Historic opportunity to reform World Bank: FM
1 year, 8 months ago

Historic opportunity to reform World Bank: FM

Hindustan Times  

With discussions around the evolution of multilateral development banks intensifying, Union finance minister Nirmala Sitharaman on Wednesday said that the calls to reinvigorate the World Bank present a “historic opportunity” to make the institution “fit for purpose” to achieve sustainable development goals as well as address national and global developmental challenges. Union finance minister Nirmala Sitharaman with US Department of Treasury secretary Janet Yellen during a roundtable on 'Multilateral Development Bank Evolution: Building Shareholder Consensus', at World Bank headquarters, in Washington DC. Sitharaman made the comments during a roundtable on “MDB evolution: Building Shareholder Consensus”, hosted by United States treasury secretary Janet Yellen during the spring meetings of the International Monetary Fund and the Bank in Washington DC. These include “building consensus on the definition of global development challenges” and “augmenting the financial and operational capacity” of the World Bank Group.

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History of this topic

Development banks can help resolve global crises
Top News
1 month ago

Development banks can help resolve global crises

China Daily  

JIN DING/CHINA DAILY After the survival crisis at the end of the 20th century, the revival and expansion of the multilateral development bank system, led by the World Bank, has become one of the most prominent transformations in the global development financing system since the 2008 global financial crisis. Following the adoption of the United Nations 2030 Agenda for Sustainable …

Development banks can help resolve global crises
Trending News
1 month ago

Development banks can help resolve global crises

China Daily  

After the survival crisis at the end of the 20th century, the revival and expansion of the multilateral development bank system, led by the World Bank, has become one of the most prominent transformations in the global development financing system since the 2008 global financial crisis. Following the adoption of the United Nations 2030 Agenda for Sustainable Development, multilateral development …

Development banks can help resolve global crises
Trending News
1 month ago

Development banks can help resolve global crises

China Daily  

After the survival crisis at the end of the 20th century, the revival and expansion of the multilateral development bank system, led by the World Bank, has become one of the most prominent transformations in the global development financing system since the 2008 global financial crisis. Following the adoption of the United Nations 2030 Agenda for Sustainable Development, multilateral development …

Development banks can help resolve global crises
Top News
1 month ago

Development banks can help resolve global crises

China Daily  

JIN DING/CHINA DAILY After the survival crisis at the end of the 20th century, the revival and expansion of the multilateral development bank system, led by the World Bank, has become one of the most prominent transformations in the global development financing system since the 2008 global financial crisis. Following the adoption of the United Nations 2030 Agenda for Sustainable …

Need to address the $4 trillion financing gap, says Sitharaman
4 months ago

Need to address the $4 trillion financing gap, says Sitharaman

Hindustan Times  

New Delhi Growth remains the best antidote to many economic and social challenges, finance minister Nirmala Sitharaman said at the Voice of the Global South Summit on Saturday while underscoring the urgency for concessional finance to developing countries facing a nearly $4 trillion annual financing gap in meeting SDGs. Union Finance Minister Nirmala Sitharaman Highlighting inadequate access to development finance, …

G20 Countries Signed Agreement To Collectively Boost MDBs Financing Capacity: FM Nirmala Sitharaman
1 year, 3 months ago

G20 Countries Signed Agreement To Collectively Boost MDBs Financing Capacity: FM Nirmala Sitharaman

ABP News  

Finance Minister Nirmala Sitharaman on Saturday said the G20 countries have signed an agreement to collectively work to boost the World Bank's financing capacity. Following the second session of the G20 Leadership Summit in Delhi, a Press briefing by Union Minister Nirmala Sitharaman and S. Jaishankar was held. Finance Minister Nirmala Sitharaman highlighted four key developments related to reforming international …

G20: On climate, debt and digital, Bank and Fund pledge to work together
1 year, 3 months ago

G20: On climate, debt and digital, Bank and Fund pledge to work together

Hindustan Times  

In the run-up to the G20 Leaders’ Summit in New Delhi this weekend, where the reform and strengthening of multilateral development banks is among the top agenda items, the International Monetary Fund and World Bank have warned that the world faces major challenges and shocks and pledged to work together to deliver on climate, debt and digitisation in a structured …

