World Bank identified 8 unique global challenges to focus on: President Ajay Banga

New Delhi: Union Finance Minister Smt. Nirmala Sitharaman and World Bank Group President Mr. Ajay Banga met today, in New Delhi. Both discussed the outcomes of the G20 India Presidency, the Evolution of the World Bank, and its engagement with India in various sectors, besides issues of mutual interest.

The Union Finance Minister stated that World Bank should take the lead in advancing recommendations contained in the Volume-I Triple Agenda and the recommendations that MDBs must be bigger, better and bolder as contained in the Volume-II, of the reports of the G20 Independent Experts Group IEG, prepared under the G20 India Presidency, and added that other MDBs look up to World Bank for such reform initiatives. 

Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY

Mr. Banga informed the Union Finance Minister that World Bank has setup a task force team to study recommendations made by G20IEG, under G20 India Presidency.

Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits

Mr. Banga stated that World Bank has identified eight unique global challenges to focus on in the next few years as they affect many countries and require attention and FM Smt. Sitharaman expressed India's support for it.

Finance Minister Smt. Sitharaman stressed that the Country Climate and Development Report CCDR exercise of the World Bank should take into account the country's priorities and circumstances. 

The Union Finance Minister highlighted the need for World Bank to explore possibility of coordinated approach in implementation of the projects with special emphasis on Finance Plus/Budget Plus elements in projects funded by the World Bank.

Read Also : India assumes the Chair of Asian Disaster Preparedness Centre