Jaitley pleads for strengthening capital of World Bank substantially

Speed Post News Network

New Delhi : Union Finance Minister Arun Jaitley attended the World Bank Development Committee (DC) Lunch Session in Washington DC in USA  on October 13, 2017, which focused on the Capital Adequacy question. Speaking on the occasion, Jaitley stressed that the World Bank and the International Finance Corporation (IFC) are at the crossroads today on account of their deficient capital position which is also threatening to make them lose their much-valued role of being the agent of global development.

Jaitley said that the question of capital constraint of World Bank Group has been allowed to remain unresolved for too long but it can’t be postponed any longer. He said that the enormous challenge of meeting the Sustainable Development Goals, building quality infrastructure in developing countries, translating the Paris Climate Change Agreement and meeting the Addis Ababa Agenda, calls for the capital of the Bank to be strengthened substantially. He said that the major shareholders must commit to a decision on the issues of voice realignment and capital infusion into the International Bank for Reconstruction and Development (IBRD) and IFC by Spring 2018, according to a PIB release.

Jiatley is currently on a one week official tour to Washington DC to attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, RBI, Secretary, Department of Economic Affairs, Subhash Chandra Garg and other officials.