Strengthen multilateral development banks: PM Modi

Prime Minister Narendra Modi on Friday (February 24) called for strengthening multilateral development banks to meet global challenges, especially climate change.

In a video address to the G20 meeting of finance ministers and central bank governors in Bengaluru, Modi said it was imperative for the grouping to provide stability, confidence and growth to the global economy.

India took over the presidency of G20 in December and hosted various events and conferences. Friday’s meeting is the first major event of G20 under India’s presidency.

Also read: G20 nations must address challenges that confront global economy: RBI Governor

“You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties,” Modi said.

Covid-19 suffering

“The Covid-19 pandemic has delivered a once-in-a-century blow to the global economy. Many countries, especially developing economies, are still coping with its after-effects.

“We are also witnessing rising geopolitical tensions in different parts of the world,” Modi said.

The prime minister said even as the world population has crossed eight billion, progress on Sustainable Development Goals seemed to be slowing down.

“We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels.”

Modi said Indian consumers and producers were optimistic and confident about the future.

“We hope that you will be able to transmit the same positive spirit to the global economy,” he said.

(With agency inputs)