Under India’s G20 Presidency, an 11-member expert group has been set up to propose measures to strengthen multilateral development banks (MDBs). The Ministry of Finance said in a statement that Professor Lawrence Summers (President Emeritus of Harvard University) and NK Singh (Former Chairman of India’s 15th Finance Commission) are co-conveners of the expert group. of the G20 on strengthening the MDBs.

The panel will work to develop a roadmap for an updated MDB ecosystem for the 21st century, addressing all aspects of the evolution of MDBs and coordination mechanisms between these banks to more effectively address and finance development global and other challenges.

The panel will also assess various estimates regarding the scale of financing required by and from MDBs to meet their and member countries’ increased financing needs for the SDGs and cross-border challenges.

The panel will submit its report to India’s G20 Presidency by June 30, 2023, the ministry said.