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At the G20 meeting of finance ministers, FM Nirmala Sitharaman talks about changes to the international development banks

Rekha Prajapati October 24, 2024 12:27 PM

Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, spoke at the Fourth G20 Finance Ministers and Central Bank Governors Meeting in New Delhi, India, on October 24. She stressed how important it was to change the Multilateral Development Bank (MDB). The meeting was held in conjunction with the Annual Meetings 2024.

During her speech, Sitharaman stressed how important it is for the G20 to drive the change plan and make sure that MDBs can better deal with global problems.

“Union Minister for Finance and Corporate Affairs Smt. @nsitharaman today participated in the Fourth G20 Finance Ministers and Central Bank Governors #G20FMCBG Meeting #AnnualMeetings2024 in Washington, DC,” the Ministry of Finance wrote on Wednesday, April 12. During her speech, FM Smt. @nsitharaman said that the #G20 has been involved in the #MDBReform plan throughout recent Presidency, and that the G20 is the largest partner in the MDB ecosystem.

At the Fourth G20 Finance Ministers and Central Bank Governors Meeting #G20FMCBG in Washington, DC, today, Smt. @nsitharaman, Union Minister for Finance and Corporate Affairs, took part.

She talked about how the G20 has created political pressure that is pushing MDBs to make big changes, like changing their strategy, changing how incentives work, and making their practical and financial strengths stronger.

Sitharaman said that while India was in charge of the G20, MDBs were told to change with the times by improving their methods and getting more money to meet the needs of development funding.

She said that the Brazilian Presidency did a great job of carrying out the goals set at the Leaders’ Summit in Delhi and staying true to the work of previous G20 Presidency, which made sure that everything worked together smoothly.

In conclusion, the Finance Minister said that the necessary steps have been taken for MDBs to effectively help solve global development problems. She said that India was ready to work with the new South African Presidency to move the MDB reform plan forward even more.