New Delhi [India], March 28 (ANI): A G20 expert group for strengthening multilateral development banks (MDBs) has been constituted under India's G20 Presidency. The expert group will submit its report to the Indian Presidency of the G20 before June 30, 2023. A roadmap will be prepared for an updated multilateral development system (MDB) ecosystem for the 21st century, with milestones and timelines, touching upon all aspects of its evolution, including its operational approaches and financial capacity so that the multilateral banks are better equipped to finance a wide range of challenges such as climate change and health.

The expert group will discuss mechanisms for coordination among multilateral banks for them to address and finance global development and other challenges more effectively.

Professor Lawrence Summers, President Emeritus, Harvard University; and NK Singh: President, Institute of Economic Growth and Former Chairperson, Fifteenth Finance Commission of India are co-convenors.

Tharman Shanmugarathnam: Senior Minister, Government of Singapore; Maria Ramos: Chairperson of AngloGold Ashanti and former Director-General of the National Treasury of South Africa; Arminio Fraga: Founder, Co-CIO Hedge Funds and Private Equity, Gavea Investimentos and former Governor, Central Bank of Brazil; Prof Nicholas Stern: IG Patel Professor of Economics and Government, London School of Economics; Justin Yifu Lin: Professor and Honorary Dean of the National School of Development at Peking University and former Senior Vice PresidentChief Economist of the World Bank; Rachel Kyte: Dean of the Fletcher School of International Affairs at Tufts University and former Vice-President of World Bank; Vera Songwe: Non-resident senior fellow in the Africa Growth Initiative at the Brookings Institution and former Executive Secretary of, Economic Commission for Africa are the members in the expert group. (ANI)