GANDHINAGAR: A day ahead of the discussion on reform of Multilateral Development Banks (MDBs), US Treasury Secretary Janet Yellen’s statement is seen as significant in involving several G20 countries including G7 members for the long overdue changes. Is.
Already, civil society organizations have come out in support of the recommendations made by the panel and Yellen’s comments have provided much-needed support to the recommendations. “These (comments) are in line with the group’s own thinking. There is no doubt that there are issues on which we will seek broad convergence of views, such as capital growth, and the extent to which markets can accept the leverage of the existing capital base. NK Singh Panel co-chair with former US Treasury Secretary Larry Summers, told TOI. Though the report has not been made public, as reported by TOI, the panel has proposed equity support of $100 billion for MDBs and estimated a funding requirement of $3 trillion over a decade. About $1 trillion has to come from outside sources, including the MDB.
Singh also met the Managing Director of IMF Kristalina Georgievadiscussed the issue of domestic resource mobilization of about $2 trillion. “There is no denying the fact that the burden of transition on capital will come from the member countries themselves making a significant contribution based on their own capacity,” he added.
Separately, four civil society organizations – Global Citizen, The One Campaign, e3G and Pandemic Action Network – issued a statement supporting the reforms. “A step change is needed. At the G20 FM meeting, we ask you to commit to expanding and reforming the international financial architecture to meet the Sustainable Development Goals and unlock international financing to help address the climate emergency.
Already, civil society organizations have come out in support of the recommendations made by the panel and Yellen’s comments have provided much-needed support to the recommendations. “These (comments) are in line with the group’s own thinking. There is no doubt that there are issues on which we will seek broad convergence of views, such as capital growth, and the extent to which markets can accept the leverage of the existing capital base. NK Singh Panel co-chair with former US Treasury Secretary Larry Summers, told TOI. Though the report has not been made public, as reported by TOI, the panel has proposed equity support of $100 billion for MDBs and estimated a funding requirement of $3 trillion over a decade. About $1 trillion has to come from outside sources, including the MDB.
Singh also met the Managing Director of IMF Kristalina Georgievadiscussed the issue of domestic resource mobilization of about $2 trillion. “There is no denying the fact that the burden of transition on capital will come from the member countries themselves making a significant contribution based on their own capacity,” he added.
Separately, four civil society organizations – Global Citizen, The One Campaign, e3G and Pandemic Action Network – issued a statement supporting the reforms. “A step change is needed. At the G20 FM meeting, we ask you to commit to expanding and reforming the international financial architecture to meet the Sustainable Development Goals and unlock international financing to help address the climate emergency.