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FM Sitharaman talks about spillover effect of developed countries’ decisions


Union Finance Minister Nirmala Sitharaman, during the just-concluded annual meetings of the International Monetary Fund (IMF) and the World Bank, said that several countries including India expressed concern over the spillover effects of political and economic decisions of developed nations.

The minister said she raised the issue prominently during her meetings here. 

During an interaction with a group of Indian reporters here on Saturday, Sitharaman said that she raised the issue during her bilateral and multilateral meetings as well, according to the news agency PTI. 

“I repeated it in some of the meetings inside as well,” she said in response to a question.

“I didn’t particularly notice any one minister and their reaction but I did say this. And incidentally, at a different meeting, Sri Mulyani (Indrawati, Finance Minister of Indonesia) also voiced it. If I’m not mistaken, maybe the finance minister from Nigeria also voiced it along with others,” she said as quoted by PTI. 

“There are several others who said it as well… that the unintended consequences of certain action taken, or the spillover (effects) of policies is definitely hurting our countries,” she added.

Earlier this week, she said that in the near-term, advanced nations must take responsibility for the global spillover of their political and economic decisions and put in place safety nets rather than impose sanctions on nations who are merely fulfilling their moral and democratic obligations for their people.

These remarks came in the wake of the push by the US-led western countries to reduce their oil purchase from Russia and warning to other nations that they would face sanctions if they continued to do so.

Sitharaman is on a six-day visit to the US, which began on October 11. Besides attending the annual meetings of the IMF and the World Bank, she held bilateral meetings with her counterparts from several countries during the visit.


(With PTI reports)


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