Former US President Barack Obama has come under fire from India's Union Finance Minister Nirmala Sitharaman for his comments regarding the protection of Muslims in India. This occurs as Indian Prime Minister Narendra Modi makes his way back to New Delhi following his trip to Egypt and the United States of America.

India: Finance Minister hits back at Obama for his remarks on Indian Muslims

Indian Union Finance Minister Nirmala Sitharaman on Sunday responded strongly over former US President Barack Obama's remarks about the rights of Indian Muslims. Sitharaman, during a press conference held at the party headquarters in New Delhi, expressed her disagreement with Obama's comments and pointed out military actions in Muslim-majority nations during his presidency.&nbsp;The minister criticised Obama's controversial interview with a media outlet, in which he stated his intention to discuss the situation of Indian Muslims with Prime Minister Narendra Modi. The finance minister said, "I was shocked. When PM Modi was campaigning in the US - and by campaigning I mean speaking about India - a former president of the US is speaking about Indian Muslims."

"And I am saying this with restraint because it involves another country. We want friendship with the US but there too we get remarks about religious freedom in India. A former president - under whose rule seven Muslim-majority countries were bombed with more than 26,000 bombs - how will people trust his allegations?" she added.&nbsp;

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"I find this deliberate attempt to vitiate the atmosphere in this country because they think they cannot win against the developmental policies of Prime Minister Narendra Modi," the minister claimed.&nbsp;

During the news conference, Sitharaman highlighted Prime Minister Modi's commitment to the "Sabka Saath, Sabka Vikas" (Together with All, Development for All) principle and stated that his government does not discriminate against any community.&nbsp;

Sitharaman also criticised the Congress and other opposition parties for raising unsubstantiated issues after facing electoral defeats.&nbsp;

<h2>The debate on human rights&nbsp;</h2>

The United States has a history of intervening in the affairs of other countries often and the country itself has faced scrutiny. It has often received a befitting reply from India that the United States should focus on addressing its own human rights challenges before attempting to instruct or impose its views on other nations.

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On 22 June, former US president Barack Obama expressed his concerns about India, suggesting that the country risks "pulling apart" if the rights of its Muslim minority are not respected. He specifically mentioned the need to address this matter with Prime Minister Narendra Modi, who was on a visit to the United States at the time.

Obama spoke of his willingness to discuss with PM Modi the concerns surrounding the protection of the rights of ethnic minorities in India if given the opportunity.&nbsp;

Watch | PM Modi conferred with Egypt's highest state honour in Cairo

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PM Modi was questioned in a presser about free speech and religious freedom in India. The US reporter also asked the prime minister about discrimination against minority communities and the measures his government was taking to improve the rights of minorities in the country.

"We are a democracy...India &amp; America both have democracy in our DNA. Democracy is in our spirit &amp; we live it and it's written in our Constitution...So no question of discrimination on the grounds of caste, creed or religion arises. That is why, India believes in sabka saath, sabka vikas, sabka vishwas, sabka prayaas and walks ahead with it..," PM Modi said.&nbsp;

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Indian Union Finance Minister Nirmala Sitharaman on Sunday responded strongly over former US President Barack Obama's remarks about the rights of Indian Muslims.

Indian Union Finance Minister Nirmala Sitharaman on Sunday responded strongly over former US President Barack Obama's remarks about the rights of Indian Muslims. Sitharaman, during a press conference held at the party headquarters in New Delhi, expressed her disagreement with Obama's comments and pointed out military actions in Muslim-majority nations during his presidency. The minister criticised Obama's controversial interview with a media outlet, in which he stated his intention to discuss the situation of Indian Muslims with Prime Minister Narendra Modi. The finance minister said, "I was shocked. When PM Modi was campaigning in the US - and by campaigning I mean speaking about India - a former president of the US is speaking about Indian Muslims." "And I am saying this with restraint because it involves another country. We want friendship with the US but there too we get remarks about religious freedom in India. A former president - under whose rule seven Muslim-majority countries were bombed with more than 26,000 bombs - how will people trust his allegations?" she added. Also Read | Bamboo could be a game changer in renewable energy. Here's how "I find this deliberate attempt to vitiate the atmosphere in this country because they think they cannot win against the developmental policies of Prime Minister Narendra Modi," the minister claimed. During the news conference, Sitharaman highlighted Prime Minister Modi's commitment to the "Sabka Saath, Sabka Vikas" (Together with All, Development for All) principle and stated that his government does not discriminate against any community. Sitharaman also criticised the Congress and other opposition parties for raising unsubstantiated issues after facing electoral defeats. The debate on human rights The United States has a history of intervening in the affairs of other countries often and the country itself has faced scrutiny. It has often received a befitting reply from India that the United States should focus on addressing its own human rights challenges before attempting to instruct or impose its views on other nations. Also Read | Porn platform owner: Society proud of sexual expression, adult content to become 'boring' On 22 June, former US president Barack Obama expressed his concerns about India, suggesting that the country risks "pulling apart" if the rights of its Muslim minority are not respected. He specifically mentioned the need to address this matter with Prime Minister Narendra Modi, who was on a visit to the United States at the time. Obama spoke of his willingness to discuss with PM Modi the concerns surrounding the protection of the rights of ethnic minorities in India if given the opportunity. Watch | PM Modi conferred with Egypt's highest state honour in Cairo × PM Modi was questioned in a presser about free speech and religious freedom in India. The US reporter also asked the prime minister about discrimination against minority communities and the measures his government was taking to improve the rights of minorities in the country. "We are a democracy...India & America both have democracy in our DNA. Democracy is in our spirit & we live it and it's written in our Constitution...So no question of discrimination on the grounds of caste, creed or religion arises. That is why, India believes in sabka saath, sabka vikas, sabka vishwas, sabka prayaas and walks ahead with it..," PM Modi said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

'Bombed 7 Muslim-majority countries': Finance minister Sitharaman hits back at Barack Obama

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe: Indian Union Finance Minister Nirmala Sitharaman on Sunday responded strongly over former US President Barack Obama's remarks about the rights of Indian Muslims.

Indian Finance Minister takes on Barack Obama

India's Finance Minister&nbsp;Nirmala Sitharaman is scheduled to attend the upcoming summit on a New Global Financing Pact which will be hosted by France in Paris later this month. This summit, organised at the invitation of President Macron, aims to bring together leaders from around the world to discuss and establish a fairer and more solidarity-based financial system.

The event will witness participation from&nbsp;heads of state and governments, leaders of major international organisations, representatives of global financial institutions, and delegates from the private sector and civil society. Together, they will focus on addressing shared global challenges such as poverty, climate change, and the protection of diversity.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/muslims-in-india-finance-minister-slams-negative-western-perception-581184">Nirmala Sitharaman gives befitting reply on negative Western 'perception' of Muslims in India</a>

The summit, to be held at the historic Palais Brongniart, holds significant importance in light of other major international meetings scheduled later in the year. These include the G20 summit under the Indian Presidency, the World Bank and IMF Annual Meetings in Marrakech, the UN Secretary-General's summit in New York on &nbsp;Sustainable Development Goals, and the UN Climate Change Conference (COP28) in Dubai.

The French statement regarding the summit emphasises its objective of fostering future reforms and establishing a more balanced financial partnership between the Global South and North. By promoting inclusivity and cooperation, the summit aims to create a financial system that better serves the needs of all nations, particularly those in the developing world.

WATCH |&nbsp;Indian Finance Minister Nirmala Sitharaman STRONGLY CONDEMNS the Western perception of India

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The presence of Finance Minister Sitharaman at the summit highlights India's commitment to addressing global economic issues and finding sustainable solutions. As one of the world's largest economies and a nation with a significant stake in global development, India's participation will undoubtedly be expected to contribute to the discussions and shape the outcomes of the summit.

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India's Finance Minister Nirmala Sitharaman is scheduled to attend the upcoming summit on a New Global Financing Pact which will be hosted by France in Paris later this month.

