August 13, 2023
1 min read

‘Strengthening multilateral development banks primary focus of G20’

Sitharaman said that the MDBs are facing challenges on various fronts and are not fully equipped to handle the challenges….reports Asian Lite News

Union Finance Minister Nirmala Sitharaman on Friday said that the primary focus of India’s G20 Presidency has been to strengthen multilateral development banks (MDB) and to address their shared global development goals.

Speaking virtually at a seminar organised by the Ministry of Finance and the Reserve Bank of India under G20 titled ‘Global Economy: Challenges, Opportunities & the Way Forward’, Sitharaman said that the MDBs are facing challenges on various fronts and are not fully equipped to handle the challenges.

“A primary focus on India’s G-20 Presidency in 2023 has been to strengthen multilateral development banks, to address the shared challenges of the 21st Century,” she said.

“The crucial recommendation to handle these challenges for the MDB, that are to be discussed here are to tackle global challenges along with a core mission to poverty reduction and shared prosperity, to triple their sustainability lending by 2030 and to enhance financial strength and general capital increase,” she said.

She said that India stands committed to facilitating a secure and dynamic financial environment that benefits all nations and fosters inclusive growth, adding that a common agenda of G20 is to prepare for a better tomorrow.

Speaking on the geo-political environment, Sitharaman said geo-political differences do not supersede the core G20 mandate of international cooperation and finding solutions for existing and emerging situations.

“India assumed its Presidency of G-20 in these kind of circumstances. We have ensured that geo-political differences do not supersede the core G-20 mandate of International cooperation”, she said in her address

In her virtual address, the finance minister also touched upon the escalating debt among vulnerable countries the world over.

She said the finance track has seen the delivery of a sizeable number of outcomes, most of which will contribute to addressing the present and emerging global economic challenges.

India assumed the G20 presidency on December 1, 2022, and New Delhi is set to host the summit meeting next month. (ANI)

ALSO READ: China urges Philippines to ease South China Sea tensions

Previous Story

China condemns Taiwan Vice-President’s transit stop in US

Next Story

UK Security Minister in India to attend G20 Anti-Corruption Meet

Latest from -Top News

India, US Step Up Trade Talks

The development comes in the backdrop of the new US ambassador Sergio Gor taking charge in the US embassy is New Delhi….reports Asian Lite News India and the United States are progressing

Lanka Marks Next Phase of Indian Housing Drive

Phases III and IV of the Indian Housing Project highlight India’s commitment to supporting and empowering Sri Lanka’s Indian-origin Tamil community….reports Asian Lite News Sri Lankan President Anura Kumara Dissanayake on Sunday

China’s Grab for Africa

China’s investments aim to strengthen its geopolitical influence and its high-tech manufacturing sector in Africa…reports Asian Lute News China is further consolidating its dominance in the rare earth elements sector by expanding

Pakistan Courts in Peril

The question now is whether Pakistan’s courts can continue to function as guardians of the law, or whether they will be reduced to instruments of control…reports Asian Lite News Pakistan judiciary’s independence
Go toTop

Don't Miss

Srinagar readies to host G20 event as Pakistan sulks

Pakistan’s Ministry of Foreign Affairs, issued a statement on Tuesday

Hopes rise of Putin attending Sept G20 summit  

In 2022, Putin had skipped the G20 summit in Bali,