The co-chairs of the key G20 Expert Group on ‘Strengthening Multilateral Development Banks (MDBs)’ under India’s G20 presidency spoke on global cooperation, the impact of the American economy on the world and India’s growth rate.
It s easy to come up with neat numbers. But how do you make this happen? With so many countries in debt and fiscal distress, how are they expected to raise the additional $2 trillion a year that the expert group calls for when they will struggle even to maintain what they have, as Barbadian PM Mia Mottley and Kenyan President William Ruto emphasised?
NK Singh and Summers will be the guest at the Express Adda in Mumbai on Tuesday and will be in conversation with Anant Goenka, Executive Director, The Indian Express group.
Policymaker, economist and politician NK Singh is the co-chair, along with former US Treasury Secretary Lawrence Summers, of one of the most important G20 expert groups on the reform of multilateral development banks (MDBs).
Calling for better coordination between MDBs, the report said some MDBs have been leaner and faster (AIIB), others are experimenting with raising new forms of capital (AfDB and IDB), engaging with the private sector (EBRD and IFC) or better utilising their balance sheets in other ways (IBRD and ADB).