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India to outline road map for transforming MDBs, says FM
July 30, 2023
|Hindustan Times
Finance Minister Nirmala Sitharaman announced that India's G20 presidency will outline the road map for transforming multilateral development banks (MDBs).
The process aims to bolster these financial institutions and equip them to confront 21stcentury challenges.
Speaking at the India-Japan Forum, Sitharaman highlighted the first volume of the NK Singh and Lawrence Summers report, published recently, which proposes effective solutions for addressing evolving issues like poverty alleviation and shared prosperity within MDBs.
The second part of the report, which will be released in October for discussion by finance ministers ahead of the G20 Annual meeting at Marrakech (Morocco), will set the road map for the transformation of MDBs that will have to evolve to address the ongoing and upcoming challenges faced by the global economy, Sitharaman said.
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