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Business News›News›International›World News›World Bank group sets up task force
to study IEG suggestions



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WORLD BANK GROUP SETS UP TASK FORCE TO STUDY IEG SUGGESTIONS

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World Bank group sets up task force to study IEG suggestions
ET BureauLast Updated: Dec 20, 2023, 11:46:00 PM IST
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THE WORLD BANK GROUP HAS ESTABLISHED A TASK FORCE TO EXAMINE THE RECOMMENDATIONS
OF THE INDEPENDENT EXPERT GROUP (IEG) REGARDING THE REFORM OF MULTILATERAL
DEVELOPMENT BANKS, INITIATED UNDER INDIA'S G20 PRESIDENCY. WORLD BANK PRESIDENT
AJAY BANGA INFORMED UNION FINANCE MINISTER NIRMALA SITHARAMAN ABOUT THIS
DEVELOPMENT.

ANI
The World Bank Group has set up a task force to study recommendations of the
Independent Expert Group (IEG) on reform of multilateral development banks, set
up under India's G20 presidency.

This was conveyed by World Bank president Ajay Banga to Union finance minister
Nirmala Sitharaman on Wednesday.



The World Bank has identified eight unique global challenges to focus on in the
next few years as they affect many countries and the finance minister expressed
India's support for it, the finance ministry said in a post on X.


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"FM Smt. @nsitharaman and Mr. Banga discussed outcomes of #G20India Presidency,
evolution of the @WorldBank and its engagement with India in various sectors,
besides issues of mutual interest," the finance ministry said.

Sitharaman said the World Bank should take the lead in advancing recommendations
made by the IEG that multilateral development banks must be bigger, better and
bolder, and added that other banks look up to the World Bank for such reform
initiatives.


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"Finance Minister Smt. @nsitharaman stressed that the Country Climate and
Development Report exercise of the @WorldBank should take into account the
country's priorities and circumstances," the finance ministry said. Sitharaman
also highlighted the need for the World Bank to explore the possibility of a
coordinated approach in implementation of projects with special emphasis on
finance-plus or budget-plus elements in projects funded by it.






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