Singh unveils MDB reform road map

Suggesting that the world was at an inflection point, NK Singh, the co-convener of the G20 independent expert group to strengthen and reform multilateral development banks (MDBs), has urged G20 countries and MDB shareholders to endorse the principles of MDBs working together and convey this mandate to their respective representatives on executive boards of MDBs.

- Prashant Jha

Singh, who led the expert group along with former US treasury secretary Lawrence Summers, submitted volume two of the group's report which offered a road map on how to create bigger, bolder and better MDBs this week. He was speaking at a working dinner of the fourth G20 finance ministers and central bank governors meeting held in Marrakech, during the annual meet of the World Bank and IMF, on Thursday.

He said that while volume one of the group's report had highlighted the need to triple the annual lending levels to $390 billion a year by 2030, the group was heartened to see a number of MDBS making credible progress.