Consensus on definition of global challenges essential for MDB: Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday emphasised that building a consensus on the definition of global development challenges and augmenting financial and operational capacity of World Bank Group is critical for the evolution of Multilateral Development Bank (MDB).

Sitharaman, who is currently in Washington, participated in a roundtable on "Multilateral Development Bank Evolution: Building Shareholder Consensus" hosted by U.S. treasury secretary Janet Yellen at the World Bank headquarters.

The discussion focused on the impact of global development challenges like climate change, pandemics, fragility and conflict on development progress and reforms at the World Bank.

Sitharaman stated that the calls to reinvigorate the World Bank present a historic opportunity to make the institution 'fit for purpose' to achieve the SDGs alongside addressing national as well as global development challenges, both present and future.

She further said that in the true spirit of multilateralism, the MDB evolution dialogue needs to be inclusive, consensus-based and recognise in full measure, the development perspectives and priorities of client countries.