World Bank Sets up Task Force to Study Recommendations of IEG on MDBs Reforms

Current Context: The World Bank set up the task force to study the recommendations for strengthening multilateral development banks (MDBs) on December 20, 2023.

• This initiative was set up under India’s G20 presidency.
• The task force was announced by the World Bank’s group president, Ajay Banga.
• The recommendations aim to strengthen MDBs and make these global lenders bigger, better, and bolder.
• The World Bank, which other MDBs look up to, is expected to take the lead in carrying forward the reform roadmap for MDBs.
• In addition to this, the World Bank has identified eight unique global challenges that require attention in the next few years.
• The specifics of these challenges have not been elaborated upon.
• India’s Finance Minister, Nirmala Sitharaman, has assured the World Bank of India’s support in this endeavor.

Question:

Q.1 Under whose G20 presidency was the task force established?
a. United States
b. China
c. India
d. Germany