NEW DELHI: Union finance minister Nirmala Sitharaman and World Bank president Ajay Banga held discussions on numerous matters throughout their assembly on the sidelines of the World Bank and IMF Annual Meetings 2024 in Washington, DC.
The discussions centered on private capital participation in Global Public Goods, vitality safety, and reforms in Multilateral Development Banks (MDBs). Sitharaman expressed her eagerness for the World Bank to implement the suggestions made by the Independent Evaluation Group (IEG) on MDBs reforms, which have been put ahead throughout India’s G20 Presidency.
The ministry of finance shared particulars of the assembly on X, saying, “Union minister for finance and corporate affairs Smt. @nsitharaman met Mr. Ajay Banga, President @WorldBank on the sidelines of the World Bank and IMF #AnnualMeetings2024, in Washington DC, today. The two discussed issues related to private capital participation in Global Public Goods, #Energy security, and Multilateral Development Banks #MDBs reforms. The Union Finance Minister said that she is keenly looking forward to @World Bank to take forward the IEG’s recommendations on #MDBs reforms from India’s G20 Presidency and also requested for regular monitoring on the implementation of the recommendations going forward.”
Sitharaman additionally emphasised the necessity for a broader session course of on the advisory mechanism collectively convened by the World Bank and IMF. Banga acknowledged the substantial progress made on the IEG suggestions and reiterated the World Bank’s curiosity in collaborating with India’s funds priorities, together with skilling, water and sanitation, and concrete growth.
“FM Smt. @nsitharaman also stressed on broader consultation process on the advisory mechanism jointly convened by @WorldBank and @IMFNews for discussing Bretton Woods Institutions @80. Mr. Banga noted substantial progress on the IEG recommendations, which are set to be presented at the G20. He emphasised the WBG’s focus on jobs, knowledge frameworks, bankable projects and reiterated emphasis on collaborating with India’s budget priorities, including skilling, water and sanitation and urban development,” the ministry of finance added on X.
During her go to to Washington, DC, Sitharaman additionally participated in a panel dialogue titled ‘Bretton Woods Institutions at 80: Priorities for the Next Decade’, organised by the Center for Global Development. The panel included distinguished specialists akin to Lawrence H Summers, Carlos Cuerpo, and Rania A. Al Mashat.
Sitharaman’s go to to the US consists of participation in the Annual Meetings of the IMF and World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, and bilateral conferences with leaders from the United Kingdom, Switzerland, and Germany. She can even participate in a World Bank Group dialogue on ‘From Idea to Implementation: New Financial Solutions to Accelerate Development’.
