India is hopeful of a big push for reforms of multilateral development banks (MDBs) at the G20 Summit, officials said. “There has been a very rich and intense discussion, and we are highly hopeful that the discourse over the past nine months will ga positive consideration from the leaders,” economic affairs secretary Ajay Seth told a pre-summit press conference on Friday.
New Delhi has been pushing for reforms of MDBs in line with Prime Minister Narendra Modi’s vision that these institutions – which essentially provide financial and technical support to developing countries to help develop their economies and reduce poverty – need to be ready for the 21st century.
“Our view was that the Global South, developing countries and emerging markets, which has been a key component of India’s (G20) presidency, must be able to get long-term financing and must be able to use new instruments for financing to drive both SDGs (sustainable development goals) and climate finance,” India’s G20 sherpa Amitabh Kant said on Friday while commenting on the need for reforms of the multilateral institutions .
Over two days, G20 leaders are expected to dwell upon the recommendations of the independent G20 expert group on MDBs, cochaired by economist and 15th finance commission chairman N K Singh and former US Treasury secretary Larry Summers.
