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Times News NetworkNew Delhi: Finance minister Nirmala Sitharaman on Wednesday said that India’s push for reforming multilateral development banks has .
he IEG presented the second volume of its report on strengthening MDBs to G20 finance ministers and central bank governors at the fourth and the last meeting under the Indian presidency in Marrakech.
The Independent Expert Group headed by former US treasury secretary Larry Summers and India's 15th Finance Commission chairman NK Singh called for urgent and strong action to scale MDBs to make them "fit for purpose" by 2030 in part two of its report.
The group was set by the G20 under India's presidency and is headed by former US treasury secretary Larry Summers and India's 15th Finance Commission chairman NK Singh. "The second volume of the report, titled 'Better, Bolder and Bigger MDBs', suggests several steps under these themes. For example, to make them better, the group has suggested simplifying processes to reduce the time taken to 12 months from about 24-26 months," Singh said on Wednesday.
Says no ban on World Bank-assisted projects being executed in the province.