Jaitley emphasizes the need for bigger financing and implementation plans by the World Bank Group to achieve the Sustainable Development Goals

Jaitley was speaking while participating in the Plenary Meeting of the Development Committee in Lima, Peru yesterday. 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 like Sri Lanka, Bangladesh, Bhutan and India in this ministerial-level forum.

Jaitley further emphasized on the responsibility of the developed countries to fulfill their commitment of mobilizing US$ 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.

Jaitley also participated in the Restricted Session of the International Monetary and Finance Committee (IMFC) of the International Monetary Fund (IMF) and the Informal Gathering of World Economic Leaders, organized by IMF and World Economic Forum in Peru yesterday.

IMFC is a key body providing strategic direction to the work and policies of the IMF. The two events, organized as part of the Annual Meetings of the IMF and the World Bank, were attended by select Finance Ministers and Central Bank Governors. The closed door discussions centered on moderation of global growth and heightening of risks and volatility.