India's Chief Economic Advisor (CEA) Anant Nageswaran noted that the emphasis in the G20 declaration on strengthening and evolving the Multilateral Development Banks (MDB) is a significant achievement of India's G20 presidency.
MDBs are international financial institutions constituted by two or more countries for the purpose of economic development in developing countries.
Speaking exclusively with Moneycontrol, the CEA said "There is a clear statement for both voice and representation for developing countries in these institutions." He quoted a paragraph from the New Delhi G20 Leaders' Summit Declaration, which underscores the need for enhancing the representation and voice of developing countries in decision-making in global international economic and financial institutions in order to deliver more effective, credible, accountable and legitimate institutions.
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Nageswaran also highlighted how the statement calls for reforming financial institutions with the aim of an international development finance system that is fit for absorbing the shocks facing developing countries.
He also noted that the statement also calls for MDBs to undertake comprehensive efforts to evolve their vision, incentive structures, operational approaches and financial capacities so that they are better equipped to maximise their impact in addressing a wide range of global
challenges.
Speaking of the statements of Prime Minister Narendra Modi and the President of the United States Joe Biden, Nageswaran said "Cooperation between India and US has come out rather clearly in a statement that they put out yesterday. The level of detail in the statement is striking, it is a wide-ranging canvas. I think we are scaling new frontiers in terms of cooperation and collaboration between the two large democracies."
Earlier, PM Modi announced that Members of the G20 have reached a consensus on a joint statement. He said "I have received good news. Due to the hard work of our team, consensus has been built on New Delhi G20 Leaders' Summit Declaration."
G20 sherpa Amitabh Kant took to X (formally twitter) to say "Historical & Path breaking #G20 Declaration with 100% consensus on all developmental and geo-political issues. The new geopolitical paras are a powerful call for Planet, People, Peace and Prosperity in today's world. Demonstrates PM @narendramodi leadership in today's world,"
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