Indian Finance Minister Arun Jaitley said India strongly supports the capital increase in the World Bank, expressing interest in taking a larger share in the global lender than the dynamic formula. During his meeting with World Bank president Jim Yong Kim, the minister acknowledged the long-standing and mutually beneficial relationship between the WB Group and India, and called upon the agency to work together with its member countries to explore innovative financing solutions.
Jaitley arrived in Canada to attend the annual meeting of the International Monetary Fund, and the World Bank. He appreciated the support of the bank to the many important achievements of India in its development process, especially in the six priority areas identified by the Prime Minister for Multilateral Development Banks' assistance. A statement released by the Indian Embassy said, "While discussing the policy issues related to the World Bank Group, he indicated India's strong support for the capital increase and its readiness to take a larger share than the dynamic formula."
During his visit, Jaitley met with Commonwealth Secretary General Patricia Scotland, and later interacted with several US State Department officials during a reception hosted in his honour. Economic Affairs Secretary Shaktikanta Das held a bilateral meeting with US Treasury Under-Secretary Nathan Sheets, when both sides exchanged notes on the state of their respective economies, public debt management and municipal bonds and agreed to expedite progress on these issues.
