G20 Countries Signed Agreement To Collectively Boost MDBs Financing Capacity: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said the agreement of better, bigger, and more effective MDBs was made. This will contribute to enhancing the voice of developing countries in MDBs.

Finance Minister Nirmala Sitharaman highlighted four key developments related to reforming international financial institutions that was discussed during the meeting. ( Image Source :X/Nirmala Sitharaman Office )

Finance Minister Nirmala Sitharaman on Saturday said the G20 countries have signed an agreement to collectively work to boost the World Bank's financing capacity. Following the second session of the G20 Leadership Summit in Delhi, a Press briefing by Union Minister Nirmala Sitharaman and S. Jaishankar was held. 

Finance Minister Nirmala Sitharaman highlighted four key developments related to reforming international financial institutions that was discussed during the meeting. She said the agreement of better, bigger, and more effective multilateral development banks (MDBs) was made. This will contribute to enhancing the voice of developing countries in MDBs through better representation. The second is the G20 independent expert group on strengthening MDBs. 

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She said, "This (G20 independent expert group) was established and it has submitted its volume 1. Their report consists of 2 volumes, the first volume has already been submitted. The report recommends a triple agenda that dovetails with a call for better, bigger and more effective MDBs. The third point in strengthening MDBs is the agreement to collectively work towards boosting the World Bank's financing capacity. Here the options will be explored that will deliver a powerful boost to the IBRD headroom to support low and middle-income countries. and The fourth is endorsing the G20 Roadmap for implementation of the recommendation of MDBs Capital Adequacy Frameworks."

The Finance Minister further said, "India's G20 presidency has worked on theme 'One Earth, One Family, One Future. It is clear in our mind that nobody should be left behind in our pursuit of global solutions'. Today, as I look back at 10 months of presidency, I can say that India's G20 presidency has walked the talk."