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10 development banks back expert group’s recos

Marrakech: At a meeting, UK chancellor of exchequer Jeremy Hunt was among the first to commit to capital support for multilateral development banks (MDBs) while others, such as the US, Italy and Saudi Arabia, were “much more open” to it than earlier.
While backing greater leveraging of the balance sheet and tapping money from sovereign wealth fund and philanthropies, the IEG has said that there is an “inescapable” need to provide more capital to these entities to enable them to lend more, a suggestion that was backed by finance minister Nirmala Sitharaman and World Bank president Ajay Banga.
In a statement, 10 MDBs, including the World Bank, supported the IEG’s recommendations and announced a five-point action plan that focuses on scaling up financing capacity, boosting joint action on climate, enhancing country-level collaborations, strengthening co-financing and catalysing private sector engagement.
India will work with Brazil, during its presidency of G20, to work towards the implementation of the measures, the FM said.
Crypto regulation, which was one of the priorities for India, also got an endorsement with a backing for the IMF-Financial Stability Board paper that had called for a comprehensive regulatory and supervisory oversight, instead of a ban. The FM said the proposed Crypto-Asset Reporting Framework will be put in place which will enable exchange of information between countries from 2027. “In the regulatory space also, the world recognises the need to prepare itself to deal with emerging technologies. This detailed and action-oriented road map is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible and coordinated implementation of the comprehensive policy framework for crypto assets,” she said.
She said that during India’s G20 presidency, significant progress had been made in addressing issues related to debt vulnerabilities of stressed countries, on digital public infrastructure and its role in furthering financial inclusion, international taxation as well as making cities more inclusive and future-ready.

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