Sitharaman Highlights Multilateral Development Bank Reforms At G20 FMs Meeting

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, emphasized the importance of Multilateral Development Bank (MDB) reforms at the Fourth G20 Finance Ministers and Central Bank Governors Meeting held on the sidelines of the Annual Meetings 2024.

During her intervention, Sitharaman underlined the G20's pivotal role in driving the reform agenda and ensuring MDBs can better address global challenges.

The Ministry of Finance posted on X, "Union Minister for Finance and Corporate Affairs Smt. @nsitharaman today participated in the Fourth G20 Finance Ministers and Central Bank Governors #G20FMCBG Meeting #AnnualMeetings2024, in Washington DC, today. During her intervention, FM Smt. @nsitharaman said that the #MDBReform agenda has seen continued #G20 engagement during recent Presidencies and the G20 constitutes the major shareholders of the MDB ecosystem...."

Speaking at the meeting, the Finance Minister noted that the agenda for MDB reform has seen sustained engagement from the G20 across recent presidencies, with the group representing the major shareholders in the MDB ecosystem.

She highlighted the political momentum generated by the G20, which is pushing MDBs to pursue comprehensive reforms, including evolving their vision, adjusting incentive structures, and enhancing operational and financial capacities.

Under India's G20 Presidency, Sitharaman said that MDBs were encouraged to adapt to the evolving global landscape by refining their approaches and increasing their financing capabilities to meet development financing needs.

She praised the Brazilian Presidency for building upon the mandate set at the Leaders' Summit in Delhi and maintaining consistency with the work of previous G20 Presidencies, thus ensuring a cohesive approach.

The Finance Minister concluded by affirming that the groundwork has been successfully laid for MDBs to effectively contribute to addressing global development challenges. She expressed India's commitment to working with the upcoming South African Presidency to advance the MDB reform agenda further. (ANI)