Reforming Bretton Woods: A Vision for Multilateral Development

Finance Minister Nirmala Sitharaman emphasized the need for reforms in Multilateral Development Banks to meet the evolving needs of emerging economies. She highlighted the importance of a strategic roadmap and India's proactive role in providing support to developing nations, advocating for a shift in the Bretton Woods institutions.

Finance Minister Nirmala Sitharaman has emphasized the importance of developing a strategic roadmap for reforming Multilateral Development Banks (MDBs), focusing on addressing the burgeoning needs of emerging economies.

Speaking at a panel discussion organized by the Centre for Global Development, Sitharaman cautioned against a 'Mission Drift' at the Bretton Woods institutions, which include the International Monetary Fund (IMF) and the World Bank. She insisted that IMF resources should be accessible to all nations, underscoring her points by referencing India's outreach during its G20 Presidency.

Highlighting India's strategic and peaceful multilateralism, the minister pointed to India's role in providing unconditional financial support to neighboring and African nations. She argued for multilateral institutions to concentrate on core competences, advocating transparent decision-making to ensure balanced benefits, particularly for recipient countries in the Global South.

(With inputs from agencies.)