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Co-conveners of the expert group on strengthening MDBs, Larry Summers and NK Singh, met US Treasury Secretary Janet Yellen to discuss reforming multilateral development banks and boosting their financial capacity. The US has not committed to increasing its financial commitment to MDBs yet. However, there appears to be some openness in Washington, as President Biden and Prime Minister Modi discussed the issue and emphasized the need for comprehensive efforts to address global challenges. The joint statement during Modi s visit also indicated the possibility of greater financial commitment by sovereign countries to support the bank s expanded mandate. | Latest News India
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