Multilateral development banks (MDBs) must undergo big changes in the way they operate to eliminate poverty, triple sustainable lending levels by 2030 and create a new funding mechanism to further its agenda, a G20 panel said in a report on Tuesday.
The independent panel, headed by economists Lawrence Summers and N.K. Singh, was commissioned by the Group of 20 nations to propose reforms for MDBs with a focus on increasing funding for sustainable developments goals and climate change, among others.
MDBs, like the International Monetary Fund and World Bank, must work with governments and the private sector to reduce, share and manage risks and thus bring down the cost of capital, it added. Of this, around $1.8 trillion should go towards sustainable infrastructure, a four-fold increase since 2019, while $1.2 trillion would be need to achieve other goals, including a 75% increase in spending on health and education, it said.
The group will continue to work towards resolving differences in helping low-income countries manage their debt burdens and free up funding for climate financing.
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