Jaitley meets WB President, eyes enhanced capital support

The Dollar Business Bureau 

The Finance Minister of India, Arun Jaitley, held a meeting with Jim Yong Kim, President, World Bank Group in Washington to look for innovative financing solutions as the country was eyeing the enhanced capital support from the Bank. 

“While discussing policy issues related to the World Bank Group, Finance Minister Arun Jaitley indicated India's strong support for capital increase and its readiness to take larger share than the dynamic formula would require,” the Finance Ministry said in a statement on Thursday.

In his discussions with Jim Yong Kim, Jaitley stated that the World Bank Group should collectively work with member nations to look for innovative financing solutions. 

The finance minister arrived in Washington from Canada to attend the annual meeting of the World Bank, International Monetary Fund (IMF), and other associated meetings.

In the meeting with the World Bank President, Jaitley acknowledged the long-standing and mutually beneficial ties with the World Bank Group, especially in the six priority fields identified for assistance with the multilateral development bank. 

Later in the day, he interacted with various officials from US State Department that had hosted a reception in his honour. 

Jaitley is accompanied by RBI Governor Urijit Patel, Economic Affairs Secretary Shaktikanta Das and Chief Economic Advisor Arvind Subramanian.