Sitharaman pitches for strong, quota-based and adequately resourced IMF
New Delhi (PTI): Finance Minister Nirmala Sitharaman on Saturday made a case for a strong, quota-based and adequately resourced IMF at the centre of the global financial safety net and climate action on the principles of common but differentiated responsibilities and respective capabilities.
The 16th General Review of Quotas (GRQ) is expected to provide a greater say to developing economies in the International Monetary Fund (IMF).
As per an IMF resolution, the 16th GRQ should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in an increase in voting rights of emerging countries in line with their relative positions in the world economy.
Participating in a breakfast meeting of the IMF Board of Governors on the theme of 'Dialogue on Policy Challenges' in Marrakesh, Morocco, Sitharaman expressed concerns with regard to a slowdown in global growth.
She noted that 2023 has been a year of continued uncertainties and expressed concern about the weak medium-term growth and policy trade-offs confronting policymakers worldwide.
However, she said, India continues to be the fastest-growing large economy with a growth of 7.8 per cent during the first quarter of 2023-24.
With regard to escalating global debt vulnerabilities, she highlighted the importance of the Global Sovereign Debt Roundtable to foster cooperation on debt issues and reforms in IMF policy to engage with members in debt distress.
"FM Smt. @nsitharaman reiterated commitment to a strong, quota-based and adequately resourced IMF at the centre of the global financial safety net, and climate action on the principles of common but differentiated responsibilities and respective capabilities," the finance ministry said in a post on X.
The global financial safety net is a set of institutions and mechanisms that provide insurance against crises and financing to mitigate their impact.
During the Plenary Meeting of the International Monetary and Financial Committee (IMFC) later in the day, the Finance Minister reiterated the importance of IMF quota reforms to ensure an adequately resourced IMF at the centre of Global Financial Safety Net, bolstering IMF's lending capacity, and support to members through IMF's lending toolkit to prevent debt crises.
In her intervention, Sitharaman underlined the need for collective action on shared problems and noted the importance of IMF's bilateral surveillance and capacity development in providing tailored advice to members.
She emphasised the need for a supportive IPR regime for technology transfer of Climate Change innovations to developing countries and welcomed the emphasis on the need for global cooperation on the same in MD IMF's Global Policy Agenda.
"Union Finance Minister Smt. @nsitharaman supported IMF's focus on #digitalisation, and highlighted that during the #G20 Presidency, India has worked towards ensuring that lessons from the Digital Public Infrastructure #DPI revolution are shared as a global public good," another post on X said.
She emphasised that coordinated response of the global community will foster multilateralism in the spirit of 'Vasudhaiva Kutumbakam' -- One Earth, One Family, One Future.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
