Progress on MDB reforms 'disappointing': G20 report

Terming the steps taken towards the multilateral development banks' (MDB) reforms suggested under India's G20 presidency as "disappointing", a G20 independent expert group has said the pace and ambition of implementation falls well short of what is required even though every institution has embarked on a programme of reform.

- Ruchika Chitravanshi

"Major shareholders of the MDBs must shoulder the main responsibility for this disappointing performance. Our judgment is that we are still falling well short of 'good enough progress'," the G20 Independent Expert Group Report Card on strengthening MDBs titled 'An incomplete grade' said.

The report card comes a year after the G20 independent expert group on Strengthening MDBs had made its recommendations for reforming these institutions. It added that shareholders signalling of support for the overall agenda has not been matched in the implementation phase or in the provision of additional resources.