G20: Larry Summers, NK Singh-led panel on multilateral banks to submit report by June 30

>> Maria Ramos: Former director-general of the National Treasury of South Africa

>> Arminio Fraga: Former governor, Central Bank of Brazil

>> Nicholas Stern: IG Patel Professor of Economics and Government, London School of Economics

>> Justin Yifu Lin: Former senior vice president and chief economist of the World Bank

>> Rachel Kyte: Former vice president of World Bank

>> Vera Songwe: Former executive secretary, Economic Commission for Africa

The decision to set up the expert group was taken last month in the meeting of finance ministers and central bank governors in Bengaluru.

According to the Indian government statement, the expert group will have to draw up a roadmap for an "updated MDB ecosystem for the 21st century" so that these institutions are better equipped to finance a wide range of sustainable development goals and global challenges such as climate change and health.

The expert group will also have to evaluate the funding required by and from multilateral development banks to address their and member countries' increased financing needs. Further, mechanisms for coordination among these institutions will have to be worked upon to address and finance global development and other challenges more effectively, the government said.

India, even before it assumed the presidency of the G20 in late 2022, had repeatedly called for reforming multilateral development banks, saying they faced existential questions.

"Do they want to unlock the potential they have better? And therefore, multilateral institutions, particularly financing (ones), will be a matter of debate," Finance Minister Nirmala Sitharaman had commented in November.