‘Multilateral development bank reforms are wide-ranging and complex’ – Times of India

New Delhi: Lawrence Summers And NK SinghCo-Chair of the Expert Group on Strengthening Multilateral Development Banks (mdb), has said that the issues and challenges of reform are wide and complex, and reaching an agreement around a set of measures will not be easy given the differing views of shareholders.
in a blog post on ICRIER websiteHowever, the co-chairs said that MDB’s shareholders have indicated their interest in reforms to prepare them for the 21st century.
“New cross-border challenges – climate change, pandemics, fragility, migration – require new finance capacity and new approaches. The total flow of support from world Bank And the other MDB for developing countries was $192 billion in 2022. While this is a substantial figure, it is less than a third of the share of developing countries’ GDP in 2009 (during the global financial crisis), even though the investment needed to ensure growth is sustainable has increased greatly. ,” They said.
Inviting suggestions, the expert group said it seeks solutions that recognize the interests of all countries, and not pit some against others. “MDBs cannot fill all financial gaps. Instead their finance and other forms of support must be targeted so as to maximize impact and unlock even greater flows from other sources,” the co-chairs It was asked to finalize its report by the end of June.