The World Bank has set up a task force to study the recommendations made by the Independent Experts Group, formed under India’s G20 Presidency, for strengthening multilateral development banks ( MDBs), the Group’s President Ajay Banga said on Wednesday.
His remark on this issue came at an interaction he had with Union Finance and Corporate Affairs Minister Nirmala Sitharaman in the capital.
Sitharaman suggested that the World Bank, which other MDBs looked up to, must take the lead in carrying forward the reform roadmap for MDBs so as to make these global institutions bigger, better and bolder.
Both Banga and Sitharaman discussed outcomes of G20India Presidency, evolution of the WorldBank and its engagement with India in various sectors, besides issues of mutual interest.
Banga said that World Bank has identified eight unique global challenges to focus on in the next few years as they affect many countries and require attention and Sitharaman expressed India’s support for it.
Sitharaman stressed that the Country Climate and Development Report exercise of the WorldBank should take into account the country’s priorities and circumstances.
The Union Finance Minister highlighted the need for World Bank to explore possibility of coordinated approach in implementation of the projects with special emphasis on Finance Plus/Budget Plus elements in projects funded by the World Bank.