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Text of the Speech of the Union Finance Minister Shri Arun Jaitley at the IMFC Plenary in Washington DC on IMF Institutional Issues

News and Press Release - Dated:- 10-10-2016 - Following is the Text of the Speech of the Union Finance Minister Shri Arun Jaitley at the IMFC Plenary in Washington, DC on IMF Institutional Issues : Thank you, Mr. Chairman. I also thank the Managing Director for a comprehensive Global Policy Agenda. Mr. Chairman, we broadly agree with the IMF s recent assessment of the global economy. The recovery from the global financial crisis has not been as healthy as we would have liked. Growth remains subd .....

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its membership on the way forward. This is particularly true of those members whose capacities of economic policy formulation and implementation are less developed. However, the IMF also needs to continue working on removing perceptions of lack of evenhandedness. The Fund s smaller members should be confident that they are considered as important as the larger ones, and Fund conditionality in programs is not unnecessarily burdensome for them. Mr. Chairman, monetary policies in advanced economie .....

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ers of the slowdown in productivity growth. We understand the Fund s advice to commodity exporters for adjustment and diversification. However, for a country to diversify its economy over the course of a few years is not an easy task, particularly at a time when global demand is subdued. Therefore, we would like the Fund to be more concrete in its advice for diversification, with a set of focused recommendations for action, which are consistent with a country s resources and capabilities. Mr. Ch .....

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