G-20 committee formed on reform of multilateral institutions


The Group of 20 countries (G-20) under the chairmanship of India has constituted a committee of experts to prepare a detailed plan for reforms in multilateral institutions like the International Monetary Fund (IMF) and the World Bank. The chairman of this committee will be NK Singh, who was the chairman of the 15th Finance Commission, and Lawrence Summers, who was the Treasury Secretary of America.

This committee will present a blueprint for the 21st century according to the updated multilateral ecosystem. This will include the goals and timelines and vision, incentive structure, mode of operations and financial capability, etc. The Finance Ministry has given this information in a statement.

This would provide Multilateral Development Banks (MDBs) with a broad-based framework for financing sustainable development goals and cross-border challenges such as climate change and health.

The statement said that this committee will evaluate various estimates related to the financing needs.

The high-powered committee will include senior minister Tharman Shanmugaratnam of the Singapore government, Nicolas Stern of the London School of Economics, Maria Ramos, chairperson of mining giant AngloGold Ashanti, and former Brazilian central bank governor Arminio Fraga, among others.

This committee will submit its report to the G-20 President India before June 30.


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