Jaitley stresses on need for reforms in World Bank

Finance Minister Arun Jaitley stressed on capital increase and the need for reforms in the World Bank so as to reflect the emerging world order in its governance.

Jaitley made these observations when Mulyani Indrawati, Managing Director, World Bank Group, called on him at his office here. He complimented her for setting the twin global goals of removal of global poverty and increasing shared prosperity aligned to the Sustainable Development Goals (SDGs).

Speaking on the occasion, Indrawati informed Jaitley about the World Bank Group's agenda and strategy for achieving the twin goals of removal of global poverty and increasing shared prosperity which are broadly aligned to the Sustainable Development Goals 2015.

She assured support of the World Bank Group to partner India's development strategies through delivery of diversified programmes of financing, knowledge exchange and capacity building.

Indrawati is on a visit to India from September 22 to 24. This is her second visit to India in her capacity as the MD, World Bank Group.

During the aforesaid meeting, both leaders also discussed issues relating to the Indian economy and the key priorities of the government.

Among other things, this discussion focused on Prime Minister Narendra Modi's six priority areas for World Bank financing.

The roadmap and timelines for the World Bank Group's capital increase and shareholders' review, Procurement and Environment and Social Safeguards framework of the bank were also discussed.