Finance Minister Nirmala Sitharaman recently held discussions with World Bank President Ajay Banga to discuss important reforms in Multilateral Development Banks (MDBs) during the World Bank and IMF Annual Meetings.

The discussions primarily focused on two key areas: increasing private capital participation in Global Public Goods and addressing energy security. Sitharaman expressed her hope that the World Bank would advance the recommendations made by the Independent Expert Group (IEG) during India's G20 Presidency. She emphasized the importance of regular monitoring to ensure the effective implementation of these recommendations.

The IEG has proposed a comprehensive agenda for reforming MDBs to better address global development challenges. This includes measures to enhance the role of private capital and improve energy security. Sitharaman's discussions with the World Bank President highlight the significance of these reforms and the need for their effective implementation.