Paving the Way for MDB Reforms: India Leads G20 Efforts

Finance Minister Nirmala Sitharaman highlights successful G20-initiated reforms in Multilateral Development Banks (MDBs) aimed at addressing global challenges and development financing. India, under its G20 presidency, played a pivotal role in evolving MDBs' vision. The transition to South Africa's G20 presidency continues this momentum for comprehensive reforms.

Finance Minister Nirmala Sitharaman announced that G20-driven reforms for Multilateral Development Banks (MDBs) have been successfully initiated. These reforms aim to address global challenges and meet development-financing needs, she stated.

During the Fourth G20 Finance Ministers and Central Bank Governors meeting, Sitharaman expressed India's eagerness to collaborate with the South African presidency to continue the reform agenda.

The minister acknowledged the G20's sustained engagement in MDB reforms, emphasizing that India's presidency inspired MDBs to enhance their operations and financial capacities in response to political impetus.

(With inputs from agencies.)