Finance minister Arun Jaitley. Photo: Hindustan Times
Finance minister Arun Jaitley. Photo: Hindustan Times

Arun Jaitley to attend IMF-WB annual meet in US next month

New Reserve Bank of India (RBI) governor Urjit Patel is also likely to attend the International Monetary Fund-World Bank meeting

New Delhi: Finance minister Arun Jaitley will be leaving for the US early next month to attend the annual meeting of the International Monetary Fund (IMF)-World Bank, where issues like the global economic situation will be discussed.

The three-day annual meeting of the IMF and the World Bank will begin on 7 October in Washington.

New Reserve Bank of India (RBI) governor Urjit Patel is also likely to attend the IMF meeting, people familiar with the matter said.

Besides Jaitley and Patel, economic affairs secretary Shaktikanta Das will attend the annual meet, they added.

In addition to taking stock of the global economic situation, the annual meetings are also likely to discuss IMF quota reforms, exchange rate fluctuation, infrastructure financing, fallout of Britain’s exit from the European Union and the role of trade in supporting global growth.

Finance ministers of the Brics—Brazil, Russia, India, China and South Africa—grouping are also likely to deliberate on the economic issues on the sidelines of the IMF meeting.

Ahead of the meeting, IMF will come out with its World Economic Outlook, which will provide analysis of the current global economic situation. Besides, a Global Financial Stability Report will also be unveiled. In July, IMF had cut global growth forecast for the year 2017 by 0.1% to 3.4% citing substantial increase in economic, political, and institutional uncertainty following Brexit which could have negative macroeconomic consequences.

The global economy is projected to expand 3.1% this year and 3.4% in 2017. It had also trimmed India’s growth forecast by 0.1% to 7.4% for 2016 and 2017, attributing it to a sluggish investment recovery.

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