India's Finance Minister Nirmala Sitharaman is scheduled to attend the upcoming summit on a New Global Financing Pact which will be hosted by France in Paris later this month. This summit, organised at the invitation of President Macron, aims to bring together leaders from around the world to discuss and establish a fairer and more solidarity-based financial system. The event will witness participation from heads of state and governments, leaders of major international organisations, representatives of global financial institutions, and delegates from the private sector and civil society. Together, they will focus on addressing shared global challenges such as poverty, climate change, and the protection of diversity. ALSO READ | Nirmala Sitharaman gives befitting reply on negative Western 'perception' of Muslims in India The summit, to be held at the historic Palais Brongniart, holds significant importance in light of other major international meetings scheduled later in the year. These include the G20 summit under the Indian Presidency, the World Bank and IMF Annual Meetings in Marrakech, the UN Secretary-General's summit in New York on Sustainable Development Goals, and the UN Climate Change Conference (COP28) in Dubai. The French statement regarding the summit emphasises its objective of fostering future reforms and establishing a more balanced financial partnership between the Global South and North. By promoting inclusivity and cooperation, the summit aims to create a financial system that better serves the needs of all nations, particularly those in the developing world. WATCH | Indian Finance Minister Nirmala Sitharaman STRONGLY CONDEMNS the Western perception of India The presence of Finance Minister Sitharaman at the summit highlights India's commitment to addressing global economic issues and finding sustainable solutions. As one of the world's largest economies and a nation with a significant stake in global development, India's participation will undoubtedly be expected to contribute to the discussions and shape the outcomes of the summit. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Indian Finance Minister Sitharaman to attend France's summit on Global Financing Pact

India is eyeing to present itself as an alternative to China in the global supply chains, according to Union Finance Minister Nirmala Sitharaman. Speaking at the Peterson Institute for International Economics, USA, Sitharaman said India was planning to take on China through the Production Linked Incentive (PLI) scheme and the growth of its domestic consumer market.&nbsp;

The PLI scheme has been one of the brightest working ideas to have come out of the NDA administration in India. Sitharaman pointed out that the scheme covers 13 manufacturing sectors, including semiconductors, which are bringing global value chains into India.

"By doing that, we hope to have production of many of these large, bulk-manufactured goods which can go from India to meet both international and local demand," said Sitharaman.&nbsp;

<a href="https://www.wionews.com/videos/indian-finance-minister-nirmala-sitharaman-strongly-condems-the-western-perception-of-india-581266">WATCH |&nbsp;Indian Finance Minister Nirmala Sitharaman STRONGLY CONDEMNS the Western perception of India</a>

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<h2>Smartphone exports from India</h2>

The finance minister cited the example of how mobile-phone manufacturing in India in 2014 (the year when the Narendra Modi government came to power) stood at abysmally lower levels. However, through the clever use of the PLI scheme, India has grown to become one of the world's biggest exporters of smartphones.&nbsp;

Notably, the data showed that India's mobile phone exports crossed $2 billion in the first two months of 2023 alone. The numbers were driven mainly by Apple and Samsung — the two smartphone giants. Cumulatively, the total smartphone export stood at over $9 billion since April last year.&nbsp;

India’s mobile phone exports crossed $2 billion (over Rs 16,500 crore) in the first two months of 2023, driven mainly by Apple and Samsung, taking the total export value to over $9 billion since April 2022.&nbsp;

Apart from smartphones, the PLI scheme has been launched for pharmaceutical, automobile,&nbsp;textile, food products, solar modules,&nbsp;telecom and networking products, advanced chemistry cell batteries, white goods, and speciality steel amongst others.&nbsp;

Sitharaman is currently&nbsp;on a weeklong trip to the US to attend International Monetary Fund and World Bank's spring meetings. She alongside India's central bank governor&nbsp; Shaktikanta&nbsp;Das will co-chair the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting on Wednesday and Thursday.&nbsp;

<a href="https://www.wionews.com/india-news/indian-fm-nirmala-sitharaman-arrives-in-us-for-week-long-visit-will-attend-spring-meetings-of-world-bank-imf-581040">ALSO READ |&nbsp;Indian FM Nirmala Sitharaman arrives in US for week-long visit; will attend Spring Meetings of World Bank, IMF</a>

The earlier&nbsp;FMCBG meeting was held in the southern Indian city of Bengaluru in February and centred around the Russia-Ukraine conflict.

Reflecting on the meeting, Sitharaman said, “It&nbsp;is a great opportunity for India to prove and to work towards bringing all countries together on substantive issues.”

(With inputs from agencies) 
 
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India is eyeing to present itself as an alternative to China in the global supply chains, according to Union Finance Minister Nirmala Sitharaman. Speaking at the Peterson Institute for International Economics, USA, Sitharaman said India was planning to take on China through the Production Linked Incentive (PLI) scheme and the growth of its domestic consumer market.

India is eyeing to present itself as an alternative to China in the global supply chains, according to Union Finance Minister Nirmala Sitharaman. Speaking at the Peterson Institute for International Economics, USA, Sitharaman said India was planning to take on China through the Production Linked Incentive (PLI) scheme and the growth of its domestic consumer market. The PLI scheme has been one of the brightest working ideas to have come out of the NDA administration in India. Sitharaman pointed out that the scheme covers 13 manufacturing sectors, including semiconductors, which are bringing global value chains into India. "By doing that, we hope to have production of many of these large, bulk-manufactured goods which can go from India to meet both international and local demand," said Sitharaman. WATCH | Indian Finance Minister Nirmala Sitharaman STRONGLY CONDEMNS the Western perception of India × Smartphone exports from India The finance minister cited the example of how mobile-phone manufacturing in India in 2014 (the year when the Narendra Modi government came to power) stood at abysmally lower levels. However, through the clever use of the PLI scheme, India has grown to become one of the world's biggest exporters of smartphones. Notably, the data showed that India's mobile phone exports crossed $2 billion in the first two months of 2023 alone. The numbers were driven mainly by Apple and Samsung — the two smartphone giants. Cumulatively, the total smartphone export stood at over $9 billion since April last year. India’s mobile phone exports crossed $2 billion (over Rs 16,500 crore) in the first two months of 2023, driven mainly by Apple and Samsung, taking the total export value to over $9 billion since April 2022. Apart from smartphones, the PLI scheme has been launched for pharmaceutical, automobile, textile, food products, solar modules, telecom and networking products, advanced chemistry cell batteries, white goods, and speciality steel amongst others. Sitharaman is currently on a weeklong trip to the US to attend International Monetary Fund and World Bank's spring meetings. She alongside India's central bank governor Shaktikanta Das will co-chair the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting on Wednesday and Thursday. ALSO READ | Indian FM Nirmala Sitharaman arrives in US for week-long visit; will attend Spring Meetings of World Bank, IMF The earlier FMCBG meeting was held in the southern Indian city of Bengaluru in February and centred around the Russia-Ukraine conflict. Reflecting on the meeting, Sitharaman said, “It is a great opportunity for India to prove and to work towards bringing all countries together on substantive issues.” (With inputs from agencies) WATCH WION LIVE HERE:

India aims to take China’s place in global supply chain through PLI scheme: FM Nirmala Sitharaman

Nirmala Sitharaman, the Indian Finance Minister, is in the United States for a week. During her stay, she plans to attend a number of meetings at the World Bank, the IMF, and other institutions.

Indian Finance Minister Nirmala Sitharaman to meet G20 FM's today in US

Kuwait's Prime Minister Sheikh Ahmad Nawaf al-Sabah has appointed a new finance minister as part of a cabinet reshuffle that left other major roles unchanged, state news agency KUNA reported on Sunday.

The crown prince in March reappointed Sheikh Ahmad as prime minister, more than a month after the government resigned in response to friction with an opposition-controlled parliament.

Of the main portfolios, Manaf Abdulaziz Al Hajri was made minister for finance and minister of state for economic and investment affairs, while Bader Al Mulla, the incumbent oil minister, stays on in the role.

"The biggest challenge for the government is to regain the trust of the people," said Ahmad al-Din, member of the political bureau of the Kuwaiti Progressive Movement (left).

"The removal of Abd al-Wahhab al-Rasheed (former finance minister), who was an element of tension with the 2022 parliament, indicates that the current government is betting on the return of the 2022 parliament," he added.

<a href="https://www.wionews.com/videos/kuwaits-national-assembly-women-candidates-make-a-comeback-521620">WATCH |&nbsp;Kuwait's national assembly: Women candidates make a comeback</a>

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Kuwait holds some of the world's largest oil reserves and has strong fiscal and external balance sheets, but political bickering and institutional gridlock have hampered investment and reforms aimed at reducing its heavy reliance on oil revenues.

Relations have been particularly tense between the prime minister and the speaker of the National Assembly, elected in 2020, since the Constitutional Court in March annulled last September's election results.

Finance Minister Al Hajri was CEO of asset management and banking institution Kuwait Financial Center for 16 years before resigning in 2020 and is well-known in business and finance circles in Kuwait.

Sheikh Talal Al-Khaled Al-Sabah was re-appointed as minister of interior and acting minister of defence, and Sheikh Salem Abdullah Al-Jaber Al-Sabah remains the foreign minister.

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Kuwait's Prime Minister Sheikh Ahmad Nawaf al-Sabah has appointed a new finance minister as part of a cabinet reshuffle that left other major roles unchanged, state news agency KUNA reported on Sunday.

