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FM stresses on capital increase and reforms in WB Group

New Delhi — Union Minister Arun Jaitley stressed on an increase in capital and the need for reforms in the World Bank that would reflect the emerging world order in its governance. India’s finance minister made these observations when Sri Mulyani Indrawati, Managing Director, World Bank Group, called on him in his office here yesterday.

The minister complimented the World Bank Group MD for setting the twin global goals of removal of global and increasing shared prosperity aligned to the SDGs.

The World Bank MD said that the group’s agenda and strategy for achieving the goals are broadly aligned to the Sustainable Development Goals (SDGs), 2015. She assured support of the group to partner India’s development strategies through delivery of diversified programmes of financing, knowledge exchange and capacity building. Indrawati is on a visit to India from 22 to 24 September 2015. This is her second visit to India in her capacity as MD, World Bank Group.

During the meeting, both the leaders discussed issues relating to the Indian economy and key priorities of the government. Among other things, this discussion focused on Prime Minister Narendra Modi’s six priority areas for World Bank financing. The roadmap and timelines for the group’s capital increase and shareholders’ review, procurement and environment and social safeguards framework of the bank were also discussed.

During the meeting, Annette Dixon, Vice President (South Asia), Subhash Garg, Executive Director (India) and Onno Ruhl, Country Director (India) were other dignitaries representing the World Bank. Shaktikanta Das, Secretary, Department of Economic Affairs, Dinesh Sharma, Additional Secretary (Economic Affairs) and Raj Kumar, Joint Secretary, Multilateral Institutions (MIs), represented the Department of Economic Affairs, Ministry of Finance, Government of India.

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