Under the aegis of India‘s G20 Presidency, a 11-member expert group has been set up to suggest measures to strengthen multilateral development banks (MDBs). The finance ministry in a statement said Professor Lawrence Summers ( President Emeritus, Harvard University) and N K Singh (Former Chairperson, 15th Finance Commission of India) are co-convenors of the G20 Expert Group on strengthening MDBs.
The panel would work on making a road map for an updated MDB ecosystem for the 21st century, touching upon all aspects of MDB evolution, and mechanisms for coordination among such banks to address and finance global development and other challenges more effectively.
The panel would also evaluate various estimates regarding the scale of funding required by and from MDBs for addressing their and member countries’ increased financing needs for SDG and transboundary challenges.
The expert group will submit its report to the Indian Presidency of G20 before June 30, 2023, the ministry said.