India seeking to restructure institutions like IMF, WB in G-20 presidency

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India seeking to restructure institutions like IMF, WB in G-20 presidency - Business Standard

Quick Summary:

India will be seeking to restructure multilateral financial institutions like the International Monetary Fund and World Bank which are out of sync with present-day challenges, a top official said on Monday.

He said 15x more resources can be ploughed in to fight various developmental challenges like education and health and achieve sustainable development goals by using innovative financial instruments like blended finance, credit enhancement and first loss guarantees.

These Bretton Woods bodies were created after the World Bank, and are largely focused on the direct lending which was necessary in the post-second world war period, India's G-20 Sherpa, Amitabh Kant, said.