India, US To Mobilise $100 Billion For Developing Countries

FM Nirmala Sitharaman met US Treasury Secy Janet Yellen in Washington DC, on Friday. The two leaders discussed the need to support the economies until they get back on track post-Covid-19 pandemic.

India and the USA agreed to mobilise $100 billion annually for the developing countries, in a joint statement released, on Friday. The money will be raised from both, public and private sectors. Finance Minister Nirmala Sitharaman is on a trip to the USA and she met US Treasury Secretary Janet Yellen yesterday in Washington DC.

The two leaders asserted the need to keep formulating supportive policies till the economies are back on track. They discussed macroeconomic outlook, multilateral engagement, and anti-money laundering, among other things, in the meet.  

The two countries also agreed to further develop the International Financial Services Centre (IFSC) and fight financial crimes. The statement further said, “We intend to engage further on addressing climate change between our two ministries, as well as through the Finance Mobilization pillar of the recently-launched Climate Action and Finance Mobilization Dialogue (CAFMD) under the US-India Climate and Clean Energy Agenda 2030 Partnership.”

India and the US also agreed to keep collaborating for sharing information on tackling offshore tax evasion. The two countries also discussed the structural reforms undertaken by their respective financial sectors. “The United States and India look forward to discussions on emerging financial sector topics, such as cross-border payments and payment systems and the development of the International Financial Services Centre at GIFT City,” the statement said.

The two countries also agreed to keep attracting private investment for developing India’s infrastructure sector.