India attends Development Committee Meeting of IMF-World Bank
On April 17, 2020, India attended the Development Committee meeting of World Bank-International Monetary Fund. India was represented by the Finance Minister Smt Nirmala Sitaraman.
Highlights
India participated in the 101st meeting of the development committee that was held through video conference. The experts that attended the meet discussed response to COVID-19 emergency and COVID-19 debt initiatives. The major debt initiative is International Call for Action in Support of IDA countries.
Outcomes
The Committee welcomed the world bank financial support of 150 to 160 billion USD to combat COVID-19 for the next 15 months. The next meet of the Development committee meet has been scheduled on October 17, 2020.
The debt challenges of the middle-income countries and their solutions are to be explored.
IDA countries
The IDA countries are International Development Association countries that offers concession loans and grants to the poorest countries in the world. The IDA was established in 1960. It shares the world bank mission of reducing poverty.
The Association is governed by the Board of Governors of the World Bank.
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Month: Current Affairs - April, 2020