Third G20 FMCBG meeting fails to endorse report on reforming MDBs

NK Singh, co-convenor of the expert group, however, told Business Standard that at this stage an endorsement was not expected

The Third G20 finance ministers and Central Bank Governors (FMCBG) meeting in Gandhinagar failed to “endorse” the report on reforming the multilateral development banks (MDBs) co-authored by NK Singh and Larry Summers, signalling that the key recommendations of the independent expert group may not be agreed upon during India’s G20 presidency.

“We are disappointed that the recommendations of the MDB reforms report were not endorsed in the chair’s summary released in Gandhinagar. It was only taken note of,” a senior G20 delegate of India said, requesting anonymity.

The FMCBG meeting, which had to satisfy with a chair’s summary rather than