How India's G20 Summit agenda plans to reform multilateral development banks
1 year, 3 months ago

How India's G20 Summit agenda plans to reform multilateral development banks

India Today  

During its G20 presidency, India has emphasised the need to reform and strengthen multilateral development banks in response to evolving geopolitical dynamics and the rise of the Global South. Established nearly 80 years ago after World War II, MDBs such as the World Bank and the International Monetary Fund need significant restructuring to adapt to the rapidly changing global economic …

Finance minister calls for concerted global efforts to restructure debt for poor countries
1 year, 4 months ago

Finance minister calls for concerted global efforts to restructure debt for poor countries

India TV News  

Finance Minister Nirmala Sitharaman on Friday called for concerted global efforts led by rich nations to help indebted countries deleverage at a time when multilaterism is the most potent challenge. Addressing online a G20 session, organised by the finance ministry and the Reserve Bank here, ahead of the grouping's summit next month in New Delhi, she said multilaterism faces the …

Nirmala Sitharaman meets Chinese counterpart, discusses global debt vulnerabilities
1 year, 5 months ago

Nirmala Sitharaman meets Chinese counterpart, discusses global debt vulnerabilities

The Hindu  

Finance Minister Nirmala Sitharaman on July 18 met her Chinese counterpart Liu Kun and discussed various deliverables under G20 India Presidency, including strengthening Multilateral Development Banks and global debt vulnerabilities. Minister Liu Kun also appreciated work of the G20 Independent Expert Group for Strengthening MDBs setup under #G20India Presidency," the tweet said. @nsitharaman and Mr Liu Kun, Finance Minister of …

G20 finance chiefs meeting in India address global challenges like climate change and rising debt
1 year, 5 months ago

G20 finance chiefs meeting in India address global challenges like climate change and rising debt

Associated Press  

NEW DELHI — Finance ministers from the Group of 20 nations meeting in India on Monday are poised to address critical global economic challenges, including the threats posed by climate change and rising debt among low-income countries. “The world is looking to the G20 to make progress on key challenges like climate change and pandemics as part of our work …

G20 FMCBG meet at Gandhinagar | India 'indispensable partner' for friend-shoring, says U.S. Treasury Secretary Janet Yellen
1 year, 5 months ago

G20 FMCBG meet at Gandhinagar | India 'indispensable partner' for friend-shoring, says U.S. Treasury Secretary Janet Yellen

The Hindu  

United States Secretary of the Treasury Janet Yellen on July 16 said the U.S. sees India as an “indispensable partner” for ‘friend-shoring’ and she hopes to use her visit here to deepen what is already a significant relationship in that respect. Ms. Yellen said, “Friend-shoring is an important foundation of our approach to increasing resilience of our supply chains, and …

G20 Summit in India opportunity to act on reforming global financial system amid crushing debt crisis: U.N. chief Guterres
1 year, 5 months ago

G20 Summit in India opportunity to act on reforming global financial system amid crushing debt crisis: U.N. chief Guterres

The Hindu  

U.N. Secretary-General Antonio Guterres has said that the G20 Summit to be hosted under India's Presidency provides an opportunity to take action on debt relief and reform the global financial system, as he voiced concern over the "crushing debt crisis" in the world. Mr. Guterres said that because most of these unsustainable debts are concentrated in poor countries, they are …

ECONOMIC PERSPECTIVES | World Bank-IMF plans to resolve global economic crises a road map to limbo
1 year, 8 months ago

ECONOMIC PERSPECTIVES | World Bank-IMF plans to resolve global economic crises a road map to limbo

The Hindu  

Published : Apr 20, 2023 11:00 IST - 9 MINS READ In the run-up to the annual Spring Meetings of the World Bank and the IMF in the second week of April, there was much talk that the two organisations were on the cusp of change. Confronted by the realisation that they are not up to the tasks set by …

