Finance Minister Nirmala Sitharaman further mentioned that the "Food and Energy Crisis paper" rightly identifies energy efficiency as the "first fuel of choice".
IMF's chief economist Pierre-Olivier Gourinchas said, "Inflation is still above the central bank target in India at 6.9 per cent (that) were projected for this year and coming down to 5.1 per cent".
The world economy has been dealt multiple blows, with the war in Ukraine driving up food and energy prices following the coronavirus outbreak, while soaring costs and rising interest rates threaten to reverberate around the globe.
She made the statement during her meeting with Finance Minister Nirmala Sitharaman, where India's upcoming G-20 Presidency was also discussed and the IMF reiterated its support to India's candidature.
As Pakistan's inflation, which just hit a 47-year-high in August at over 27 per cent, is on an upward curve, the International Monetary Fund (IMF) has warned against protests and instability in the country.
The fund cut its 2023 projection for India also by 0.8 percentage points to 6.1 per cent. These revised forecasts are relative to those in the fund's April world outlook report.
The IMF would be downgrading its growth forecasts for global growth for both 2022 and 2023 later this month, she said, having warned in April that its forecast of 3.6 per cent was likely to be revised downwards.
"A friend in need is a friend indeed" is the saying as it goes. The dictum is in full play as India has offered Sri Lanka an additional $500 million to help it to import fuel while it is in an advance stage of discussion with the International Monetary Fund (IMF) for a bailout package.
An official from the International Monetary Fund (IMF) on Tuesday urged Sri Lanka to tighten its monetary policy, raise taxes and adopt flexible exchange rates to overcome its ongoing debt crisis.
In an update to its World Economic Outlook report released in January, the IMF already cut 2022 global growth forecast by 0.5 percentage point to 4.4 per cent amid Omicron surge, as economies grapple with supply disruptions, higher inflation, record debt and persistent uncertainty, Xinhua news agency reported.
Speaking in Parliament on Wednesday, Chief Government Whip Johnston Fernando said the government will face this problem and there is no reason for President Gotabaya Rajapaksa to resign as he was elected to office.
Sanctions against Russia could undermine the global dominance of the US dollar, according to Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF)
Gita Gopinath, the IMF's First Deputy Managing Director, believed that the global system "will change in important ways" in the aftermath of the Ukraine crisis.
IMF's World Economic Outlook (WEO) Update released in Washington said that India's gross domestic product (GDP) is projected to again increase next fiscal by another 9 per cent, before moderating to 7.1 per cent in 2023-24.
Meanwhile, private debt rose at a more moderate pace from 164 to 178 per cent of GDP in the same period, according to the IMF.