FM Sitharaman Meets G20 Expert Group Member Prof Stern On Strengthening Multilateral Development Banks

Image Credit: @FinMinIndia/X

New Delhi: Union Finance and Corporate Affairs Minister Nirmala Sitharaman, in a key meeting in New Delhi, held discussion with Prof. Nick Stern, a member of the G20 Independent Expert Group on strengthening Multilateral Development Banks (MDBs).

The meeting focused on global development issues, particularly the role of MDBs and the importance of climate finance and technology transfer to developing nations. The finance ministry on Saturday stated in a social media post on 'X' that "Prof. Stern appreciated the role played by the #G20India Presidency in bringing the voice of the South to the centre stage. 

Prof. Nick Stern, a member of the #G20 Independent Expert Group on Strengthening MDBs established during the #G20India Presidency, called on Union Minister for Finance and Corporate Affairs Smt. @nsitharaman, in New Delhi, today.

Prof. Stern appreciated the role played by the… pic.twitter.com/UqsjjI8VcG — Ministry of Finance (@FinMinIndia) October 5, 2024

The Union Finance Minister mentioned that the @WorldBank, under their Evolution Agenda, is actively considering 27 out of the 30 recommendations of the G20 Independent Expert Group on #StrengtheningMDBs."The ministry also highlighted that Prof. Stern lauded the efforts of the G20 India Presidency, highlighting how it has successfully brought the voice of the Global South to the forefront of international discussions.

During the meeting, Finance Minister Sitharaman shared updates on the World Bank's Evolution Agenda, which is actively considering 27 of the 30 recommendations put forth by the G20 Independent Expert Group. These recommendations aim to reform and strengthen MDBs, enhancing their capacity to address pressing global challenges, including climate change, poverty reduction, and sustainable development.

Both Prof. Stern and Minister Sitharaman agreed that improved climate finance and the flow of technology from developed to developing countries are essential for ambitious climate action. Developing nations face the dual challenge of advancing their economies while mitigating the impacts of climate change, making international support in these areas critical.

The meeting highlighted the importance of collaborative international efforts in addressing global inequalities and tackling climate change. It also reaffirmed the commitment of both India and the G20 to building a more resilient and inclusive global development framework through strengthened MDBs and enhanced cooperation between developed and developing countries.