FM Sitharaman bats for critical multilateral development banks reforms

Finance Minister Nirmala Sitharaman called for substantial reforms in multilateral development banks to secure additional funds for developing countries during the third Voice of Global South Summit. She stressed the need for swift and agile financing solutions and suggested fresh capital infusions. Highlighting a $4 trillion annual financing gap for sustainable development goals, Sitharaman urged for measures to optimize balance sheets and mobilize private capital. Emphasis was also placed on South-South cooperation to enhance development financing. An Independent Expert Group formed by the G20 was mentioned as part of ongoing reform efforts.