Multilateral devt banks need transformative reform: FM Sitharaman
1 year, 8 months ago

Multilateral devt banks need transformative reform: FM Sitharaman

Live Mint  

In a meeting with the G20 expert group on strengthening multilateral development banks, Union finance minister Nirmala Sitharaman called for a “transformative” rather than incremental change in the banks; a “holistic” rather than fragmented approach to reform; and the need for more financing to achieve both developmental and climate goals, without viewing them as mutually exclusive. People familiar with the …

Slow start on World Bank reform angers climate-hit countries
1 year, 8 months ago

Slow start on World Bank reform angers climate-hit countries

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Slow start on World Bank reform angers climate-hit countries
1 year, 8 months ago

Slow start on World Bank reform angers climate-hit countries

Associated Press  

WASHINGTON — The World Bank meetings were supposed to be a first step in a new era of affordable loans for developing nations hard hit by climate change like Prime Minister Mia Mottley’s Barbados, one of many Caribbean islands battered by worsening hurricanes. “I get really furious,” Mottley said, when hearing “that people are not ready, or people want to …

Amid challenges, G20 expert group kicks off work on reforming MDBs
1 year, 8 months ago

Amid challenges, G20 expert group kicks off work on reforming MDBs

Hindustan Times  

Washington Amid both contextual and fundamental challenges, the G20 expert group on strengthening multilateral development banks, under the leadership of former United States treasury secretary Larry Summers and veteran Indian policymaker NK Singh, commenced its work in Washington DC in the past week on the margins of the spring meetings of the International Monetary Fund and the World Bank. Finance …

G20 experts on World Bank reform kick off US meetings
1 year, 8 months ago

G20 experts on World Bank reform kick off US meetings

Live Mint  

New Delhi: The G20 expert group on strengthening multilateral development banks has begun its work in the US capital amid intensified discussions on reforming the World Bank —a key agenda of India’s presidency of the grouping. The high-level group has assumed critical importance in the backdrop of an intensified discussion on the reform of institutions such as the World Bank, …

Progress on crucial G20 finance issues: Nirmala
1 year, 8 months ago

Progress on crucial G20 finance issues: Nirmala

Hindustan Times  

The G20 finance track has made progress on issues of debt distress, with China “positively engaged” in the process; the reform of multilateral development banks with “broad-based unanimity” on “proportionate” spending on poverty, prosperity and climate goals; and the need to have a global understanding on crypto regulation based on the recognition that their flows can affect macro-economic stability, finance …

New India-born World Bank chief: Real change or rebranding?
1 year, 8 months ago

New India-born World Bank chief: Real change or rebranding?

Associated Press  

BENGALURU, India — The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Ajay Banga valuable insight into the challenges faced by the developing countries the bank is supposed to help. U.S. Treasury Secretary Janet Yellen talked up Banga’s credentials this week on the sidelines of the …

Debt crisis key priority of India’s G20 presidency, says FM in US
1 year, 8 months ago

Debt crisis key priority of India’s G20 presidency, says FM in US

Hindustan Times  

Washington: Reiterating that addressing the growing debt distress was a priority for India’s G20 presidency, Union finance minister Nirmala Sitharaman has emphasised debt transparency, information-sharing, clarity on the comparability of treatment, predictability and timeliness of restructuring process as key principles that should govern the process. Sitharaman made the remarks while co-chairing a meeting of the global sovereign debt roundtable along …

On Washington’s 18th St, a bank waits for change
1 year, 8 months ago

On Washington’s 18th St, a bank waits for change

Hindustan Times  

When the United States invited 44 allied nations to Bretton Woods in New Hampshire in May 1944, the meeting was convened for the purpose of formulating proposals for an International Monetary Fund “and possibly a Bank for Reconstruction and Development”. Twenty-five years ago, Kapur, Lewis and Webb wrote, “From 1960 onward, American governments of whatever party and presidency would have …

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman
1 year, 8 months ago

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman has said India’s G20 presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. She also said G20 is trying to bring together all countries to address debt distress in middle-income and low-income nations like Sri Lanka …

