Nirmala Sitharaman calls for fair and accurate sovereign ratings to ensure capital for emerging economies at IMF meeting
Nirmala Sitharaman raised the issue for fairness and accuracy in sovereign ratings for emerging markets and developing economies (EMDEs) during her address at the International Monetary Fund's (IMF) 2024 Annual Meeting.
Speaking in Washington, D.C., at the IMFC Plenary session on «Managing Director's Global Policy Agenda,» on Friday, Sitharaman emphasized that sovereign ratings should more accurately reflect the economic fundamentals of EMDEs, ensuring fair access to capital and improved ability to attract private investment.
«There is need for sovereign ratings to adequately account for EMDEs economic fundamentals to ensure the cost of capital for them and their ability to attract private capital is factored in,» Sitharaman said.
She also urged greater engagement with credit rating agencies to improve rating methodologies, so they more accurately capture a country's repayment ability and economic resilience.
«FM also underlined engagement with credit rating agencies and calling for improvements in methodology to ensure that they capture the fundamentals reflecting the ability and willingness to repay,» the Ministry of Finance noted in a social media post.
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