ONE OF THE top priorities during India’s soon to be concluded G20 presidency was finding ways to finance the world’s increasingly complex development challenges. And India made a start to this end with the New Delhi Leaders’ Declaration taking up the issue of reforming international financial institutions. There is palpable excitement about the move that could usher substantive changes in not only the work that these multilateral development banks (MDBs) do, but also bridge the funding gap through greater private sector engagement, especially after the fourth meeting of finance ministers and central bank governors in Marrakesh in October.
The MDBs were set up in a different era. The World Bank, for instance, was set up in 1944, and its articles of agreement included rebuilding the economies of countries devastated by war and increasing the economic development of developing countries. When it began operations in 1946, it had 38 members; now almost all countries of the world are its members. Similarly, the International Monetary Fund (IMF), too, was established in 1944 after the Great Depression of the 1930s with 44 founding member countries that sought to build a framework for international economic co-operation. Now, it has 190 countries as members.
QA
‘‘MDBs NEED TO BE THE TIP OF THE SPEAR’’
Lawrence Summers and N.K. Singh, Co-conveners of the G20 expert group on strengthening MDBs, share their views on the importance of reforms of the global development banks
BY SIDDHARTH ZARABI
Denne historien er fra November 12, 2023-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 12, 2023-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Pension Scheme - Safety Net
The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math
The Reit Choice?
Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility
CORPORATE - Calling to Account
The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm
EMPLOYMENT: Skills Push
The skill development ministry plans to partner with the UGC to improve the employability of undergraduates
Building on a Vision
L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE
"KYS more important than KYC"
Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore
ROXX STAR
THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT
HIT THE GROUND RUNNING
Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider
TURNING THE TABLES
INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND
THE EVOLUTION OF ATHERA
IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS