FM Arun Jaitley makes a pitch for voice reforms in World Bank

Finance minister Arun Jaitley has underlined the need for voice reforms in the World Bank with a view to according greater say to emerging economies in the activities of the multilateral lending agency.

The minister raised the issue of voice reforms and increase in capital base of the agency at a meeting with the visiting World Bank Managing Director Sri Mulyani Indrawati on Thursday, a Finance Ministry statement said.

India has been seeking voice and quota reforms in multilateral bodies such as the International Monetary Fund (IMF) and the World Bank so that emerging economies could have more clout in the working of these institutions.

Speaking on the occasion, Indrawati informed the minister about the World Bank Group's agenda and strategy for achieving the twin goals of removal of global poverty and increasing shared prosperity, in line with the Sustainable Development Goals (SDGs), 2015.

She assured support of the World Bank Group for India's development strategies through delivery of diversified programmes of financing, knowledge exchange and capacity building.

The issues concerning the Indian economy and priorities of the government too came up for discussion during the meeting.

Besides, the statement said, the discussion focused on the Prime Minister's Six Priority Areas for World Bank financing, road map and timelines for World Bank Group's capital increase, procurement, environment and social safeguards framework.

Indrawati is on a 3-day visit to India from September 22-24. This is her second visit to India in her capacity as the MD, World Bank Group.

The meeting was also attended by Economic Affairs Secretary Shaktikanta Das, senior officials of the finance ministry and representatives of the World Bank.