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My judgement is that the MDB reform needle wasn’t so much moved as sharpened—the G20 Finance Ministers have made clear what the immediate priorities are. The G20 will have a chance to weigh in on the MDB agenda again in September when India chairs the Leaders’ Summit. Ideally, they will have a bit more to say about the poorest.
Radically reformed and strengthened MDBs are essential to address the immense global challenges in today’s world. The welfare of billions of people and the health of the planet, the foremost example of a global public good (GPG), are under threat. To make matters worse, the problems are getting bigger; the SDGs are badly offtrack, with over 600 million people still living in extreme poverty, and there is an intense urgency to address problems of climate change and nature conservation and protection in all countries.
NK Singh, co-convener of the G20 independent expert group, emphasised the need to constitute a “global challenges funding” mechanism that can garner an additional $20 billion for global public goods. | Latest News India
The Third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Indian Presidency was held during 17-18 July 2023 in Gandhinagar, Gujarat. The meeting was jointly chaired by Union Minister of Finance and Corporate Affairs Smt. Ni
Andrew Mitchell, Minister for Development and Africa delivers a closing speech at the 2023 Caucus of African Governors of the World Bank and IMF.