The G20 expert group on “Strengthening Multilateral Development Banks (MDBs)” was recently constituted under India’s G20 Presidency. The expert panel will deliver its findings to the Indian G20 Presidency before June 30, 2023. For the 21st century, an updated multilateral development system (MDB) ecosystem will be developed, with milestones and timelines covering all facets of its evolution, including its operational strategies and financial capacity, so that the multilateral banks are better able to finance a variety of issues like climate change and health.
The expert group will talk about ways for multilateral banks to coordinate their efforts in order to better handle and fund issues like global development.
Co-convenors include Professor Lawrence Summers, Harvard University’s emeritus president, and NK Singh, president of the Institute for Economic Growth and a former chair of India’s fifteenth finance commission.
The group consists of experts from various countries and international organizations, including the World Bank, International Monetary Fund, and Asian Development Bank.