Washington : During Union Finance Minister Nirmala Sitharaman's visit to America, she is heavily promoting the country's economy. In this connection, he met World Bank President Ajay Banga on Wednesday. In this meeting, along with other issues, he also discussed the reform of Multilateral Development Banks i.e. MDBs.
On the sidelines of the annual meetings of the World Bank and the International Monetary Fund (IMF), the two discussed issues related to participation of private capital in global public goods, energy security and reform of Multilateral Development Banks (MDBS).
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The Finance Ministry has written on its official account on the social media platform 'X' that the Finance Minister said that she is waiting for the World Bank to take forward the IEG recommendations on MDB reforms under India's G-20 chairmanship. He also requested regular supervision of the implementation of the recommendations in future.
Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Mr. Ajay Banga, President @WorldBank on the sidelines of the World Bank and IMF #AnnualMeetings2024in Washington DC, today.
The two discussed issues related to private capital participation in Global Public… pic.twitter.com/tBWMdc2S7b
— Ministry of Finance (@FinMinIndia) October 23, 2024
Triple Agenda Recommendation
The Independent Expert Group (IEG), formed in 2023 during India's G-20 presidency, has recommended a 'triple agenda' of reforms in MDBs. The 3 elements of this agenda include ending extreme poverty, promoting shared prosperity and contributing to a 3-fold increase in sustainable debt levels for global public goods by 2030, and creating a third financing mechanism to support the elements of the MDB agenda. Create flexible and innovative mechanisms to purposefully connect with interested investors.
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conference at bretton woods
Sitharaman also underlined the need for a comprehensive consultation process on the advisory mechanism jointly organized by the World Bank and the IMF to discuss the completion of 80 years of the Bretton Woods institutions. The Bretton Woods Institute is a group of the IMF and the World Bank. It was established in 1944 at a conference in Bretton Woods, New Hampshire, USA.
Banga noted substantial progress on the IEG recommendations, which are scheduled to be presented at the G-20. He also emphasized on WBG's focus on employment, knowledge framework and bankable projects. Banga also pitched for collaboration with India's budget priorities including skills, water and sanitation and urban development.
(with agency input)
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