Sitharaman, Banga discuss MDB reforms & global cooperation at IMF meeting

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, met World Bank President Ajay Banga on the sidelines of the 2024 Annual Meetings of the World Bank and International Monetary Fund (IMF) in Washington D.C. The two leaders discussed key issues concerning private capital participation in Global Public Goods, energy security, and reforms of Multilateral Development Banks (MDBs), according to information.
During the meeting, Sitharaman expressed her strong interest in the World Bank’s role in advancing the Independent Evaluation Group’s (IEG) recommendations on MDB reforms, a major outcome of India’s G20 Presidency. She emphasized the need for regular monitoring of the implementation of these recommendations and urged the World Bank to ensure consistent progress moving forward.
Sitharaman also highlighted the importance of a broad consultation process for the advisory mechanism jointly convened by the World Bank and the IMF to discuss the Bretton Woods Institutions as they approach their 80th anniversary. She stressed that wider global engagement and feedback would be essential for meaningful reforms.
In response, Ajay Banga reportedly noted the significant advancements made on the IEG recommendations, which are scheduled to be presented at the upcoming G20 meeting. He outlined the World Bank Group’s (WBG) strategic focus on enhancing jobs, knowledge frameworks, and creating bankable projects. Banga also reiterated the WBG's commitment to aligning with India's budgetary priorities, particularly in areas such as skilling, water and sanitation, and urban development. This discussion underlined India’s growing role in global economic governance and its continued engagement with international financial institutions to address pressing global challenges.
Earlier, at Wharton Business School Sitharaman said, digital experience of India is a superb lesson in cutting down pilferages, fraudulent transactions and ghost account holders. This is giving us a big advantage in being responsible about taxpayers' money. 

Over 51 ministries and departments in the central government deal with Direct Benefit Transfers (DBT). More than USD 450 billion have been transferred cumulatively in the last 8 years. In 8 years, around USD 40 billion have been saved from pilferages.

This digital experience of… pic.twitter.com/XQVOETnPep

— Nirmala Sitharaman Office (@nsitharamanoffc) October 23, 2024

'Today, India wouldn't have been the fastest growing economy if the people hadn't utilised the digital infrastructure, which was available to them at free of cost. It reached the people through various campaigns & awareness programmes even in their own local languages,' she said.

(Business Correspondent)