Sitharaman highlights reforms undertaken for financial institutions under India's G20 presidency

By Consultants Review Team Friday, 23 June 2023

FinanceFinance Minister Nirmala Sitharaman participated in a roundtable on "Evolving the model of MDBs to address 21st century challenges" in Paris, where she highlighted the contribution of India's G20 presidency on capital adequacy framework (CAF) reforms and on strengthening multilateral development banks (MDBs). She discussed G20 efforts to strengthen MDBs to address the global challenges of 21st century.

"Work on CAF recommendations will enable MDBs to utilise their existing resources more effectively," she said during the event. Sitharaman shared that the Paris summit front-runs the G20 New Delhi summit, which will take place in September this year. "The momentum will fuel ongoing efforts in addressing development and transboundary challenges faced by humanity," she added.

Sitharaman reached Paris, France on June 21 to participate in the Summit for the New Global Financing Pact scheduled during June 22-23. During her official visit, Sitharaman will have multilateral and bilateral engagements with her counterparts, official sources said.

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