Finance Minister Sitharman says G20 agreed on bigger, better, more effective MDBs
G20 Summit being held in New Delhi on Saturday, India's Finance Minister Nirmala Sitharaman announced that the intergovernmental forum had reached a consensus on strengthening multilateral development banks (MDBs) to make them «bigger, better and more effective.»
«India's G20 presidency has crafted solutions that resonate with each member offering shared path forward for all,» Sitharaman said at a press conference shortly after the G20 adopted the New Delhi Declaration.
Explaining the resolutions under the finance track, Sitharaman highlighted four major achievements that include an agreement to boost WB's financing capacity, and to form an independent panel of capital adequacy framework (CAF) for MDBs.
The Finance Minister added that there would be an additional $200 billion headroom for lending in the next decade, post the implementation of CAF.
«We endorse the G20 Roadmap for Implementing the Recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) and call for its ambitious implementation, within MDBs’ own governance frameworks while safeguarding their long-term financial sustainability, robust credit ratings and preferred creditor status,» the New Delhi Declaration reads.
During the press confernce, Sitharaman also talked of cryptocurrency, pointing out that India's presidency is brining a consensus on the matter.
«A global consensus on regulating cryptos is emerging under India's presidency,» Sitharaman said, adding, «we have embedded in G20 agenda financial inclusion and productivity gains through digital public infrastructure.»
Addressing the conference alongside Sitharaman was External Affaits Minister S Jaishankar, who said that the G20 has contributed to making «India
