Second part of MDB report to review suggestions for reforms, speed of response
New Delhi: The second part of the NK Singh and Lawrence Summers report on strengthening multilateral development banks (MDBs) will review multiple suggestions for reforms, elaborate on operational reforms, speed of response and private capital mobilisation, including prospects for scaling up the Multilateral Investment Guarantee Agency (MIGA). The second part the report, titled 'Strengthening Multilateral Development Banks: The Triple Agenda', will be released in October for discussion by finance ministers ahead of the G20 Annual meeting at Marrakech (Morocco).
It will also suggest a new foreign currency hedging mechanism, system-wide collaboration, and the proposed global challenges funding mechanism. "In addition, the second volume will provide more details on the timing and sequencing of measures beyond the current year of the reform roadmap," NK Singh and Lawrence Summers said in the first part of the report, released last week.
"It will also include detailed analytical notes supporting each of the policy recommendations in the main report," they added. According to Singh and Summers, reforming the MDB agenda and scaling them appropriately are urgent issues that require immediate action.
The roadmap submitted by them recommends G20 members agree on the vision of the triple agenda and initiate a process within each institution to identify the best ways to achieve the goal of tripling non-concessional commitments and doubling concessional contributions by 2030. It also recommends that G20 members review and endorse financing plans for each MDB and build consensus on operational reforms that balance speed, scale, and safeguards by 2024, when Brazil holds the presidency.
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