An independent group of experts that was commissioned by the Indian G20 presidency has released the second volume of its report on strengthening multilateral development banks (MDBs), and recommended several steps and a roadmap to reform MDBs. "The world is on fire, literally and figuratively. In July 2023, the world recorded the hottest month in the global temperature record going back to 1880. Major wildfires and extreme weather events are no longer once-in-a-century natural disasters. They have become commonplace..." the report said.
"We now know considerably more about what must be done, and where the investments and reforms are needed, but we lack mechanisms to make this happen on a global scale, especially in emerging markets and developing economies (EMDEs). A world on fire needs the MDBs to accelerate new investments in EMDEs," said the report by the independent expert group, whose co-convenors are Lawrence Summers, President Emeritus of Harvard University, and NK Singh, President, Institute of Economic Growth and Chairperson, 15th Finance Commission of India.