FM Sitharaman arrives in Washington for spring meetings, second G20 finance ministers meet
1 year, 8 months ago

FM Sitharaman arrives in Washington for spring meetings, second G20 finance ministers meet

Hindustan Times  

Washington: Finance minister Nirmala Sitharaman arrived in Washington on Sunday to attend the spring meetings of the International Monetary Fund and World Bank and chair the second G20 finance ministers and central bank governors meeting under the Indian presidency. India’s Finance Minister Nirmala Sitharaman meets Minister of Finance and Economic Affairs of the Republic of Malawi Sosten Gwengwe on the …

FM Sitharaman to attend 2023 Spring Meetings of World Bank, IMF this week
1 year, 8 months ago

FM Sitharaman to attend 2023 Spring Meetings of World Bank, IMF this week

Live Mint  

Union Finance Minister Nirmala Sitharaman on Monday will attend the 2023 Spring Meetings of the World Bank Group and International Monetary Fund and other G20 meetings in Washington. Sitharaman and Reserve Bank of India Governor Shaktikanta Das will jointly chair the 2nd G20 Finance Ministers and Central Bank Governors, FMCBG meeting on 12 April. The 2nd G20 FMCBG meeting will …

FM leaves for US; to host G20 meeting, attend IMF, World Bank meetings
1 year, 8 months ago

FM leaves for US; to host G20 meeting, attend IMF, World Bank meetings

Live Mint  

Finance Minister Nirmala Sitharaman will be leaving for the US to attend the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund, along with G20 meetings. During her week-long trip, she will be hosting the second G20 Finance Ministers and Central Bank Governors meeting under India's G20 Presidency and G20-related side events, said the finance ministry …

India’s Modi asks G20 finance heads to focus on ‘most vulnerable’
1 year, 10 months ago

India’s Modi asks G20 finance heads to focus on ‘most vulnerable’

Al Jazeera  

Financial viability of many countries is being threatened by unsustainable debt, Indian PM says, as two-day G20 meeting begins in Bengaluru. Policymakers of the Group of 20 leading economies should focus on helping the world’s most vulnerable people, India’s Prime Minister Narendra Modi has said as top-level financial talks kick off near the Indian technology hub of Bengaluru. “You represent …

There's greater optimism that the world may avoid deep recession: RBI Governor at G20 FMs meet
1 year, 10 months ago

There's greater optimism that the world may avoid deep recession: RBI Governor at G20 FMs meet

India TV News  

G20 Summit: Addressing the inaugural session of the meeting of G20 finance ministers and central bank governors, RBI Governor Shaktikanta Das on Friday called upon G20 nations to resolutely address the challenges, like threats to financial stability and debt distress that confront the global economy. "Together, we must resolutely address the challenges that confront us, including those that are of …

FM meets US Treasury Secretary ahead of G20, discuss crypto regulation and more
1 year, 10 months ago

FM meets US Treasury Secretary ahead of G20, discuss crypto regulation and more

India Today  

Before the first G20 meeting, the Finance Ministers and Central Bank Governors conference was held on Thursday under the G20 Indian Presidency. The recent meeting included the finance ministers and central bank governors of G20 member countries, invitee countries, and leaders of major international organisations; almost 500 foreign delegates in Bengaluru. Conversations around crypto On this occasion, Konix, a crypto …

India likely to propose expert G20 group for World Bank reforms: Report
1 year, 10 months ago

India likely to propose expert G20 group for World Bank reforms: Report

Live Mint  

India is likely to propose forming an expert G20 group to look into reforms at the World Bank and to increase the lending capacity of the institution for climate financing in middle and low income countries, three sources told Reuters. The development comes as World Bank President David Malpass held a discussion with Finance Minister Nirmala Sitharaman on Wednesday on …

Janet Yellen to visit India for G-20 finance meetings
1 year, 10 months ago

Janet Yellen to visit India for G-20 finance meetings

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen will travel to India next week to attend Group of 20 finance minister meetings in Bengaluru and will address the global economic impacts of Russia’s invasion of Ukraine as her visit coincides with the one-year anniversary of the invasion. A senior Treasury official who spoke on the condition of anonymity to preview the secretary’s …

