Key Points
The G20 expert group on reforming multilateral development banks (MDB), jointly steered by Harvard University president emeritus Lawrence Summers and Fifteenth Finance Commission Chairperson N.K. Singh, is slated to hold its first in-person meeting in Washington this week...
The groups mandate includes an evaluation of the scale of funding ramp-up needed for institutions like the World Bank (WB) and the International Monetary Fund (IMF) to be able to finance member countries needs, with possible mechanisms to raise more funds from the private sector and co-ordinate more effectively among the different institutions...
With the IMF and World Banks Board of Governors spring meeting scheduled in Washington this week, the G20 expert group is also likely to interact with their leadership along with that of other multilateral development institutions in the coming week...
Constituted in March under the aegis of Indias G20 Presidency, the expert groups mandate is to suggest a roadmap for rebooting the ecosystem of multilateral development banks so that they are better equipped to finance sustainable development goals and emerging global challenges like climate change and health..
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