Declaration goes as far as it can on global issues: V Anantha Nageswaran

economictimes.indiatimes.com:

V Anantha Nageswaran has said. The Indian G20 presidency has significantly added momentum and direction to future work in a number of critical areas, he told Deepshikha Sikarwar in an interview.

Edited excerpts:

Does the New Delhi declaration go far in addressing global economic woes?
The declaration recognises the key challenges, starting with cascading crises and lingering uncertainties. The declaration comprehensively recognises the issues in diverse areas such as the pandemic, climate change, digital public infrastructure, the advent of artificial intelligence and its impact on societies, women empowerment, education, food security, sustainable development goals, and regulating cryptos.

It recognises the need for strengthening financial capacities at multilateral development banks to help nations deal with global challenges, apart from development challenges. So, in sum, under the prevailing global circumstances, the declaration goes as far as it can in recognising and comprehensively dealing with diverse global challenges.

Is there enough consensus to push ahead with multilateral development bank (MDB) reforms? Does the outcome effectively address the need for reform?
Undoubtedly so.

The outcome has at least five paragraphs dealing with various aspects of strengthening and evolving MDBs. The declaration says clearly that we need bigger, better and more effective banks with strengthened financial capacities.

So, the boards and the management of these institutions have received a clear signal and a mandate to transform and prepare their institutions to deal with 21st-century challenges. The work of the G20 Independent Expert Group on Strengthening MDBs will provide an important anchor for guiding the work of the G20 on