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Time of India
06-05-2025
- Business
- Time of India
Update: PIB denies reports of India urging Asian Development Bank to cut Pakistan funding
NEW DELHI: The Press Information Bureau issued a clarification on Tuesday dismissing the reports that India demanded the Asian Development Bank to reduce funding for Pakistan after the recent terror attack in Pahalgam. Tired of too many ads? go ad free now News agency ANI on Monday had reported, quoting sources that during the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, finance minister urged ADB President Masato Kanda to reduce financial assistance to Pakistan. India has significantly reduced diplomatic ties with Pakistan following the April 22 terror attack in Pahalgam, Jammu and Kashmir, which killed 26 people and injured several others, mostly tourists. At the upcoming International Monetary Fund (IMF) board meeting on May 9, India reportedly plans to voice concerns regarding Pakistan's bailout arrangement, according to the IMF website. India intends to approach FATF ( Financial Action Task Force ), the global watchdog for money laundering and terrorist financing, requesting Pakistan's inclusion in the grey list as part of its strategy to limit Pakistan's funding sources, according to ANI. A recent Moody's report indicated that continued India-Pakistan tensions could hamper Pakistan's ability to secure external financing and affect its foreign-exchange reserves. The report highlighted that Pakistan's current foreign exchange reserves are insufficient to cover its external debt payment requirements for the coming years. While, the same assessment offered an optimistic outlook for India, noting its stable macroeconomic conditions, supported by sustained growth levels, robust public investment, and strong private consumption patterns. Tired of too many ads? go ad free now India has also suspended the 1960 , an action that will gradually diminish Pakistan's water resources. Also on Monday, sharing a post on X, the Finance Ministry said during the meet, "Sitharaman reiterated that India focuses on private sector-led economic growth and has been consistently creating a conducive policy and regulatory ecosystem through bold initiatives such as the Insolvency and Bankruptcy Code, Corporate Tax Rate Reduction and GST implementation, Production-Linked Incentives, National Infrastructure Pipeline, GatiShakti National Master Plan, and StartupIndia, among others, for greater Ease of Doing Business." "The finance minister emphasised that India offers opportunities for ADB to pilot new, innovative financing products and models," the post added. The ADB President expressed "full support to India's development priorities, guided by Prime Minister Narendra Modi's vision of a Viksit Bharat by 2047." Sitharaman is heading the Indian delegation of officials from the Department of Economic Affairs, Ministry of Finance, at the 58th Annual Meeting of ADB's Board of Governors, occurring from May 4 to 7 in Milan.
The Print
06-05-2025
- Business
- The Print
Sitharaman meets ADB chief and Italian FM, discusses economic issues; no mention of Pakistan
On the sidelines of the ADB meet, Sitharaman met Kanda and Giorgetti to discuss various economic issues facing the world and the Asian region. Sitharaman is in Milan to attend the 58th annual meeting of the Asian Development Bank (ADB). New Delhi, May 5 (PTI) Finance Minister Nirmala Sitharaman on Monday met ADB President Masato Kanda and Italian Finance Minister Giancarlo Giorgetti, and discussed host of economic issues, but there was no mention of the ongoing tension between India and Pakistan during the bilateral meetings. The finance ministry said there was no discussion 'on issues related to Pakistan with ADB President and the Italian Finance Minister' in Milan. During the bilateral meeting with ADB president, Sitharaman reiterated that India focuses on private sector-led economic growth and has been consistently creating a conducive policy and regulatory ecosystem through bold initiatives such as the Insolvency and Bankruptcy Code, and GST implementation, Production-Linked Incentives, among others, for greater Ease of Doing Business, the finance ministry later said in a post on X. Sitharaman emphasised that India offers opportunities for ADB to pilot new, innovative financing products and models, it said. Kanda expressed ADB's full support to India's development priorities, guided by Prime Minister Narendra Modi's vision of Viksit Bharat 2047, it said. Later, Sitharaman met Giancarlo Giorgetti, Minister of Economy and Finance of Italy, and both the leaders explored ways to strengthen India-Italy economic ties, and enhance cooperation in global and multilateral platforms on issues of mutual interest. 'The meeting highlighted implementation of the Joint Strategic Action Plan 2025-2029 announced by Prime Minister Modi and Italian Prime Minister Giorgia Meloni in November 2024, which will add depth and momentum to our cooperation in priority domains,' the finance ministry said in a separate post on X. 'With bilateral trade between the two counties reaching USD 14.56 bn in FY2023-24, FM Smt. @nsitharaman emphasised on the huge potential in #RenewableEnergy, digital technologies, agri-food processing, and high-end manufacturing and invited Italian companies to 'Make in India' through Government of India's PLI schemes,' it said. Both leaders discussed the importance of reforming Multilateral Development Banks (MDBs) to make them more responsive to developing countries' needs and better aligned with Sustainable Development Goals, the ministry said. Sitharaman underlined the need for co-financing models and collaboration in green hydrogen, carbon capture, energy efficiency, and circular economy and stated that both nations can leverage their strengths to co-develop solutions for global markets, advancing climate commitments. PTI DP ANZ CS HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
05-05-2025
- Business
- Business Standard
FM Sitharaman meets ADB chief, Italian FM, discusses economic issues
Finance Minister Nirmala Sitharaman on Monday met ADB President Masato Kanda and Italian Finance Minister Giancarlo Giorgetti, and discussed host of economic issues, but there was no mention of the ongoing tension between India and Pakistan during the bilateral meetings. Sitharaman is in Milan to attend the 58th annual meeting of the Asian Development Bank (ADB). On the sidelines of the ADB meet, Sitharaman met Kanda and Giorgetti to discuss various economic issues facing the world and the Asian region. The finance ministry said there was no discussion "on issues related to Pakistan with ADB President and the Italian Finance Minister" in Milan. During the bilateral meeting with ADB president, Sitharaman reiterated that India focuses on private sector-led economic growth and has been consistently creating a conducive policy and regulatory ecosystem through bold initiatives such as the Insolvency and Bankruptcy Code, and GST implementation, Production-Linked Incentives, among others, for greater Ease of Doing Business, the finance ministry later said in a post on X. Sitharaman emphasised that India offers opportunities for ADB to pilot new, innovative financing products and models, it said. Kanda expressed ADB's full support to India's development priorities, guided by Prime Minister Narendra Modi's vision of Viksit Bharat 2047, it said. Later, Sitharaman met Giancarlo Giorgetti, Minister of Economy and Finance of Italy, and both the leaders explored ways to strengthen India-Italy economic ties, and enhance cooperation in global and multilateral platforms on issues of mutual interest. "The meeting highlighted implementation of the Joint Strategic Action Plan 2025-2029 announced by Prime Minister Modi and Italian Prime Minister Giorgia Meloni in November 2024, which will add depth and momentum to our cooperation in priority domains," the finance ministry said in a separate post on X. "With bilateral trade between the two counties reaching USD 14.56 bn in FY2023-24, FM Smt. @nsitharaman emphasised on the huge potential in #RenewableEnergy, digital technologies, agri-food processing, and high-end manufacturing and invited Italian companies to 'Make in India' through Government of India's PLI schemes," it said. Both leaders discussed the importance of reforming Multilateral Development Banks (MDBs) to make them more responsive to developing countries' needs and better aligned with Sustainable Development Goals, the ministry said. Sitharaman underlined the need for co-financing models and collaboration in green hydrogen, carbon capture, energy efficiency, and circular economy and stated that both nations can leverage their strengths to co-develop solutions for global markets, advancing climate commitments.