Kuwait's Prime Minister Sheikh Ahmad Nawaf al-Sabah has appointed a new finance minister as part of a cabinet reshuffle that left other major roles unchanged, state news agency KUNA reported on Sunday. The crown prince in March reappointed Sheikh Ahmad as prime minister, more than a month after the government resigned in response to friction with an opposition-controlled parliament. Of the main portfolios, Manaf Abdulaziz Al Hajri was made minister for finance and minister of state for economic and investment affairs, while Bader Al Mulla, the incumbent oil minister, stays on in the role. "The biggest challenge for the government is to regain the trust of the people," said Ahmad al-Din, member of the political bureau of the Kuwaiti Progressive Movement (left). "The removal of Abd al-Wahhab al-Rasheed (former finance minister), who was an element of tension with the 2022 parliament, indicates that the current government is betting on the return of the 2022 parliament," he added. WATCH | Kuwait's national assembly: Women candidates make a comeback × Kuwait holds some of the world's largest oil reserves and has strong fiscal and external balance sheets, but political bickering and institutional gridlock have hampered investment and reforms aimed at reducing its heavy reliance on oil revenues. Relations have been particularly tense between the prime minister and the speaker of the National Assembly, elected in 2020, since the Constitutional Court in March annulled last September's election results. Finance Minister Al Hajri was CEO of asset management and banking institution Kuwait Financial Center for 16 years before resigning in 2020 and is well-known in business and finance circles in Kuwait. Sheikh Talal Al-Khaled Al-Sabah was re-appointed as minister of interior and acting minister of defence, and Sheikh Salem Abdullah Al-Jaber Al-Sabah remains the foreign minister. WATCH WION LIVE HERE:

Kuwait cabinet reshuffle: PM Sheikh Ahmad appoints new finance minister

Qatar’s former finance minister Ali Sherif al-Emadi will face a criminal trial, said the state-run Qatar News Agency (QNA) in a short statement issued on Sunday (March 19), following his arrest two years ago over alleged embezzlement. Al-Emadi who served as the minister of finance in the wealthy Gulf Arab state from 2013 till his arrest in 2021 will face trial along with a number of others who have been charged with similar crimes.&nbsp;

The state-run news agency without mentioning the number of other people said Al-Emadi and others will face trial over charges of bribery, abuse of position and power, damage to public funds and money laundering, reported Reuters. However, it is also unclear whether all those accused will face the same charges or not.&nbsp;

“Since evidence extracted from the case documents proved that the accused committed the crimes ascribed to them, the Attorney General issued an order to refer the accused to the Criminal Court to punish them for the crimes ascribed to them, which included bribery, appropriation of public money, abuse of office, abuse of power, damage to public money and money laundering,” said the QNA report, as per Al Jazeera.&nbsp;

Notably, there are not a lot of details released about Al-Emadi’s arrest including how much money the former minister is accused of stealing. The 54-year-old who was arrested in May 2021 was stripped of his ministerial duties and&nbsp;removed from the Qatar Investment Agency which owns 50 per cent of the Qatar National Bank where he served as a board member.

Al-Emadi was also one of the most powerful officials in the country prior to his arrest, and was CEO of the bank, on the board of Qatar’s $300 billion sovereign wealth fund and president of the executive board of Qatar Airways. While Al-Emadi has been arrested, he has not been placed in detention, reported AFP.

Qatar’s Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani have previously clarified that the investigation into the former finance minister was related to his ministerial duties and not his posts at the sovereign fund or the bank, reported Reuters. Notably, ahead of Al-Emadi’s arrest the Qatari PM had also revised the law ending immunity from prosecution for ministers.

(With inputs from agencies)&nbsp; 
 
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Qatar’s former finance minister Ali Sherif al-Emadi will face a criminal trial, said the state-run Qatar News Agency (QNA) in a short statement issued on Sunday (March 19), following his arrest two years ago over alleged embezzlement.

Qatar’s former finance minister Ali Sherif al-Emadi will face a criminal trial, said the state-run Qatar News Agency (QNA) in a short statement issued on Sunday (March 19), following his arrest two years ago over alleged embezzlement. Al-Emadi who served as the minister of finance in the wealthy Gulf Arab state from 2013 till his arrest in 2021 will face trial along with a number of others who have been charged with similar crimes. The state-run news agency without mentioning the number of other people said Al-Emadi and others will face trial over charges of bribery, abuse of position and power, damage to public funds and money laundering, reported Reuters. However, it is also unclear whether all those accused will face the same charges or not. “Since evidence extracted from the case documents proved that the accused committed the crimes ascribed to them, the Attorney General issued an order to refer the accused to the Criminal Court to punish them for the crimes ascribed to them, which included bribery, appropriation of public money, abuse of office, abuse of power, damage to public money and money laundering,” said the QNA report, as per Al Jazeera. Notably, there are not a lot of details released about Al-Emadi’s arrest including how much money the former minister is accused of stealing. The 54-year-old who was arrested in May 2021 was stripped of his ministerial duties and removed from the Qatar Investment Agency which owns 50 per cent of the Qatar National Bank where he served as a board member. Al-Emadi was also one of the most powerful officials in the country prior to his arrest, and was CEO of the bank, on the board of Qatar’s $300 billion sovereign wealth fund and president of the executive board of Qatar Airways. While Al-Emadi has been arrested, he has not been placed in detention, reported AFP. Qatar’s Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani have previously clarified that the investigation into the former finance minister was related to his ministerial duties and not his posts at the sovereign fund or the bank, reported Reuters. Notably, ahead of Al-Emadi’s arrest the Qatari PM had also revised the law ending immunity from prosecution for ministers. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Qatar: Former finance minister Ali Sherif al-Emadi charged with bribery, embezzlement; to face trial

The meeting of the finance ministers for the group of 20 (G20) countries which&nbsp;had convened in the Indian city of Bengaluru ended on Saturday (February 25) without a joint statement. This comes as most G20 member nations condemned the ongoing conflict in Ukraine but China and Russia declined to sign the joint statement. This led India, which was hosting the two-day event to release a “chair’s summary and outcome document” which is said to simply summarise the talks and noted disagreements.&nbsp;

Disagreements at the G20 meeting

The document in question wrote, “most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy.” This was said in the context of supply chain disruptions, risks to financial stability, as well as continuing energy and food insecurity. It also added that there were “different assessments of the situation and sanctions” referring to the ongoing conflict.&nbsp;

This comes as western countries have imposed thousands of sanctions against Russia&nbsp;and&nbsp;some of its citizens&nbsp;since it began what it has described as its “special military operation” in Ukraine, in a bid to starve the country of its revenues. A footnote said that the two paragraphs in the summary about the ongoing conflict “were agreed to by all member countries except Russia and China”.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/german-chancellor-meets-pm-modi-deepening-of-india-germany-ties-in-focus-565780">India ready to contribute to any peace process for resolving Ukraine crisis, says PM Modi</a>

Notably, the paragraphs are said to be adopted from the G20 Bali Leaders’ declaration in November but even at the time China wanted to change the language of the statement and remove the word “war”, reported AFP citing officials who requested anonymity.&nbsp;

Indian finance minister addresses a press conference after the meetings

“Although there was not what we would call a communique, but only an outcome statement, we still think we've made some progress in having all the ministers on board”, said the Indian Finance Minister Nirmala Sitharaman in her concluding remarks, earlier today.&nbsp;

She also addressed that, “Two countries, Russia and China had reservations. So with a footnote certainly a communique can't go out and therefore it had to be a chair summary and an outcome document.”&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/g-20-finance-meet-hosted-by-india-ends-without-a-joint-communique-565934">G20 finance meet, hosted by India, ends without a joint communique</a>

Since the beginning of the conflict, New Delhi has not condemned Moscow and was seen as reluctant to raise the issue at the meeting but the western countries asserted that they could not support any outcome that did not include a condemnation.&nbsp;

Furthermore, Indian Economic Affairs Secretary Ajay Seth refuted the aforementioned claims about Moscow and Beijing wanting to change the language part of the summary and said, “Both Russia and China took the position that Finance Ministers and Central Bank Governors’ mandate is to deal with economic and financial issues and their mandate is not on geo-political issues. So they did not comment on the language part,” as per PTI. He added, “There was no request or demand to remove the word 'war', they just said to remove the paragraph itself because it was not the right place for having those paragraphs.”&nbsp;

Whereas the other 18 countries felt that the ongoing war has got implications for the global economy, which is why this is the right place to have those paragraphs, said the economic affairs minister. The two-day meeting discussed a range of issues which also included debt relief to poorer countries, digital currencies and payments, reforms of lending institutions like the World Bank and International Monetary Fund (IMF) as well as climate change and financial inclusion.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/russia-sanction-regime-after-us-australia-imposes-sanctions-on-russia-565678">Russia-Ukraine war: After US, Australia imposes new sanctions on Moscow</a>

According to the Indian finance minister’s summary, the global outlook has somewhat improved since they last met in October 2022 but global growth remains slow and downside risks to the outlook persist. This was in reference to elevated inflation, a resurgence of the pandemic and tighter financing conditions, which could worsen debt vulnerabilities in emerging economies.&nbsp;

