Nirmala Sitharaman highlights Global South's contributions to foundations of multilateral development banks

Washington, DC [US], October 26 : Union Finance Minister Nirmala Sitharaman highlighted the contributions of the Global South to the foundations of multilateral development banks at the 1944 Bretton Woods conference and emphasized on embedding diverse voices in decision-making to ensure a truly inclusive and global development framework.
She was speaking at the Development Committee Plenary session on 'A Future-Ready World Bank Group' at the World Bank during the Annual Meetings 2024 in Washington, DC.
In her intervention at the session, Sitharaman urged the World Bank to promote a two-way exchange of innovations, drawing from the transformative experiences of the Global South in areas like digital inclusion and sustainable energy.
In a post on X, the Ministry of Finance stated, "Union Minister for Finance and Corporate Affairs Smt. @nsitharaman participated in the Development Committee Plenary session on 'A Future-Ready World Bank Group' at the @WorldBank during the #AnnualMeetings2024, in Washington D.C., today. In her intervention, the Union Finance Minister noted the pivotal contributions of the #GlobalSouth to the foundations of multilateral development banks at the 1944 Bretton Woods conference and also emphasised on embedding diverse voices in decision-making to ensure a truly #inclusive, global development framework."
"FM also called for the @WorldBank to promote a two-way exchange of innovations, drawing from the transformative experiences of the #GlobalSouth in areas like #DigitalInclusion and #SustainableEnergy," it added.
The Finance Minister also praised the World Bank's initiatives over the past year to optimize balance sheet measures to increase its financial capacity, considering the growing global economic challenges and the pressing need of emerging economies to finance their developmental needs.
In the post, the Ministry of Finance further said, "FM Smt. @nsitharaman commended @WorldBank's initiatives over the past year to optimise balance sheet measures to increase its financial capacity, however, given the growing global economic challenges and the pressing need of emerging economies to finance their developmental needs, both new and concessional resources, will be essential. The Union Finance Minister sought a more affordable @WorldBank
with a more competitive pricing model to foster broader participation, incentivise middle-income countries to borrow more and deepen development impact."
She further reiterated India's stance that the World Bank should adopt a strictly evidence-based and data-driven approach when preparing global indices and country comparators such as the Worldwide Governance Indicators and the new B-Ready index.
She affirmed hope that the World Bank would chart the future path with a renewed commitment by addressing key priorities, empowering regions, and fostering partnerships, to create a future-ready institution capable of accelerating progress toward the 2030 SDGs and beyond.
https://x.com/FinMinIndia/status/1849932626909597853
Nirmala Sitharaman also participated in the


today participated in the IMFC Plenary session on 'MD's Global Policy Agenda' at the International Monetary Fund (IMF) during the Annual Meetings 2024 in Washington, DC.

emphasised that the IMF's surveillance and policy guidance remain vital for countries with debt vulnerabilities, however, the Fund should maintain even handed in its policy advice," it added.
She expressed hope that the establish itself as a trusted advisor with regard to strengthening multilateral surveillance and enhancing transparency.
https://x.com/FinMinIndia/status/1849926777952780558
Nirmala Sitharaman also held a meeting with Standard Chartered CEO Bill Winters
met Mr. Bill Winters, CEO, Standard Charteredcommitted to a grow in India strategy and desires to grow bigger."

is gaining foothold in the international financial services landscape, and acknowledged the existing engagement of Standard Chartered Bank in this regard. She also encouraged them to explore other avenues of engagement as well in GIFT-IFSC such as Global In House Centres, Sustainable Finance Hub and to also facilitate other investors and financial services companies to know more about relevant opportunities at GIFT City," it added.