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Multilateral banks are supportive of reforms: NK Singh
October 16, 2023
In a significant move aimed at enhancing global development efforts, Multilateral Development Banks (MDBs) are gearing up for transformation based on the recommendations put forth by the Independent Expert Group (IEG) under India’s G20 presidency. NK Singh, the co-chair of the IEG, shared details with Deepshikha Sikarwar, stating that the proposal centres around making MDBs ‘bigger, better, and bolder’ lenders.
The IEG’s second volume report on strengthening MDBs was presented to G20 finance ministers and central bank governors in Marrakech during the final meeting under India’s presidency. According to Singh, the heads of MDBs have shown enthusiastic support for the proposed changes. While each institution has its own governance structure, there is a remarkable consensus on the need to evolve their operational models.
The transformation, termed a “restructured operational model,” necessitates a shift in attitude and approach. MDBs will need to adopt new skills and mindsets to explore innovative funding sources, such as guarantees. Singh emphasized the importance of harnessing guarantees as a major funding avenue and highlighted the need for a different skill set in framing contracts and utilizing these financial tools.
Overall, the proposed changes signify a fundamental shift in MDBs’ operations, aiming to make them more adaptable, effective, and impactful in the ever-changing global landscape.
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