Global Consensus on MDB Evolution: Nirmala Sitharaman’s Perspective
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Indian Finance Minister Nirmala Sitharaman highlighted the importance of reaching a consensus on defining global development challenges and strengthening the financial and operational capacity of the World Bank Group during a roundtable in Washington. Hosted by US Treasury Secretary Janet Yellen at the World Bank headquarters, the discussion centered on the impact of global development challenges such as pandemics, climate change, and conflict on progress and reforms at the World Bank. Sitharaman stated that the drive to reinvigorate the World Bank offers a historic opportunity to adapt the institution to achieve Sustainable Development Goals while addressing national and global development challenges, present and future.
The participation of Sitharaman in the roundtable signals India’s keen interest in the evolution of multilateral development banks (MDBs). She emphasized the critical role played by women in the banking sector in her speech at the event, pointing out that the Indian government is actively promoting gender diversity in leadership roles.
Sitharaman urged the World Bank to provide access to affordable capital to developing countries to accelerate economic growth and help alleviate poverty. She also expressed her optimism about the impact of the International Monetary Fund (IMF)’s Special Drawing Rights (SDRs) allocation on developing countries’ recovery efforts from the COVID-19 pandemic.
Re-reported from the story originally published in. LokmatTimes English