“We, therefore, reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth and maintain macroeconomic as well as financial stability. We will continue to enhance macro policy cooperation and support the progress towards the 2030 Agenda for Sustainable Development,” said Sitharaman.&nbsp;

India's call for regulating crypto receives support

There was also a discussion surrounding the adequacy of IMF quotas which the document released after the meeting said that the leaders would continue to work on IMF governance reform under the 16th General Review of Quotas which would also include a new quota formula as a guide which would be completed by December 15, 2023.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indias-push-to-regulate-crypto-get-support-from-imf-us-at-g20-565847">India’s push to regulate cryptocurrencies gets support from IMF, US at G20</a>

Notably, India’s push for regulation of private crypto assets also received support at the meeting. IMF Managing Director Kristalina Georgieva backing New Delhi’s stance on private cryptocurrencies and other digital assets said, “We have to differentiate between central bank digital currencies that are backed by the state and stable coins, and crypto assets that are privately issued.”&nbsp;

She added, “Second, there has to be a very strong push for regulation. And third, if regulation fails, if you’re slow to do it, then we should not take off the table or banning those assets, because they may create financial stability risk”. This comes after Indian officials including the finance ministry and Reserve Bank of India (RBI) has called for strong global regulations for private crypto assets and in some cases, they should be banned.&nbsp;

(With inputs from agencies) 
 
&nbsp;

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The meeting of the finance ministers for the group of 20 (G20) countries which had convened in the Indian city of Bengaluru ended on Saturday (February 25) without a joint statement.

The meeting of the finance ministers for the group of 20 (G20) countries which had convened in the Indian city of Bengaluru ended on Saturday (February 25) without a joint statement. This comes as most G20 member nations condemned the ongoing conflict in Ukraine but China and Russia declined to sign the joint statement. This led India, which was hosting the two-day event to release a “chair’s summary and outcome document” which is said to simply summarise the talks and noted disagreements. Disagreements at the G20 meeting The document in question wrote, “most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy.” This was said in the context of supply chain disruptions, risks to financial stability, as well as continuing energy and food insecurity. It also added that there were “different assessments of the situation and sanctions” referring to the ongoing conflict. This comes as western countries have imposed thousands of sanctions against Russia and some of its citizens since it began what it has described as its “special military operation” in Ukraine, in a bid to starve the country of its revenues. A footnote said that the two paragraphs in the summary about the ongoing conflict “were agreed to by all member countries except Russia and China”. ALSO READ | India ready to contribute to any peace process for resolving Ukraine crisis, says PM Modi Notably, the paragraphs are said to be adopted from the G20 Bali Leaders’ declaration in November but even at the time China wanted to change the language of the statement and remove the word “war”, reported AFP citing officials who requested anonymity. Indian finance minister addresses a press conference after the meetings “Although there was not what we would call a communique, but only an outcome statement, we still think we've made some progress in having all the ministers on board”, said the Indian Finance Minister Nirmala Sitharaman in her concluding remarks, earlier today. She also addressed that, “Two countries, Russia and China had reservations. So with a footnote certainly a communique can't go out and therefore it had to be a chair summary and an outcome document.” ALSO WATCH | G20 finance meet, hosted by India, ends without a joint communique Since the beginning of the conflict, New Delhi has not condemned Moscow and was seen as reluctant to raise the issue at the meeting but the western countries asserted that they could not support any outcome that did not include a condemnation. Furthermore, Indian Economic Affairs Secretary Ajay Seth refuted the aforementioned claims about Moscow and Beijing wanting to change the language part of the summary and said, “Both Russia and China took the position that Finance Ministers and Central Bank Governors’ mandate is to deal with economic and financial issues and their mandate is not on geo-political issues. So they did not comment on the language part,” as per PTI. He added, “There was no request or demand to remove the word 'war', they just said to remove the paragraph itself because it was not the right place for having those paragraphs.” Whereas the other 18 countries felt that the ongoing war has got implications for the global economy, which is why this is the right place to have those paragraphs, said the economic affairs minister. The two-day meeting discussed a range of issues which also included debt relief to poorer countries, digital currencies and payments, reforms of lending institutions like the World Bank and International Monetary Fund (IMF) as well as climate change and financial inclusion. ALSO READ | Russia-Ukraine war: After US, Australia imposes new sanctions on Moscow According to the Indian finance minister’s summary, the global outlook has somewhat improved since they last met in October 2022 but global growth remains slow and downside risks to the outlook persist. This was in reference to elevated inflation, a resurgence of the pandemic and tighter financing conditions, which could worsen debt vulnerabilities in emerging economies. “We, therefore, reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth and maintain macroeconomic as well as financial stability. We will continue to enhance macro policy cooperation and support the progress towards the 2030 Agenda for Sustainable Development,” said Sitharaman. India's call for regulating crypto receives support There was also a discussion surrounding the adequacy of IMF quotas which the document released after the meeting said that the leaders would continue to work on IMF governance reform under the 16th General Review of Quotas which would also include a new quota formula as a guide which would be completed by December 15, 2023. ALSO READ | India’s push to regulate cryptocurrencies gets support from IMF, US at G20 Notably, India’s push for regulation of private crypto assets also received support at the meeting. IMF Managing Director Kristalina Georgieva backing New Delhi’s stance on private cryptocurrencies and other digital assets said, “We have to differentiate between central bank digital currencies that are backed by the state and stable coins, and crypto assets that are privately issued.” She added, “Second, there has to be a very strong push for regulation. And third, if regulation fails, if you’re slow to do it, then we should not take off the table or banning those assets, because they may create financial stability risk”. This comes after Indian officials including the finance ministry and Reserve Bank of India (RBI) has called for strong global regulations for private crypto assets and in some cases, they should be banned. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

G20 finance meet ends without joint statement after differences over Russia-Ukraine conflict

Facing an economic crisis, Pakistan has agreed to hike tariffs on electricity to meet conditions set out by the IMF. The Pakistan government plans to raise more than 631 billion dollars in revenue to meet conditions for the global lender.

Pakistan to raise $631 MN in revenue, Finance Minister chairs meeting

Former NITI Aayog Vice-Chairman and Professor of Economics at Columbia University Arvind Panagariya unpacks the expectations from Budget 2023, and takes stock of the state of the Indian economy.

The India Story | Will the 2023 budget control the fiscal deficit, or continue spending for growth?

Rahul Bhasin, Managing Partner of Baring Private Equity Partners India, tells Vikram Chandra that reforms for capital gain tax are due in Budget 2023. He also says that the budget needs to incentivise making the economy more sustainable.

The India Story | Are reforms for Capital Gain tax due? Investor Rahul Bhasin on Budget 2023

Finance Minister Nirmala Sitharaman will present the Union Budget for 2023 next week, in what is a crucial year for India. Will the budget focus on controlling fiscal deficit, or continue with spending for growth? Could we see further tax reforms?

The India Story | Vikram Chandra’s take on what we can expect from Budget 2023

German Finance Minister Christian Lindner is under a corruption cloud. Lindner could lose his parliamentary immunity due to corruption charges.

German Finance Minister under pressure after corruption allegations

The Finance Minister then a leading Contender and now the Prime Minister, Rishi Sunak is going to take over office when the United Kingdom stands at a crucial point. The nation desperately seeks stability but does Sunak have what it takes, let's decode.

Finance minister, a contender and now the leader- Rishi Sunak to be the youngest UK PM

In a bit to further strengthen the diplomatic bond between Nepal and China, the Himalayan nation's Foreign Affairs minister has now held a meeting with his Chinese counterpart.

Nepal Foreign Minister and Wang Yi hold talks, key focus on trade and investment

Pakistan Finance Minister Miftah Ismail has reportedly said that the country would need USD 41 billion in the next 12 months.

"We have to pay back USD 21 billion in the next year. I am guessing that the outside limit of the current account deficit will be USD 12 billion. I think that we should have reserves of at least three months. So we need USD 41 billion over the next 12 months and I think it will happen," he said as quoted by Pakistani news outlet Dawn.

The finance minister's statement came as he addressed the Pre-Budget Business Conference organised by the government in Islamabad. During the conference, Ismail said that Shehbaz Sharif government had re-engaged with the International Monetary Fund (IMF).

"We talked to them and we are very, very confident that we will soon have an agreement with the IMF. We are very, very confident of that," he said.

The minister further said that an average debt during the PTI government`s tenure was Pakistani rupees (PKR) 5,177 billion, while for the PML-N it was PKR 2,132 billion which was used for infrastructure development.

He said that over the span of 71 years, the country`s rulers -- including military dictators -- took out loans of PKR 25,000bn while former premier Imran took out loans worth PKR 20,000bn over a span of four years.

