Union Finance Minister Nirmala Sitharaman held a meeting with World Bank President Ajay Banga on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024, in Washington, DC.

Both sides discussed issues related to private capital participation in Global Public Goods, Energy security, and Multilateral Development Banks (MDBs) reforms.

The Finance Minister said that she is looking forward to the World Bank taking forward the Independent Evaluation Group’s (IEG) recommendations on MDBs reforms from India’s G20 Presidency.

In a post on social media platform X, the Ministry of Finance stated, “Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Mr. Ajay Banga, President @WorldBank on the sidelines of the World Bank and IMF #AnnualMeetings2024, in Washington DC, today. The two discussed issues related to private capital participation in Global Public Goods, #Energy security, and Multilateral Development Banks #MDBs reforms.”

“The Union Finance Minister said that she is keenly looking forward to @World Bank to take forward the IEG’s recommendations on #MDBs reforms from India’s G20 Presidency and also requested for regular monitoring on the implementation of the recommendations going forward,” it added.

“FM Smt @nsitharaman also stressed on a broader consultation process on the advisory mechanism jointly convened by @WorldBank and @IMFNews for discussing Bretton Woods Institutions @80. Mr. Banga noted substantial progress on the IEG recommendations, which are set to be presented at the G20,” the post further said.

“He emphasised the WBG’s focus on jobs, knowledge frameworks, bankable projects and reiterated emphasis on collaborating with India’s budget priorities, including skilling, water and sanitation and urban development,” it added.

Sitharaman emphasised on the broader consultation process on the advisory mechanism jointly convened by the World Bank and IMF. Banga reiterated the World Bank’s interest in collaborating with India’s budget priorities, including skilling, water and sanitation and urban development.

Further, the minister participated in a panel discussion on the ‘Bretton Woods Institutions at 80: Priorities for the Next Decade’, organised by the Center for Global Development in Washington, DC.

She will also participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, besides the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers; and G7 – Africa Ministerial Roundtable, Ministry of Finance said in an earlier press release.