Global bodies need to go beyond just financial reforms: DEA secretary Ajay Seth
economic affairs secretary Ajay Seth said on Wednesday.
Speaking at a seminar on multilateral institutions for the 21st century, Seth said India’s G20 presidency, which is coming to an end this month, demonstrates the willingness of countries to come together on key global issues despite geo-political differences. It also reflects India's ability to build global consensus in a difficult time.
The consensus augurs well for multilateralism in general and G20 in particular, he added.
The seminar was organised in the national capital by the department of economic affairs (DEA).
Seth said the policy guidance--especially on reforming international financial institutions--emerging from the G20 leaders’ New Delhi declaration in September--requires engagement across multiple G20 presidencies and at various multilateral forums.
The secretary said past gains in poverty reduction and human development are reversing. Unmet financing needs for sustainable development goals are ballooning while global challenges like climate change and pandemic are growing in urgency, scale and complexity, he added.
Reforming global institutions comprehensively, therefore, becomes very critical, he said.
The G20 leaders' focus on reforming multilateral development banks and addressing debt distress of poor and developing economies were among the key deliverables of the Indian presidency.