"This is 80 per cent of all loans taken by the entire government of Pakistan in the previous 71 years," he said, adding that this had resulted in an increase in debt servicing.&nbsp;

"The more you borrow, the more you have to pay."

(With inputs from agencies)

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Pakistan Finance Minister Miftah Ismail has reportedly said that the country would need USD 41 billion in the next 12 months. "We have to pay back USD 21 billion in the next year.

Pakistan Finance Minister Miftah Ismail has reportedly said that the country would need USD 41 billion in the next 12 months. "We have to pay back USD 21 billion in the next year. I am guessing that the outside limit of the current account deficit will be USD 12 billion. I think that we should have reserves of at least three months. So we need USD 41 billion over the next 12 months and I think it will happen," he said as quoted by Pakistani news outlet Dawn. The finance minister's statement came as he addressed the Pre-Budget Business Conference organised by the government in Islamabad. During the conference, Ismail said that Shehbaz Sharif government had re-engaged with the International Monetary Fund (IMF). "We talked to them and we are very, very confident that we will soon have an agreement with the IMF. We are very, very confident of that," he said. The minister further said that an average debt during the PTI government`s tenure was Pakistani rupees (PKR) 5,177 billion, while for the PML-N it was PKR 2,132 billion which was used for infrastructure development. He said that over the span of 71 years, the country`s rulers -- including military dictators -- took out loans of PKR 25,000bn while former premier Imran took out loans worth PKR 20,000bn over a span of four years. "This is 80 per cent of all loans taken by the entire government of Pakistan in the previous 71 years," he said, adding that this had resulted in an increase in debt servicing. "The more you borrow, the more you have to pay." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Pakistan needs USD 41 billion in next 12 months, says finance minister

While on her Pakistan visit on Tuesday, German Foreign Minister Annalena Baerbock tested positive for Covid 19, forcing her to cut short her trip and return to Germany.

Germany's ministry of foreign affairs confirmed her reports saying that "Annalena Baerbock had a positive screening test after lunch today" the News International reported.

After testing positive for the virus, the minister cancelled all further dates of the trip, which also included stops in Greece and Turkey, the ministry said.

As per the official Twitter handle of the ministry, Baerbock regularly tests herself for the virus. It further said that she was tested negative for the virus in the morning, the News International reported.

German FM Annalena Baerbock reached Pakistan today, where she was welcomed by the Pakistan Foreign Minister Bilawal Bhutto-Zardari, Minister of State for Foreign Affairs Hina Rabbani Khar and other senior officials.

The minister along with her Pakistani counterpart Bilawal Bhutto Zardari also planted a sapling on the premises of the Ministry of Foreign Affairs.

Baerbock's visit to Pakistan was scheduled for June 7 and 8 to hold a discussion on bilateral and global issues with her counterpart from Pakistan. This comes as a response to the invitation of Pakistani Foreign Minister Bilawal Bhutto Zardari.

The two sides attach special importance to strengthening bilateral cooperation in diverse fields, including trade and investment, energy, defence, and people-to-people contacts, said the ministry.

The visit of the German foreign minister is part of regular high-level exchanges between the two countries and is expected to further boost the multi-faceted Pakistan-Germany relationship, according to the statement.

This year both countries are celebrating the 70th anniversary of the establishment of diplomatic relations. The German Foreign Minister's visit is part of regular high-level exchanges between the two countries.&nbsp;

[with inputs from agencies]

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While on her Pakistan visit on Tuesday, German Foreign Minister Annalena Baerbock tested positive for Covid 19, forcing her to cut short her trip and return to Germany.

While on her Pakistan visit on Tuesday, German Foreign Minister Annalena Baerbock tested positive for Covid 19, forcing her to cut short her trip and return to Germany. Germany's ministry of foreign affairs confirmed her reports saying that "Annalena Baerbock had a positive screening test after lunch today" the News International reported. After testing positive for the virus, the minister cancelled all further dates of the trip, which also included stops in Greece and Turkey, the ministry said. As per the official Twitter handle of the ministry, Baerbock regularly tests herself for the virus. It further said that she was tested negative for the virus in the morning, the News International reported. German FM Annalena Baerbock reached Pakistan today, where she was welcomed by the Pakistan Foreign Minister Bilawal Bhutto-Zardari, Minister of State for Foreign Affairs Hina Rabbani Khar and other senior officials. The minister along with her Pakistani counterpart Bilawal Bhutto Zardari also planted a sapling on the premises of the Ministry of Foreign Affairs. Baerbock's visit to Pakistan was scheduled for June 7 and 8 to hold a discussion on bilateral and global issues with her counterpart from Pakistan. This comes as a response to the invitation of Pakistani Foreign Minister Bilawal Bhutto Zardari. The two sides attach special importance to strengthening bilateral cooperation in diverse fields, including trade and investment, energy, defence, and people-to-people contacts, said the ministry. The visit of the German foreign minister is part of regular high-level exchanges between the two countries and is expected to further boost the multi-faceted Pakistan-Germany relationship, according to the statement. This year both countries are celebrating the 70th anniversary of the establishment of diplomatic relations. The German Foreign Minister's visit is part of regular high-level exchanges between the two countries. [with inputs from agencies] WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

German foreign minister tests Covid positive during her visit to Pakistan

Sri Lanka is in the face of spiraling financial upheaval, finally a finance minister has been appointed, it is the new PM Ranil Wickremesinghe who has taken oath as the new minister of finance and within six weeks Wickremesinghe will be presenting an interim budget.

Sri Lankan PM Wickremesinghe appointed finance minister to steer nation out of financial crunch

Sri Lankan Prime Minister Ranil Wickremesinghe took over additional responsibility as he was sworn in as the country's new Minister of Finance, Economic Stability & National Policies. .

Sri Lanka Crisis: PM Ranil Wickremesinghe takes additional charge, sworn in as new Finance Minister

Pakistani government could withdraw subsidies on petroleum products as Pak reeling under economic crisis. Meanwhile, talks between IMF and Pakistan are scheduled to continue till May 24th.

Pakistan-IMF Talks in Doha: Pak rupee plunges to new all-time low

Sri Lanka saw a major change in their cabinet as nine more ministers were added to an ‘all-party government’ to guide the nation through the ongoing economic crisis. The new appointments came in the aftermath of Ranil Wickremesinghe becoming the new prime minister of the country following the resignation of Mahinda Rajapaksa. Wickremesinghe promised to put together a coalition cabinet featuring all major parties in order to combat the growing unrest and crisis gripping Sri Lanka.

The new cabinet has enjoyed good support from all parties in the country with two SJB (Samagi Jana Balawegaya) – the main opposition party – joining the new government and the Sri Lanka Freedom Party also pledging their support to President Gotabaya Rajapaksa after getting one cabinet seat.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/china-looking-to-construct-military-bases-in-pakistan-report-480699" hreflang="en">China looking to construct military outposts in Pakistan: Report</a>

According to local reports, Nimal Siripala De Silva Ports was appointed minister of Naval and Aviation Services, Susil Premajayantha as the minister of education, Keheliya Rambukwella as the health minister and Wijeyadasa Rajapakshe as the minister of Justice, Prison Affairs, Constitutional Reforms.

Harin Fernando became the minister of Tourism and Land while Ramesh Pathirana took oath as minister of Plantation Industries, Manusha Nanayakkara as the minister of Labour and Foreign Employment, Nalin Fernando as the minister of Trade, Commerce, and Food Security and Tiran Alles as the minister of Public Security.

Also read |&nbsp;<a href="https://www.wionews.com/world/vladimir-putins-daughter-katerina-tikhonova-has-been-living-zelensky-in-secret-report-480573">Vladimir Putin's daughter has been living with 'Zelensky' in secret: Report</a>

However, although major ministries like health and education were filled, the position of finance minister remains vacant. With the discussions with the International Monetary Fund (IMF) still pending, the lack of a finance minister can cause further problems for the country’s economy.

However, Wickremesinghe’s office told AFP that the announcement will be made next week.

Sri Lanka is currently going through their worst economic crisis in history and with the government out of funds, the country has seen acute food and fuel shortages in the last few weeks. Even medicines are scarce in the country and the lack of import has affected the health system massively.

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(With inputs from agencies)

Sri Lanka saw a major change in their cabinet as nine more ministers were added to an ‘all-party government’ to guide the nation through the ongoing economic crisis.

