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Text of the Union Finance Minister Shri Arun Jaitley s Speech at the Development Committee of the World Bank in Washington D.C.

News and Press Release - Dated:- 18-4-2016 - Following is the Text of the Union Finance Minister Shri Arun Jaitley s Speech at the Development Committee of the World Bank in Washington D.C. where the Finance Minister spoke about the role of World Bank in the changed scenario among other issues: Mr. Chairman, 1. I compliment the Bank for presenting a very well researched and comprehensive paper on the issue and the challenges of forced displacement the World is facing today. The conflicts in Midd .....

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IDA to provide concessional finance to both low-income countries and middle income countries. 2. Moving to the Dynamic Formula update, it is heartening to note that the Shareholding reforms agenda has moved forward. We discussed Forward Look during Lunch today. The unfinished task of eliminating extreme poverty, achieving development ambitions enshrined in the Sustainable Development Goals (SDGs) and meeting the enormous challenge of reconstruction posed by conflicts and fragility calls for the .....

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s. We must accept that the time has come for raising partnership of DTCs in the IBRD and IFC to 50%. This would require that economic weight captured by GDP must remain the primary factor in the formula, with larger share of PPP based GDP of not less than 60%. IDA has enormously useful role in financing development in low income countries, but recognizing IDA contributions in IBRD/IFC share capital has adverse impact on voting share of developing countries . Therefore, it would only be fair if a .....

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