World Bank Considers G20 MDB Reforms: FM

New Delhi, Oct 5 (PTI) Finance Minister Nirmala Sitharaman on Saturday appreciated the fact that the World Bank is considering 27 of the 30 recommendations of the G20 Independent Expert Group on strengthening multilateral development banks (MDBs).

Independent Expert Group (IEG), appointed under the auspices of the 2023 Indian G20 Presidency, recommended a triple agenda of reforms to MDBs.

The three elements of this agenda are adopting a triple mandate of eliminating extreme poverty, boosting shared prosperity, and contributing to global public goods tripling sustainable lending levels by 2030; and creating a third funding mechanism that will permit flexible and innovative arrangements for purposefully engaging with investors willing to support elements of the MDB agenda.

These were discussed during a meeting of the Finance Minister and Nick Stern, a member of the G20 Independent Expert Group on Strengthening MDBs established during the G20 India Presidency.

"The Union Finance Minister mentioned that the @WorldBank, under their Evolution Agenda, is actively considering 27 out of the 30 recommendations of the G20 Independent Expert Group on #StrengtheningMDBs," the finance ministry said in a post on X.

During the meeting, it said, Stern appreciated the role played by the G20 India Presidency in bringing the voice of the South to the centrestage.

Both agreed that Climate Finance and technology flow from developed to developing countries is vital to enable ambitious climate action by developing countries, it added.