The World Bank has set up a task force to study the recommendations for strengthening multilateral development banks (MDBs) laid out by an independent experts’ group formed during India’s G20 presidency, the bank’s group president Ajay Banga said on Wednesday.
Mr. Banga’s comments came at an interaction with Finance and Corporate Affairs Minister Nirmala Sitharaman where she suggested that the World Bank, which other MDBs looked up to, take the lead in carrying forward the reform roadmap for MDBs -- to make these global lenders bigger, better and bolder.
Mr. Banga also informed Ms. Sitharaman about eight unique global challenges that the Bank had identified as focus areas for the next few years as they affect many countries and require attention, the Finance Ministry said in a statement, without elaborating on the challenges. Ms. Sitharaman had assured the lender of India’s support in the endeavour, the Ministry added.
The Finance Minister also stressed upon the World Bank group head that the Country Climate and Development Report exercise of the World Bank should take into account India’s priorities and circumstances.
