MARRAKECH: G20 finance ministers and central bank governors, which met for a final time during India’s presidency, agreed to work on a global framework for regulating crypto assets apart from pushing for reform of multilateral development banks, such as the World Bank, so that developing and poor countries can get more funding, including for climate action.
FM Nirmala Sitharaman counted the progress on MDB reforms and the endorsement of the recommendations of the independent group, co-chaired by Larry Summers and NK Singh, as a major gain: “We can see that the language with which the reforms of the MDBs is being talked about, whether the World Bank or the IMF, the IEG’s language has found a comfortable place in the narrative in the evolution or reform roadmaps for making them bigger, better and more efficient.” UK chancellor of exchequer Jeremy Hunt was among the first to commit to capital support for the MDBs.

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