Sri Lanka saw a major change in their cabinet as nine more ministers were added to an ‘all-party government’ to guide the nation through the ongoing economic crisis. The new appointments came in the aftermath of Ranil Wickremesinghe becoming the new prime minister of the country following the resignation of Mahinda Rajapaksa. Wickremesinghe promised to put together a coalition cabinet featuring all major parties in order to combat the growing unrest and crisis gripping Sri Lanka. The new cabinet has enjoyed good support from all parties in the country with two SJB (Samagi Jana Balawegaya) – the main opposition party – joining the new government and the Sri Lanka Freedom Party also pledging their support to President Gotabaya Rajapaksa after getting one cabinet seat. Also read | China looking to construct military outposts in Pakistan: Report According to local reports, Nimal Siripala De Silva Ports was appointed minister of Naval and Aviation Services, Susil Premajayantha as the minister of education, Keheliya Rambukwella as the health minister and Wijeyadasa Rajapakshe as the minister of Justice, Prison Affairs, Constitutional Reforms. Harin Fernando became the minister of Tourism and Land while Ramesh Pathirana took oath as minister of Plantation Industries, Manusha Nanayakkara as the minister of Labour and Foreign Employment, Nalin Fernando as the minister of Trade, Commerce, and Food Security and Tiran Alles as the minister of Public Security. Also read | Vladimir Putin's daughter has been living with 'Zelensky' in secret: Report However, although major ministries like health and education were filled, the position of finance minister remains vacant. With the discussions with the International Monetary Fund (IMF) still pending, the lack of a finance minister can cause further problems for the country’s economy. However, Wickremesinghe’s office told AFP that the announcement will be made next week. Sri Lanka is currently going through their worst economic crisis in history and with the government out of funds, the country has seen acute food and fuel shortages in the last few weeks. Even medicines are scarce in the country and the lack of import has affected the health system massively. WATCH WION LIVE HERE - (With inputs from agencies)

Sri Lanka appoints nine new cabinet members, finance minister yet to be announced

Cash-strapped Pakistan and the International Monetary Fund have now agreed in principle to extend a stalled bailout program that will now increase an existing loan size from six billion dollars to eight billion dollars. Pakistan's Finance Minister speaks to WION on more on this.

Watch: Pakistan's Finance Minister on WION as IMF extends bailout package for Pakistan

Britain's Finance Minister Rishi Sunak is facing a lot of criticism over his family's financial arrangements. Rishi Sunak has now asked PM Boris Johnson for a review of his declarations of interest he is urged to determine whether he stuck to the rules on ministerial declarations.

UK finance minister Rishi Sunak under scanner over wife’s tax returns

Tax arrangements of UK Chancellor Rishi Sunak's family under scrutiny

UK Finance Minister Rishi Sunak is now under pressure to reveal details of his private investments four days after his wife, Akshata Murthy was non-domiciled in Britain for tax purposes

UK Chancellor Rishi Sunak faces quiz on blind investment holdings

Britain's embattled&nbsp;finance&nbsp;minister&nbsp;Rishi Sunak stood accused Saturday of political hypocrisy as&nbsp;new&nbsp;questions emerged over offshore&nbsp;tax&nbsp;havens reportedly held by his Indian&nbsp;wife.

Sunak was also criticised for a lack of transparency, after he admitted to holding a "Green Card" for US permanent residents until last year.

Sunak's wealthy&nbsp;wife&nbsp;Akshata Murty said she would start paying&nbsp;UK&nbsp;tax&nbsp;on "all worldwide income", in a bid to defuse a controversy that has further imperilled his waning political fortunes.

Also read |&nbsp;<a href="https://www.wionews.com/world/british-finance-minister-rishi-sunaks-wife-agrees-to-pay-more-tax-on-foreign-income-469592">British finance minister Rishi Sunak's wife agrees to pay more tax on foreign income</a>

But Labour frontbench MP Louise Haigh told BBC radio that Sunak had "come out on a number of occasions to try and muddy the waters" around his family's&nbsp;tax&nbsp;affairs.

She conceded that the "non-domicile" status enjoyed by Murty -- shielding the overseas income from her family's company Infosys against&nbsp;UK&nbsp;taxes -- was legal.&nbsp;

But Haigh queried "whether it was right that the chancellor of the exchequer, whilst piling on 15 separate&nbsp;tax&nbsp;rises to the British public, was benefiting from a&nbsp;tax&nbsp;scheme that allowed his household to pay significantly less to the tune of potentially tens of millions of pounds."

The Independent newspaper reported that Sunak was listed as the beneficiary of trusts set up in the British Virgin Islands and Cayman Islands to help manage his&nbsp;wife's&nbsp;tax&nbsp;and business affairs.

Sunak was listed in 2020, after he became chancellor and after a prior stint as chief secretary to the Treasury, the newspaper said.

"No-one in Akshata's family is aware of this alleged trust," a spokeswoman close to the Sunak family said in response.

Watch |&nbsp;Gravitas: Rishi Sunak grilled over alleged Russia link

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As chancellor, Sunak oversaw a huge programme of government spending during the coronavirus pandemic, but is now tightening the belt just as Britons face the worst cost-of-living crisis in generations.

Once a leading contender to succeed Prime&nbsp;Minister&nbsp;Boris Johnson, Sunak has seen his popularity plummet in recent weeks as a result, and has accused critics of mounting a "smear" campaign against his&nbsp;wife.

Allies of the&nbsp;finance&nbsp;minister&nbsp;have told newspapers that Johnson's office is waging a political hit job.

They said the prime&nbsp;minister&nbsp;believed Sunak had not backed him strongly enough during an ongoing scandal into Downing Street lockdown parties.

Johnson on Friday denied knowledge of any briefing operation against Sunak, and told reporters that his chancellor was doing an "absolutely outstanding job".

The White House meanwhile declined to comment about Sunak's Green Card, which the&nbsp;minister&nbsp;said he only gave up ahead of his first visit to the United States as chancellor in October last year.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-finance-minister-rishi-sunak-faces-fire-over-wife-akshata-murthys-non-domicile-tax-status-469148">UK Finance Minister Rishi Sunak faces fire over wife Akshata Murthy's non-domicile tax status</a>

Under&nbsp;US law, possession of the card meant that Sunak intended to live in America and pay US taxes,&nbsp;despite&nbsp;serving as Britain's second-most powerful politician.

Sunak and Murty met as students in the United States and they married in 2009. She is the daughter of Indian billionaire N. R. Narayana Murthy, co-founder of the IT giant Infosys.

Britain's embattled finance minister Rishi Sunak stood accused Saturday of political hypocrisy as new questions emerged over offshore tax havens reportedly held by his Indian wife.

Britain's embattled finance minister Rishi Sunak stood accused Saturday of political hypocrisy as new questions emerged over offshore tax havens reportedly held by his Indian wife. Sunak was also criticised for a lack of transparency, after he admitted to holding a "Green Card" for US permanent residents until last year. Sunak's wealthy wife Akshata Murty said she would start paying UK tax on "all worldwide income", in a bid to defuse a controversy that has further imperilled his waning political fortunes. Also read | British finance minister Rishi Sunak's wife agrees to pay more tax on foreign income But Labour frontbench MP Louise Haigh told BBC radio that Sunak had "come out on a number of occasions to try and muddy the waters" around his family's tax affairs. She conceded that the "non-domicile" status enjoyed by Murty -- shielding the overseas income from her family's company Infosys against UK taxes -- was legal. But Haigh queried "whether it was right that the chancellor of the exchequer, whilst piling on 15 separate tax rises to the British public, was benefiting from a tax scheme that allowed his household to pay significantly less to the tune of potentially tens of millions of pounds." The Independent newspaper reported that Sunak was listed as the beneficiary of trusts set up in the British Virgin Islands and Cayman Islands to help manage his wife's tax and business affairs. Sunak was listed in 2020, after he became chancellor and after a prior stint as chief secretary to the Treasury, the newspaper said. "No-one in Akshata's family is aware of this alleged trust," a spokeswoman close to the Sunak family said in response. Watch | Gravitas: Rishi Sunak grilled over alleged Russia link As chancellor, Sunak oversaw a huge programme of government spending during the coronavirus pandemic, but is now tightening the belt just as Britons face the worst cost-of-living crisis in generations. Once a leading contender to succeed Prime Minister Boris Johnson, Sunak has seen his popularity plummet in recent weeks as a result, and has accused critics of mounting a "smear" campaign against his wife. Allies of the finance minister have told newspapers that Johnson's office is waging a political hit job. They said the prime minister believed Sunak had not backed him strongly enough during an ongoing scandal into Downing Street lockdown parties. Johnson on Friday denied knowledge of any briefing operation against Sunak, and told reporters that his chancellor was doing an "absolutely outstanding job". The White House meanwhile declined to comment about Sunak's Green Card, which the minister said he only gave up ahead of his first visit to the United States as chancellor in October last year. Also read | UK Finance Minister Rishi Sunak faces fire over wife Akshata Murthy's non-domicile tax status Under US law, possession of the card meant that Sunak intended to live in America and pay US taxes, despite serving as Britain's second-most powerful politician. Sunak and Murty met as students in the United States and they married in 2009. She is the daughter of Indian billionaire N. R. Narayana Murthy, co-founder of the IT giant Infosys.

