NEW DELHI: Union finance minister Nirmala Sitharaman and World Bank president Ajay Banga held discussions on various topics during their meeting on the sidelines of the World Bank and IMF Annual Meetings 2024 in Washington, DC.
The discussions focused on private capital participation in Global Public Goods, energy security, and reforms in Multilateral Development Banks (MDBs). Sitharaman expressed her eagerness for the World Bank to implement the recommendations made by the Independent Evaluation Group (IEG) on MDBs reforms, which were put forward during India’s G20 Presidency.
The ministry of finance shared details of the meeting on X, saying, “Union minister for finance and corporate affairs Smt. @nsitharaman met Mr. Ajay Banga, President @WorldBank on the sidelines of the World Bank and IMF #AnnualMeetings2024, in Washington DC, today. The two discussed issues related to private capital participation in Global Public Goods, #Energy security, and Multilateral Development Banks #MDBs reforms. The Union Finance Minister said that she is keenly looking forward to @World Bank to take forward the IEG’s recommendations on #MDBs reforms from India’s G20 Presidency and also requested for regular monitoring on the implementation of the recommendations going forward.”
Sitharaman also emphasised the need for a broader consultation process on the advisory mechanism jointly convened by the World Bank and IMF. Banga acknowledged the substantial progress made on the IEG recommendations and reiterated the World Bank’s interest in collaborating with India’s budget priorities, including skilling, water and sanitation, and urban development.
“FM Smt. @nsitharaman also stressed on broader consultation process on the advisory mechanism jointly convened by @WorldBank and @IMFNews for discussing Bretton Woods Institutions @80. Mr. Banga noted substantial progress on the IEG recommendations, which are set to be presented at the G20. He emphasised the WBG’s focus on jobs, knowledge frameworks, bankable projects and reiterated emphasis on collaborating with India’s budget priorities, including skilling, water and sanitation and urban development,” the ministry of finance added on X.
During her visit to Washington, DC, Sitharaman also participated in a panel discussion titled ‘Bretton Woods Institutions at 80: Priorities for the Next Decade’, organised by the Center for Global Development. The panel included distinguished experts such as Lawrence H Summers, Carlos Cuerpo, and Rania A. Al Mashat.
Sitharaman’s visit to the US includes participation in the Annual Meetings of the IMF and World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, and bilateral meetings with leaders from the United Kingdom, Switzerland, and Germany. She will also take part in a World Bank Group discussion on ‘From Idea to Implementation: New Financial Solutions to Accelerate Development’.