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. G20 expert panel created for enhancing MDBs.
The G20 (Group of Twenty) is an international forum consisting of 19 nations plus the European Union, which together constitute about 80% of the world’s economic output. The member nations include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
The G20 was established in 1999 to promote international economic cooperation and address global economic challenges. The forum meets yearly, with the leaders of each member nation attending the summit. The emphasis of the G20’s work covers problems such as financial regulation, international commerce, climate change, and global economic development.
One of the great successes of the G20 has been its reaction to the global financial crisis of 2008-2009. The forum played a crucial role in coordinating international efforts to stabilize the global economy and prevent a deeper crisis. Since then, the G20 has continued to work on issues related to economic growth and financial stability, as well as addressing global challenges such as climate change and inequality.
Although the G20 has been criticized for its lack of inclusion and for being dominated by wealthier nations, it remains an important venue for
Under the aegis of India’s G20 Presidency, an 11-member expert group has been set up to suggest measures to strengthen multilateral development banks (MDBs) (MDBs). The finance ministry in a statement stated 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 review different estimates about the magnitude of funds needed by and from MDBs for addressing their and member countries’ rising finance requirements for SDG and transboundary problems.
The expert committee would submit its findings to the Indian President of G20 by June 30, 2023, the government said.