UK finance minister under new attack despite wife's tax U-turn

Sri&nbsp;Lanka&nbsp;must look at restructuring a $1 billion sovereign debt due for payment in July, the outgoing finance minister told parliament on Thursday, urging an end to calls for a change in government amid the country's worst economic crisis in decades.

The opposition and some partners of the ruling coalition rejected calls this week for a unity government from President Gotabaya Rajapaksa after he disbanded his cabinet, in the hope of quelling weeks-long street protests over shortages of fuel, power, food and medicine.

With its foreign exchange reserves shrinking quickly, massive debt payments due and the rupee currency slumping, analysts say the government is running out of options.

Also read | <a href="https://www.wionews.com/south-asia/india-our-big-brother-grateful-to-pm-modi-sri-lankas-sanath-jayasuriya-amid-economic-crisis-469085">India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis</a>

"We must look at how to structure the $1 billion international sovereign bond payment maturing in July. We must go to the IMF, there is no other solution that I can see," said Ali Sabry, who sent his resignation to Rajapaksa on Tuesday, a day after he was moved to finance from the justice ministry.

It was not immediately clear if the president had accepted his resignation, which was submitted just days ahead of scheduled talks with the International Monetary Fund for emergency loans.

"We must have political stability to find solutions to the financial crisis," Sabry said.

"We must discuss with the World Bank and we must have a bridge-financing plan with the ADB. If we don’t have stability, who will conduct these talks?," he said, referring to the Philippines-based Asian Development Bank.

Opposition lawmakers, however, continued to call for the president to step down.

Critics have accused the government of mismanagement, but the economy has also been hit by drought and a sharp drop in tourism due to the COVID-19 pandemic.

Help from the IMF would also likely come with some tough political choices -- policy reforms that could add to the pain in the short-term in hopes of getting the economy back on more solid footing in a few years.

Watch |&nbsp;Gravitas: How can Sri Lanka escape this mess?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-how-can-sri-lanka-escape-this-mess-468722/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

J.P. Morgan analysts estimated this week that&nbsp;Sri&nbsp;Lanka's gross debt servicing would amount to $7 billion this year, with the current account deficit coming in at around $3 billion. As of February, the country had only $2.31 billion in reserves.

Reuters reported on Wednesday that asset managers Blackrock Inc and Ashmore Group Plc were among the top holders of&nbsp;Sri&nbsp;Lanka's international bonds that form part of a creditor group as markets prepare for a potential debt restructuring - which would be a first for the island nation.

Monetary Policy

As the search for a replacement for Sabry continues, a new central bank governor was set to take over on Thursday in place of Ajith Nivard Cabraal, who quit on Monday.

P. Nandalal Weerasinghe, a former senior deputy governor of the Central Bank of&nbsp;Sri&nbsp;Lanka&nbsp;who has worked with the IMF, will hold a monetary policy meeting on Friday. It was originally supposed to be held on Monday.

An analyst said the central bank was expected to hike key interest rates by 300-400 basis points (bps) - following a 100 bps increase in early March - to tame inflation that hit 18.7% in March.

"We also expect the newly appointed governor to outline potential measures to be included in the IMF reform plan, views on potential debt restructuring, and currency management," said Lakshini Fernando of Asia Securities, adding she also expected Weerasinghe to address the need for "higher stability and transparency" at the bank.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-appoints-advisory-committee-of-economic-and-fiscal-experts-to-tackle-debt-crisis-469042">Sri Lanka appoints advisory committee of economic and fiscal experts to tackle debt crisis</a>

Protests over shortages of food, fuel, and other essentials have gone unabated in the country of 22 million people. Little money is left to pay for imports.

The&nbsp;Sri&nbsp;Lanka&nbsp;rupee currency's 40% depreciation against the U.S. dollar in one month has compounded problems.

The stock market, which is down a third this year, fell about 4% on Thursday.

Sri Lanka must look at restructuring a $1 billion sovereign debt due for payment in July, the outgoing finance minister told parliament on Thursday, urging an end to calls for a change in government amid the country's worst economic crisis in decades.

Sri Lanka must look at restructuring a $1 billion sovereign debt due for payment in July, the outgoing finance minister told parliament on Thursday, urging an end to calls for a change in government amid the country's worst economic crisis in decades. The opposition and some partners of the ruling coalition rejected calls this week for a unity government from President Gotabaya Rajapaksa after he disbanded his cabinet, in the hope of quelling weeks-long street protests over shortages of fuel, power, food and medicine. With its foreign exchange reserves shrinking quickly, massive debt payments due and the rupee currency slumping, analysts say the government is running out of options. Also read | India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis "We must look at how to structure the $1 billion international sovereign bond payment maturing in July. We must go to the IMF, there is no other solution that I can see," said Ali Sabry, who sent his resignation to Rajapaksa on Tuesday, a day after he was moved to finance from the justice ministry. It was not immediately clear if the president had accepted his resignation, which was submitted just days ahead of scheduled talks with the International Monetary Fund for emergency loans. "We must have political stability to find solutions to the financial crisis," Sabry said. "We must discuss with the World Bank and we must have a bridge-financing plan with the ADB. If we don’t have stability, who will conduct these talks?," he said, referring to the Philippines-based Asian Development Bank. Opposition lawmakers, however, continued to call for the president to step down. Critics have accused the government of mismanagement, but the economy has also been hit by drought and a sharp drop in tourism due to the COVID-19 pandemic. Help from the IMF would also likely come with some tough political choices -- policy reforms that could add to the pain in the short-term in hopes of getting the economy back on more solid footing in a few years. Watch | Gravitas: How can Sri Lanka escape this mess? J.P. Morgan analysts estimated this week that Sri Lanka's gross debt servicing would amount to $7 billion this year, with the current account deficit coming in at around $3 billion. As of February, the country had only $2.31 billion in reserves. Reuters reported on Wednesday that asset managers Blackrock Inc and Ashmore Group Plc were among the top holders of Sri Lanka's international bonds that form part of a creditor group as markets prepare for a potential debt restructuring - which would be a first for the island nation. Monetary Policy As the search for a replacement for Sabry continues, a new central bank governor was set to take over on Thursday in place of Ajith Nivard Cabraal, who quit on Monday. P. Nandalal Weerasinghe, a former senior deputy governor of the Central Bank of Sri Lanka who has worked with the IMF, will hold a monetary policy meeting on Friday. It was originally supposed to be held on Monday. An analyst said the central bank was expected to hike key interest rates by 300-400 basis points (bps) - following a 100 bps increase in early March - to tame inflation that hit 18.7% in March. "We also expect the newly appointed governor to outline potential measures to be included in the IMF reform plan, views on potential debt restructuring, and currency management," said Lakshini Fernando of Asia Securities, adding she also expected Weerasinghe to address the need for "higher stability and transparency" at the bank. Also read | Sri Lanka appoints advisory committee of economic and fiscal experts to tackle debt crisis Protests over shortages of food, fuel, and other essentials have gone unabated in the country of 22 million people. Little money is left to pay for imports. The Sri Lanka rupee currency's 40% depreciation against the U.S. dollar in one month has compounded problems. The stock market, which is down a third this year, fell about 4% on Thursday.

Crisis deepens: Sri Lanka needs stability, must restructure $1 billion debt, says outgoing finance minister

A week after some 200 nations struck an agreement aimed at intensifying global efforts to fight climate change, the finance minister of France warned that the cost of the energy transition will be “much higher than expected.”

French finance minister warns of climate action cost

Indonesia could phase out coal-fired power plants by 2040 if it gets sufficient financial help from the international community, the finance minister told Reuters.

The Southeast Asian archipelago is the world's fourth-most populous country and eighth biggest emitter of greenhouse gas, with coal making up about 65 per cent&nbsp;of its energy mix. It is also the world's biggest coal exporter.

Visiting the Scottish city of Glasgow for the COP26 conference, Sri Mulyani Indrawati said Indonesia would announce on Wednesday detailed plans to move to cleaner energy, with the phase-out of coal being the key issue.

Also Read |<a href="https://www.wionews.com/world/eco-hypocrite-leaders-businessmen-arrive-in-fuel-guzzling-private-jets-at-cop26-425903">&nbsp;'Eco-hypocrite': Leaders, businessmen arrive in fuel-guzzling private jets at COP26</a>

Previously, Indonesia said it planned to phase out coal for electricity by 2056, as part of a plan to reach net zero carbon emissions by 2060 or earlier.

"If we are going to put forward until 2040, then we need to have funding to retire coal earlier and to build the new capacity of renewable energy," Sri Mulyani said.

"That is exactly what has now become the core issue and I'm now as the finance minister calculating what does it mean to retire coal earlier. How much does it cost us" she said.

