BackArun Jaitley calls for World Bank governance reforms
Comments came on the heel of Brics group forming New Development Bank
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New Delhi: Finance minister Arun Jaitley on Tuesday stressed the need for governance reforms in the World Bank to reflect the new global economic order during his meeting with visiting bank president Jim Yong Kim. Jaitley’s comments came on the heel of the Brics (Brazil, Russia, India, China and South Africa) group of nations forming a New Development Bank (NDB), which is directly pitted against the World Bank.
“Finance minister Jaitley, while complimenting the World Bank president for setting the twin global goals (of removal of global poverty and increasing shared prosperity), also stressed on capital increase and the need for voice reforms in the bank so that not only does the bank play its global role in poverty reduction and development, but also reflects the emerging world order in its governance," a statement by the finance ministry said.
At the sixth Brics Summit in Fortaleza, Brazil, on 15 July, the five emerging economies agreed to mobilize resources for infrastructure and sustainable development projects in their countries and in other emerging and developing economies through the NDB.
On Tuesday, the World Bank president “assured support of the World Bank Group to partner India’s development strategies and aspirations through delivery of a diversified programme of financing, knowledge exchange and capacity building," the statement added. World Bank Group assistance to India between July 2013 and June 2014 amounted to $6.4 billion.
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