Multilateral Development Banks and issues with global financial safety institutions

GS2/GS3 Paper   Syllabus: International Institutions and their working   Source: IE  Context: The article discusses that in the absence of significant governance reform, global financial safety institutions such as World Bank and IMF are losing effectiveness. What are Multilateral development banks (MDB)? They are international financial institutions for the purpose of encouraging economic development in …

Multilateral Development Banks

Facts for Prelims Source: PIB, IE  Context: Under the aegis of India’s G20 Presidency, an 11-member G20 Expert Group on “Strengthening Multilateral Development Banks (MDBs) has been constituted.   What is MDB? MDB is a financial institution established by multiple member countries and falls under international law. E.g., International Monetary Fund, World Bank, Asian Development …