Reforms in multilateral banks on G20 agenda

STRENGTHENING MULTILATERAL DEVELOPMENT banks to address global challenges, financing for urban infrastructure and leveraging digital public infrastructure for financial inclusion would be key focus areas for the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency on February 24-25 at Bengaluru.

The sessions will also cover issues related to the global economy, global health and international taxation.

On February 9, finance minister Nirmala Sitharaman and International Monetary Fund managing director Kristalina Georgieva discussed the timely completion of the 16th General Review of Quotas (GRQ) to strengthen the Global Financial Safety Net. The GRQ by December 2023 is expected to address the long-delayed realignment of IMF members' quota shares, which was last undertaken in 2008, to increase the voice of the emerging market and developing economies such as India.