Developed world hasn't acted on $100bn/year climate finance pledge; multilateral financial bodies need to be transformed: Amitabh Kant
1 year, 10 months ago

Developed world hasn't acted on $100bn/year climate finance pledge; multilateral financial bodies need to be transformed: Amitabh Kant

The Hindu  

India's G20 sherpa Amitabh Kant on January 30 said the developed world has not helped the developing countries with $100 billion of climate finance per year, despite committing to it way back in 2009. Explained | All about the G20: History of the forum and India’s presidency "If India has to go for climate change, the developed world has to …

India To Take Up Developmental Issues Facing Global South At G-20 Meetings: Nirmala Sitharaman
1 year, 11 months ago

India To Take Up Developmental Issues Facing Global South At G-20 Meetings: Nirmala Sitharaman

ABP News  

Union Finance Minister Nirmala Sitharaman on Thursday said that India will take up developmental issues of the Global South at the meetings of the G-20 countries emphasising that there should not be any first world or third world, but only one world having a common future, the PTI reported. Addressing the ministerial session at the Global South Summit, Sitharaman said …

Tackling climate change will require reforming the World Bank and IMF – here are two options
2 years ago

Tackling climate change will require reforming the World Bank and IMF – here are two options

The Quint  

Tackling climate change will require reforming the World Bank and IMF – here are two options Prime Minister of Barbados, Mia Mottley, a UN climate summit. Her plan, known as the Bridgetown initiative, would mobilise more than US$1 trillion from the World Bank among other development lenders and US$500 million from the IMF. The right climate for investment The World …

FM Sitharaman meets World Bank president, discusses Covid-19, Ukraine war
2 years, 8 months ago

FM Sitharaman meets World Bank president, discusses Covid-19, Ukraine war

Live Mint  

Union Finance Minister Nirmala Sitharaman met with World Bank President David Malpass in Washington on Friday and discussed several key economic issues including India's continued recovery from the Covid-19 pandemic and impact of Russia-Ukraine conflict, as per news agency ANI report. "The two discussed India's continued recovery from COVID19, impact of Russia-Ukraine conflict, Single Borrower Limit and exploring the possibility …

Sitharaman calls for global policy coordination at G20
2 years, 8 months ago

Sitharaman calls for global policy coordination at G20

Live Mint  

Finance minister Nirmala Sitharaman on Thursday pressed for international policy coordination and proactive collective efforts to protect economies amid geopolitical events dampening growth and recovery prospects. Speaking at the G20 Finance Ministers & Central Bank Governors meeting in Washington D.C., Sitharaman flagged economic challenges arising from prolonged inflation, supply chain disruption, volatility in energy markets, and investor uncertainty for all …

Nirmala meets IMF chief; discusses impact of geopolitical situation on global growth
2 years, 8 months ago

Nirmala meets IMF chief; discusses impact of geopolitical situation on global growth

Deccan Chronicle  

Washington: Finance Minister Nirmala Sitharaman on Tuesday met IMF managing director Kristalina Georgieva and discussed a range of issues, including impact of geopolitical situation on global growth. During the meeting held on the sidelines of the ongoing annual spring meetings of the International Monetary Fund and the World Bank, the IMF chief highlighted India's well-targeted policy mix that has helped …

FM Nirmala Sitharaman embarks on week-long US visit to attend G-20, World Bank meetings
3 years, 2 months ago

FM Nirmala Sitharaman embarks on week-long US visit to attend G-20, World Bank meetings

India TV News  

Finance Minister Nirmala Sitharaman has embarked on a week-long US trip to attend the annual meet of the World Bank and IMF as well as G20 Finance Ministers and Central Bank Governors meeting. @nsitharaman will be attending the Annual Meetings of @IMFNews & @WorldBank, G20 FMCBG meetings, India-US Economic and Financial Dialogue, and other associated investment meetings as part of …

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