National/Business Desk
26 October
Sandeep Dhand Ludhiana
Union Finance Minister Nirmala Sitharaman has called on the World Bank to offer affordable loans to middle-income countries, emphasizing the need for lower interest rates to enable these nations to invest more in development. Speaking at the 2024 annual meetings of the World Bank in Washington, DC, she highlighted this priority during the Development Committee Plenary session titled “World Bank Group Ready for the Future.”
The Ministry of Finance shared Sitharaman’s remarks, noting her focus on the importance of cheaper financing for middle-income countries to enhance their participation in global initiatives. By making loans more accessible, these countries can pursue economic growth and social improvements with greater financial support. Sitharaman expressed hope that the World Bank would work towards making funding accessible for all.
In addition, she advocated for a data-driven approach when creating global indices and comparing countries. She stressed the importance of using objective data for global governance indicators and the newly proposed B-Ready Index, to ensure fairness and accuracy in assessments.
Reflecting on the history of multilateral development banks, Sitharaman discussed the Global South’s role in founding these institutions during the 1944 Bretton Woods Conference. She emphasized that the Global South remains instrumental in shaping global economic policies. Her speech underscored India’s commitment to fair development practices and its vision for a more balanced global economic landscape.