Finance Minister meets World Bank President, discusses MDBs reforms
The Hindu
Union Finance Minister Nirmala Sitharaman discusses private capital participation and MDB reforms with World Bank President Ajay Banga.
Union Finance Minister Nirmala Sitharaman held a meeting with World Bank President Ajay Banga on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024, in Washington, DC on Wednesday.
During the meeting, the two sides discussed issues related to private capital participation in Global Public Goods, Energy security, and Multilateral Development Banks (MDBs) reforms.
Ms. Sitharaman said that she is looking forward to the World Bank taking forward the Independent Evaluation Group's (IEG) recommendations on MDBs reforms from India's G20 Presidency.
In a post on X, the Ministry of Finance stated, "Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Mr. Ajay Banga, President @WorldBank on the sidelines of the World Bank and IMF #AnnualMeetings2024, in Washington DC, today. The two discussed issues related to private capital participation in Global Public Goods, #Energy security, and Multilateral Development Banks #MDBs reforms. The Union Finance Minister said that she is keenly looking forward to @World Bank to take forward the IEG's recommendations on #MDBs reforms from India's G20 Presidency and also requested for regular monitoring on the implementation of the recommendations going forward."
During the meeting, Ms. Sitharaman emphasised on broader consultation process on the advisory mechanism jointly convened by the World Bank and IMF. Banga reiterated the World Bank's interest in collaborating with India's budget priorities, including skilling, water and sanitation and urban development.
"FM Smt. @nsitharaman also stressed on broader consultation process on the advisory mechanism jointly convened by @WorldBank and @IMFNews for discussing Bretton Woods Institutions @80. Mr. Banga noted substantial progress on the IEG recommendations, which are set to be presented at the G20. He emphasised the WBG's focus on jobs, knowledge frameworks, bankable projects and reiterated emphasis on collaborating with India's budget priorities, including skilling, water and sanitation and urban development," the Ministry of Finance further wrote on X.
Ms. Sitharaman participated in a panel discussion on the 'Bretton Woods Institutions at 80: Priorities for the Next Decade', organised by the Center for Global Development in Washington, DC. Other panellists during the discussions included Emeritus President and Charles W Eliot University Professor, Harvard University, Lawrence H Summers, Spain's Minister of Economy, Trade and Business Carlos Cuerpo and Egypt's Minister of Planning, Economic Development, and International Cooperation Rania A. Al Mashat.
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