Sitharaman urges G7, G20 to boost Africa’s development support

Union Finance Minister Nirmala Sitharaman has urged G7 and G20 nations to increase their support for African development, reaffirming India’s commitment to advancing sustainable growth across the continent. Speaking at the G7 African Ministerial Roundtable during the Annual Meetings 2024,n Washington D.C. on Saturday, Sitharaman highlighted the enduring India-Africa partnership, guided by Prime Minister Narendra Modi’s ten principles that focus on capacity- building, strengthening public infrastructure, and addressing climate resilience.
Sitharaman emphasized the critical need for affordable, long-term financing to achieve the Sustainable Development Goals (SDGs), urging structural reforms to boost domestic resource mobilization and attract foreign investment in African nations. She pointed to India’s significant investments in infrastructure and healthcare as pivotal areas where international collaboration could further Africa’s development goals.
In her discussion with IMF’s First Deputy Managing Director(FMDC) Gita Gopinath, Sitharaman also reviewed India's economic outlook and progress toward sustainable development, reinforcing India’s stance on international financial support for developing economies. The Ministry of Finance stated that Sitharaman's address reflects India's vision for a balanced and resilient global economy, where sustainable growth and climate-conscious reforms form the foundation of international cooperation.

Wonderful reconnecting with India's Finance Minister Nirmala Sitharaman @nsitharaman to discuss India’s economic outlook and global challenges. With growth projected at 7 percent in FY24/25, India is set to remain the largest growing major economy in the world. pic.twitter.com/klpa1rDLuJ

— Gita Gopinath (@GitaGopinath) October 26, 2024

Sitharaman expressed her optimism for continued collaboration. She also highlighted recent Union Budget announcements focused on jobs and skilling.The FDMD requested India’s support for the 16th General Review of Quotas (GRQ).

(Business Correspondent)