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Text of the Speech of Shri Arun Jaitley, Finance Minister, representing the Constituency of Bangladesh, Bhutan, India and Sri Lanka, at the 94th Meeting of the Development Committee, in Washington, D.C.

News and Press Release - Dated:- 10-10-2016 - Following is the Text of the Speech of Shri Arun Jaitley, Finance Minister, representing the Constituency of Bangladesh, Bhutan, India and Sri Lanka, at the 94th Meeting of the Development Committee in Wa .....

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t 6.3%, Sri Lanka at about 5.3% and Bhutan at 6.8%. Unfavourable global scenario has made the achievement of twin goals of the World Bank Group and the ambitious SDGs even more challenging. Achievement of these goals requires trillions of dollars of .....

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r all its client segments, especially the LICs and LMICs. The LMICs should rightly remain the mainstay of World Bank Group s interventions, and therefore the proposal to significantly increase lending to LMICs, including IDA graduates, makes eminent .....

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BRD and IFC to enlarge the lending programme of the Bank Group. For instance, in case of India, during the last fiscal year, fresh commitments delivered were only USD 3.8 billion as against the requirement of USD 5 to 7 billion. During the last sprin .....

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which IFC needs to play in ramping up private sector s capacities in the developing countries. Increased financing measures need to be coupled with renewed efforts to find innovative solutions, active pursuance of knowledge sharing, coordinated resp .....

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s active promotion of South-South cooperation, increased use of Country Systems and a pragmatic implementation of Environmental and Social Standards would help considerably in making it a better Bank. The final outcome of World Bank shareholding mus .....

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ble goal by merely stating that the voting power of the DTCs should not be reduced. Further, there should be at least 2% increase in voting power of DTCs at the conclusion of the process. IDA is the single most important concessional platform to meet .....

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