'UN keen on furthering MDB reforms initiated during India's G20 Presidency'

UN Secretary-General Antonio Guterres is keen on continuing the momentum of Multilateral Development Banks (MDB) reforms initiated during the G20 presidency of India, Chairman of the 15th Finance Commission N. K. Singh has said.

Singh, who had met Guterres at the UN headquarters in New York on April 12, said he had a positive interaction with the UN chief.

Deputy Secretary General Amina Mohammed was also present during the meeting. Guterres was very keen on continuing the momentum of MDB reforms initiated during India's G20 Presidency and as contained in the 2 Vol. IEG Report, Singh said in a post on X, referring to the report of the Independent Expert Group.

Singh said the report had been accepted by the G20 and, therefore, had ongoing traction.

Guterres said that the UN would endeavour to keep this item high on the agenda for the Summit of the Future in September and thereafter in the Summit on Financing for Development in June 2025, Singh said.

The ambitious Summit of the Future is scheduled to be held in September this year during the high-level UN General Assembly session.

The UN has termed the Summit of the Future as a once-in-a-generation opportunity to enhance cooperation on critical challenges and address gaps in global governance, reaffirm existing commitments including to the Sustainable Development Goals (SDGs) and the United Nations Charter, and move towards a reinvigorated multilateral system that is better positioned to positively impact people's lives.

Singh further said that Guterres agreed that, even though G20 Presidencies may change, the UN has a long-term responsibility in ensuring that the legitimate needs of the countries of the South are adequately met. These involve issues of poverty and shared prosperity in a liveable Planet.

"Issues of development finance and climate finance had nuances but there was a broad symmetry between the two, Singh said.

Singh also met UN Under-Secretary-General for Economic and Social Affairs Li Junhua, who was "profusely complimentary about the importance of India's G20 Presidency; its ability to harmonise contradictions and the positive lead contained in the IEG Report.

Singh said Li was committed to the preparations for the June 2025 Conference on Financing for Development.

We must keep these items in high focus, ensuring that post-June 2025, for the next 10 years, MDB reforms as central to the reforms of the international financial architecture remain under active discussion, Singh said.