United Nations Secretary-General Antonio Guterres has said that reform of multilateral development banks will be an important theme in the future conference to be held this year. The future conference will be held during the United Nations General Assembly in September this year. The UN Secretary General also praised the work done by India during its G20 presidency.
Under India’s G20 chairmanship, an independent expert group on reform of multilateral development banks was formed, with NK Singh as its co-convenor. NK Singh visited the United Nations Headquarters last week and met the top leadership of the United Nations there. Apart from UN Secretary General Antonio Guterres, UN Deputy Secretary General Amina Mohammed and Secretary General of Economic and Social Affairs Li Janhua are included.
The United Nations leadership acknowledged that the report of the Independent Expert Group has given many important suggestions, which can ensure reforms in international financial institutions. This will help fight poverty and tackle climate change. Reform of multilateral development banks would also help bridge the gap between the global North and the global South. The group’s report calls for special attention to low- and middle-income countries, where sustainable infrastructure is needed to sustain growth rates.