G20 nations agreed on bigger, better and more effective MDBs, says Sitharaman

New Delhi (| Finance Minister Nirmala Sitharaman on Saturday said that the G20 members have endorsed the roadmap for implementation of the recommendations of an independent panel on Capital Adequacy Frameworks (CAF) of multilateral development banks (MDBs). The Minister said that CAF recommendations are focused on enabling MDBs to use their existing resources effectively.

“The roadmap estimates that implementation of CAF measures will potentially yield additional lending headroom of approximately US$ 200 billion over the next decade,” Sitharaman said.Listing out the achievements of the finance track during the 10 months of India’s G20 Presidency, she said that the G20 countries have agreed on bigger, better and more effective MDBs to address the shared global challenges of the 21st century.

The Minister noted that through these achievements, India has harnessed the opportunity provided by the G20 Presidency to effectively articulate and embed the priorities of the Global South in the larger global conversation on MDB reforms. The Minister further said that the global push for clearer policies on crypto assets has gained momentum under the Indian G20 Presidency and a global consensus is emerging on the same.

“The Presidency with the support of IMF and FSB (Financial Stability Board) is setting the contours of the regulatory framework for a globally coordinated approach to crypto assets,” she said. Highlighting financial inclusion and productivity gains through Digital Public Infrastructure (DPI), the Minister said that India, through India Stack, became the first country to develop all three foundational DPIs: digital identity; real-time fast payment; and a platform to safely share personal data without compromising privacy. (UNI)