New cross-border challenges, including climate change, pandemics, fragility and migration require new finance capacity and approaches, according to economists NK Singh and Larry Summers. The two co-chair an independent G20 expert group for firming up a road map for an updated eco-system for multilateral development banks (MDBs).
Seeking inputs from experts and other stakeholders on ways to reform the MDBs, they said such banks are uniquely positioned to help countries meet challenges like climate change and food security. But, at the same time, there is a general recognition that they are not fit for the 21st century, they added.
Source:
Economic Times
