Sitharaman Urges World Bank for Cheaper Lending and Inclusive Reforms

Union Finance Minister Nirmala Sitharaman urges the World Bank to offer more affordable lending with competitive pricing models at its 2024 Annual Meetings. She advocates for a data-driven approach to global indices and calls for diverse perspectives to shape an inclusive global development framework.

In a bid to make development finance more accessible, Union Finance Minister Nirmala Sitharaman has urged the World Bank to implement more affordable and competitive lending rates. Her call to action was made during the Development Committee Plenary session on a 'Future-Ready World Bank Group' at the World Bank's 2024 Annual Meetings held in Washington, D.C.

The minister highlighted the necessity for the World Bank to revise its pricing models to encourage broader engagement from middle-income countries, potentially increasing the developmental impact of its programs. According to a social media post by the Ministry of Finance, Sitharaman also underscored the importance of adopting a data-driven approach in preparing global indices and country comparisons, advocating for objectivity in indices like the Worldwide Governance Indicators and the proposed B-Ready index.

Sitharaman emphasized that incorporating diverse perspectives in decision-making processes is crucial for establishing a truly inclusive global development framework. Reflecting on history, she recognized the role of the Global South in shaping the foundations of multilateral development banks and advocated for a two-way exchange of innovations. This includes drawing from transformative experiences in areas such as digital inclusion and sustainable energy, as these insights can offer valuable solutions to global challenges.

(With inputs from agencies.)