Washington DC [US], April 12 : Union Finance Minister Nirmala Sitharaman on Wednesday participated in a roundtable on 'Multilateral Development Bank Evolution: Building Shareholder Consensus' hosted by US Department of Treasury Secretary Janet Yellen at World Bank headquarters on Wednesday.
The discussion was focused on the impact of global development challenges like climate change, pandemics, fragility and conflict on development progress, and reforms at the World Bank, according to the Finance ministry.
According to the tweets by the finance ministry, Nirmala Sitharaman stated that the calls to reinvigorate the World Bank present a historic opportunity to make the institution 'fit for purpose' to achieve the Sustainable Development Goals of the UN, alongside addressing national as well as global development challenges, both present and future.
Sitharaman highlighted two fundamental issues, concerning MDB Evolution, namely, building of consensus on the definition of global development challenges, and augmenting the financial and operational capacity of the World Bank Group.
According to the ministry, the finance minister said that in the true spirit of multilateralism, the MDB Evolution dialogue needs to be inclusive, consensus-based, and recognise in full measure, the development perspectives and priorities of client countries.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor