Arun Jaitley calls for bigger financing plans by WB to achieve SDGs
Updated: Oct 12, 2015 12:15:12pm
New Delhi, Oct 12 (KNN) Union Finance Minister Arun Jaitley has emphasized the need for bigger financing and implementation plans by the World Bank Group to achieve the Sustainable Development Goals (SDGs).
Speaking at the Plenary Meeting of the Development Committee in Lima, Peru on October-10, the Finance Minister also drew attention to the need for significant increase in the capital of the World Bank Group to meet the developmental objectives and review of the Bank’s shareholding to reflect share of the developing countries in the global economy, according to an official release.
Development Committee is the ministerial-level forum of the World Bank Group and the IMF for intergovernmental consensus-building on development issues. Jaitley represented the constituency consisting of the countries viz. Sri Lanka, Bangladesh, Bhutan and India in this ministerial-level forum.
“Strong and inclusive economic growth is necessary for the developing economies to grow, prosper and develop sustainably. Such growth is also necessary for achieving the SDGs as well as the twin goals of the World Bank. With expected growth of only 4.3 per cent for 2015, the outlook for the developing countries has deteriorated,” he said.
“I must, however, add that the countries in my constituency are bucking the trend and are expected to post reasonably strong growth with India likely to grow at around 7.5 per cent, Bangladesh at 6.3 per cent, Sri Lanka at 6.5 per cent and Bhutan at 7 per cent,” he added.
The Finance Minister also underlined the responsibility of the developed countries to fulfil their commitment of mobilizing USD 100 billion per annum for climate finance, which should be from new and additional sources.
He said that the Consultations on the World Bank’s proposed “Environment and Social Framework” must ensure that the new framework is realistic, simple to implement and affordable in terms of cost and time. (KNN Bureau)
Speaking at the Plenary Meeting of the Development Committee in Lima, Peru on October-10, the Finance Minister also drew attention to the need for significant increase in the capital of the World Bank Group to meet the developmental objectives and review of the Bank’s shareholding to reflect share of the developing countries in the global economy, according to an official release.
Development Committee is the ministerial-level forum of the World Bank Group and the IMF for intergovernmental consensus-building on development issues. Jaitley represented the constituency consisting of the countries viz. Sri Lanka, Bangladesh, Bhutan and India in this ministerial-level forum.
“Strong and inclusive economic growth is necessary for the developing economies to grow, prosper and develop sustainably. Such growth is also necessary for achieving the SDGs as well as the twin goals of the World Bank. With expected growth of only 4.3 per cent for 2015, the outlook for the developing countries has deteriorated,” he said.
“I must, however, add that the countries in my constituency are bucking the trend and are expected to post reasonably strong growth with India likely to grow at around 7.5 per cent, Bangladesh at 6.3 per cent, Sri Lanka at 6.5 per cent and Bhutan at 7 per cent,” he added.
The Finance Minister also underlined the responsibility of the developed countries to fulfil their commitment of mobilizing USD 100 billion per annum for climate finance, which should be from new and additional sources.
He said that the Consultations on the World Bank’s proposed “Environment and Social Framework” must ensure that the new framework is realistic, simple to implement and affordable in terms of cost and time. (KNN Bureau)
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