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The World Bank Group has set up a task force to study recommendations of the Independent Expert Group (IEG) on reform of multilateral development banks, set up under India’s G20 presidency.

This was conveyed by World Bank president Ajay Banga to Union finance minister Nirmala Sitharaman on Wednesday.

The World Bank has identified eight unique global challenges to focus on in the next few years as they affect many countries and the finance minister expressed India’s support for it, the finance ministry said in a post on X.

“FM Smt. @nsitharaman and Mr. Banga discussed outcomes of #G20India Presidency, evolution of the @WorldBank and its engagement with India in various sectors, besides issues of mutual interest,” the finance ministry said.

Sitharaman said the World Bank should take the lead in advancing recommendations made by the IEG that multilateral development banks must be bigger, better and bolder, and added that other banks look up to the World Bank for such reform initiatives.

“Finance Minister Smt. @nsitharaman stressed that the Country Climate and Development Report exercise of the @WorldBank should take into account the country’s priorities and circumstances,” the finance ministry said. Sitharaman also highlighted the need for the World Bank to explore the possibility of a coordinated approach in implementation of projects with special emphasis on finance-plus or budget-plus elements in projects funded by it.

  • Published On Dec 21, 2023 at 08:26 AM IST

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