WB should avoid unidimensional view of subsidies, Sitharaman

Finance Minister Nirmala Sitharaman has said that during India's Presidency, it would like the G-20 to explore the potential for Multilateral Development Banks MDBs to enhance Climate Financing through leveraging and intermediating resources. She said this during her meeting with the President of World Bank Group David Malpass in Washington DC on Saturday. They discussed various issues including India’s G20 Presidency, improving the capital adequacy framework of MDBs, addressing debt vulnerabilities, and enhancing World Bank Group’s engagement with India through Knowledge Exchange and Multilateral Investment Guarantee Agency MIGA.  Ms Sitharaman thanked Malpass for a productive Development Committee meeting and support to India over the last two years especially in increasing the Single Borrower Limit. The Finance Minister mentioned that World Bank has been a valuable partner of the G20 since its inception and India looks forward to close collaboration with World Bank during upcoming G20 Presidency. Impressed by the quick and deep penetration of Government of India’s Financial Inclusion and digitalization initiatives among the poor, Mr Malpass assured Ms Sitharaman of showcasing this to other Finance Ministers as a way for governments to help their poor leapfrog in these challenging times. She urged the World Bank to  avoid a unidimensional view of subsidies.