Pranab to visit US to attend Fund-Bank meetings

New Delhi: Finance Minister Pranab Mukherjee will be leaving on a five-day visit to the US on Tuesday to attend the IMF-World Bank annual spring meetings, which among other things, will deliberate on increasing resources of the IMF to deal with eurozone debt crisis.

The meetings are also likely to focus on issues like spiralling oil and commodity prices, climate change and disaster management.

The sluggish global economic recovery and speeding up of Quota and Voice reforms of the International Monetary Fund (IMF) are also expected to be discussed during the meetings.

IMF has been seeking more capital from the member states to increase its fire-power and effectively deal with global financial problems, especially the sovereign debt crisis in Europe, which is threatening the global economic recovery.

The issue had come up for discussion several times at the meetings of G-20, a club of important rich and poor nations, without much success.

Mukherjee, according to sources, will also be attending the meetings of the G-20 Finance Ministers and Central Bank Governors and BRICS (Brazil, Russia, India, China and South Africa) ministers being organised on the sidelines of the Fund-Bank annual conference.

In addition, the Finance Minister is also likely to hold bilateral consultations with US Treasury Secretary Timothy Geithner, UK Secretary of State for International Development Andrew Mitchell, Iranian Minister of Economic Affairs and Finance Sayed Shamseddin and South Korean Minister of Strategy and Finance Bahk Jaewan.

Besides senior Finance Ministry officials, Mukherjee will be accompanied by Reserve Bank Governor D Subbarao.