Also Read |&nbsp;<a href="https://www.wionews.com/world/cop26-india-uk-to-launch-solar-green-grids-initiative-425642">COP26: India, UK to launch solar Green Grids Initiative</a>

British Prime Minister Boris Johnson last week told the UK parliament Engagements that President Joko Widodo had said Indonesia was going to bring forward the abolition of coal use to 2040.

Indonesia had not previously confirmed such a plan.

Sri Mulyani told Reuters that meeting such a target was conditional on getting financial help from multilateral institutions, the private sector and developed countries.

She said the plans to be announced on Wednesday moved Indonesia's climate targets beyond "rhetoric" into the technical details and that the Asian Development Bank (ADB) and other financial institutions were "very excited" with their ideas.

The ADB is leading a group of financial institutions to devise plans to speed up the closings of coal-fired power plants in Asia, including in Indonesia, by buying the assets and winding them down.

Jakarta has identified 5.5 gigawatts of coal power plants that could be retired early in the next 8 years, estimating this would cost $25 billion to $30 billion.

Sri Mulyani said the country would also need international support to ensure electricity remains affordable when it switches to renewable sources, citing a temporary calculation of a need for $10 billion to $23 billion in "implicit subsidies" for renewable power projects until 2030.

"If this is all supposed to be financed from my taxpayers'&nbsp;money, that won't work. The world is asking us, so now the question is what the world could do to help Indonesia."

"The president always says, 'I'm going to be ambitious if the international (community) also aligns with this ambition'," she added.

Indonesia could phase out coal-fired power plants by 2040 if it gets sufficient financial help from the international community, the finance minister told Reuters.

Indonesia could phase out coal-fired power plants by 2040 if it gets sufficient financial help from the international community, the finance minister told Reuters. The Southeast Asian archipelago is the world's fourth-most populous country and eighth biggest emitter of greenhouse gas, with coal making up about 65 per cent of its energy mix. It is also the world's biggest coal exporter. Visiting the Scottish city of Glasgow for the COP26 conference, Sri Mulyani Indrawati said Indonesia would announce on Wednesday detailed plans to move to cleaner energy, with the phase-out of coal being the key issue. Also Read | 'Eco-hypocrite': Leaders, businessmen arrive in fuel-guzzling private jets at COP26 Previously, Indonesia said it planned to phase out coal for electricity by 2056, as part of a plan to reach net zero carbon emissions by 2060 or earlier. "If we are going to put forward until 2040, then we need to have funding to retire coal earlier and to build the new capacity of renewable energy," Sri Mulyani said. "That is exactly what has now become the core issue and I'm now as the finance minister calculating what does it mean to retire coal earlier. How much does it cost us" she said. Also Read | COP26: India, UK to launch solar Green Grids Initiative British Prime Minister Boris Johnson last week told the UK parliament Engagements that President Joko Widodo had said Indonesia was going to bring forward the abolition of coal use to 2040. Indonesia had not previously confirmed such a plan. Sri Mulyani told Reuters that meeting such a target was conditional on getting financial help from multilateral institutions, the private sector and developed countries. She said the plans to be announced on Wednesday moved Indonesia's climate targets beyond "rhetoric" into the technical details and that the Asian Development Bank (ADB) and other financial institutions were "very excited" with their ideas. The ADB is leading a group of financial institutions to devise plans to speed up the closings of coal-fired power plants in Asia, including in Indonesia, by buying the assets and winding them down. Jakarta has identified 5.5 gigawatts of coal power plants that could be retired early in the next 8 years, estimating this would cost $25 billion to $30 billion. Sri Mulyani said the country would also need international support to ensure electricity remains affordable when it switches to renewable sources, citing a temporary calculation of a need for $10 billion to $23 billion in "implicit subsidies" for renewable power projects until 2030. "If this is all supposed to be financed from my taxpayers' money, that won't work. The world is asking us, so now the question is what the world could do to help Indonesia." "The president always says, 'I'm going to be ambitious if the international (community) also aligns with this ambition'," she added.

Indonesia could phase out coal by 2040 with financial help, says finance minister

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman participated in the 6th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference on Tuesday.

Every year at the Annual Meeting, the Board of Governors meets to take key decisions on important matters relating to AIIB, and its future vision. India is a founding member and the second-largest shareholder in AIIB.India also has one of the largest project portfolios within AIIB.&nbsp;

This year`s annual meeting has been jointly organized by AIIB and the Government of the United Arab Emirates on the theme of "Investing Today and Transforming Tomorrow".The finance minister shared her thoughts in the Governor`s Roundtable Discussion on the theme "COVID-19 Crisis and Post-COVID Support".

Sitharaman appreciated AIIB`s prompt actions in providing financial support to Member Countries, including India, in their efforts to contain and combat COVID-19.The Finance Minister said that the social protection and economic stimulus packages brought out by the Government of India, along with timely structural reforms in various sectors, have been pivotal in India`s economic recovery process.

The stimulus packages, including the credit guarantee scheme for microfinance institutions, boosters for project exports through National Export Insurance Account, additional subsidies for fertilizers, free food grains for 800 million people under the Pradhan Mantri Garib Kalyan Yojana, and several welfare schemes with a strong public health focus, helped to effectively and efficiently boost the economy and protect lives and livelihoods, especially of the poor and vulnerable.

Sitharaman emphasised the Government of India`s successful drive to rapidly vaccinate its citizens, administering over 1 billion vaccines - a milestone achieved with the help of the strong scientific and technological ecosystem in India.

The Finance Minister also highlighted India`s "Vaccine Maitri" initiative, a global health outreach, under which 70 million doses of the `Made in India` COVID-19 vaccines have been supplied to 95 countries and UN entities, including nearly 20 million doses to 47 countries under the COVAX facility and more than 12 million vaccine doses as a grant to 47 countries and UN peacekeepers.Sitharaman pointed out that the current crisis and the looming climate crisis have reinforced the importance of Multilateral Development Banks (MDBs) and the urgency for supplementing country efforts with multilateral development finance.&nbsp;

In this context, she highlighted some of the expectations from the Bank, including the need to explore investment opportunities in the creation and development of assets in social infrastructure sectors; to further intensify private sector capital mobilisation for inclusive and green development; and to set up a Resident Board and Regional Offices to ensure accountability, transparency and quality of operations and investments.

Sitharaman assured India`s cooperation and support to the AIIB for its future endeavours as a leading financial institution.&nbsp;

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman participated in the 6th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference on Tuesday.

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman participated in the 6th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference on Tuesday. Every year at the Annual Meeting, the Board of Governors meets to take key decisions on important matters relating to AIIB, and its future vision. India is a founding member and the second-largest shareholder in AIIB.India also has one of the largest project portfolios within AIIB. This year`s annual meeting has been jointly organized by AIIB and the Government of the United Arab Emirates on the theme of "Investing Today and Transforming Tomorrow".The finance minister shared her thoughts in the Governor`s Roundtable Discussion on the theme "COVID-19 Crisis and Post-COVID Support". Sitharaman appreciated AIIB`s prompt actions in providing financial support to Member Countries, including India, in their efforts to contain and combat COVID-19.The Finance Minister said that the social protection and economic stimulus packages brought out by the Government of India, along with timely structural reforms in various sectors, have been pivotal in India`s economic recovery process. The stimulus packages, including the credit guarantee scheme for microfinance institutions, boosters for project exports through National Export Insurance Account, additional subsidies for fertilizers, free food grains for 800 million people under the Pradhan Mantri Garib Kalyan Yojana, and several welfare schemes with a strong public health focus, helped to effectively and efficiently boost the economy and protect lives and livelihoods, especially of the poor and vulnerable. Sitharaman emphasised the Government of India`s successful drive to rapidly vaccinate its citizens, administering over 1 billion vaccines - a milestone achieved with the help of the strong scientific and technological ecosystem in India. The Finance Minister also highlighted India`s "Vaccine Maitri" initiative, a global health outreach, under which 70 million doses of the `Made in India` COVID-19 vaccines have been supplied to 95 countries and UN entities, including nearly 20 million doses to 47 countries under the COVAX facility and more than 12 million vaccine doses as a grant to 47 countries and UN peacekeepers.Sitharaman pointed out that the current crisis and the looming climate crisis have reinforced the importance of Multilateral Development Banks (MDBs) and the urgency for supplementing country efforts with multilateral development finance. In this context, she highlighted some of the expectations from the Bank, including the need to explore investment opportunities in the creation and development of assets in social infrastructure sectors; to further intensify private sector capital mobilisation for inclusive and green development; and to set up a Resident Board and Regional Offices to ensure accountability, transparency and quality of operations and investments. Sitharaman assured India`s cooperation and support to the AIIB for its future endeavours as a leading financial institution.

Indian finance minister participates in AIIB board meet

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