global economy.

[With agency inputs]