Sitharaman holds meeting with heads of MDBs, discusses reforms

New Delhi, Oct 7

In the run up to 4th G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Marrakech, Morocco, Finance Minister Nirmala Sitharaman on Friday chaired a meeting with the heads of Multilateral Development Banks (MDBs) and co-conveners of the G20 independent expert group, NK Singh.

Various issues were discussed on MDBs and the related reforms to better serve the needs of client countries.

During the G20 summit in New Delhi last month, the grouping's leaders had emphasised on reforms to deliver better, bigger and more effective MDBs.

Under its key priority of strengthening MDBs to address global challenges of the 21st century, the G20 India presidency had constituted the G20 independent expert group on strengthening MDBs.

The second volume of the report of this expert group will be released post the 4th G20FMCBG meeting in Marrakech, Morocco on October 12-13, 2023.

World Bank president Ajay Banga, president of ADB Masatsugu Asakawa and Danny Alexander, vice-president of Asian Infrastructure Investment Bank (AIIB) and several other officials were present during the virtual meeting.