World Bank Embraces Reform: A New Era for Multilateral Development Banks

Finance Minister Nirmala Sitharaman praised the World Bank's consideration of 27 out of 30 G20 Independent Expert Group recommendations to strengthen multilateral development banks (MDBs). The three-pronged agenda includes eliminating extreme poverty, boosting shared prosperity, and granting innovative funding mechanisms for engaging investors.

Finance Minister Nirmala Sitharaman expressed her appreciation for the World Bank's steps towards adopting 27 of the 30 recommendations aimed at fortifying multilateral development banks, as advised by the G20 Independent Expert Group.

The recommendations, made under the 2023 Indian G20 Presidency, emphasize a three-pronged approach: eradicating extreme poverty, enhancing shared prosperity, and creating additional funding avenues to attract investor support.

The meeting with Nick Stern, an expert group member, highlighted the Indian G20 Presidency's role in prioritizing Southern perspectives. It also affirmed the importance of climate finance and technology transfers in aiding climate initiatives in developing countries.

(With inputs from agencies.)