World Bank considering 27 of 30 suggestions on MDBs by G20 Independent Expert Group: FM

Finance Minister Nirmala Sitharaman on Saturday appreciated fact that World Bank is considering 27 of 30 recommendations of G20 Independent Expert Group on strengning multilateral development banks (MDBs).

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

three elements of this nda are opting 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 invative arrangements for purposefully engaging with investors willing to support elements of MDB nda.

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

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

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

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