Sitharaman Discusses Global Financial Reforms with World Bank President

Union Finance Minister Nirmala Sitharaman met World Bank President Ajay Banga during the World Bank and IMF Annual Meetings 2024 in Washington, DC. They discussed private capital in global public goods, energy security, and MDB reforms. Emphasis was placed on India's priorities and collaboration on development issues.

Union Finance Minister Nirmala Sitharaman held crucial discussions with World Bank President Ajay Banga on the sidelines of the World Bank and IMF Annual Meetings 2024 held in Washington, DC. The talks concentrated on private capital participation in global public goods, energy security, and reforms in Multilateral Development Banks (MDBs).

Highlighting the significance of these discussions, Sitharaman expressed her anticipation for the World Bank to implement recommendations outlined by the Independent Evaluation Group concerning MDBs reforms, reflecting commitments from India's G20 Presidency. The Finance Ministry showcased this meeting on social media, underscoring the need for regular monitoring of these recommendations.

Ajay Banga reaffirmed the World Bank's commitment to aligning with India's budgetary and developmental priorities, especially on skilling, water and sanitation, and urban development. The dialogue also covered broader cooperation between the Bretton Woods Institutions as focus areas and necessity for progress as the organizations approach their 80th anniversary.

(With inputs from agencies.)