Facts for Prelims (FFP)
Source: HT
Context: UN Secretary-General Guterres highlights Multilateral Development Banks (MDB) reform as a key theme at the upcoming Summit of the Future during UNGA, praising the Indian G20 presidency’s efforts.
About the Summit:The Summit of the Future 2024 is a flagship event organized during the annual high-level UN General Assembly meeting in September. It focuses on key global issues, with a particular emphasis on reforming multilateral development banks (MDBs) to address contemporary challenges like poverty and climate crisis.
Originating from the Our Common Agenda report, it emphasizes renewing trust and solidarity across nations and generations. Member States aim to create a Pact for the Future, reaffirming the UN Charter, reinvigorating multilateralism, and agreeing on solutions to current and future challenges.
What are MDBs?
MDBs are international financial institutions (e.g., World Bank Group and the Asian Development Bank) aiding developing countries with financial and technical assistance to foster economic development and reduce poverty.
Recommendations by the independent expert group on MDB’s Reform (during India’s G20 presidency) include tripling annual lending levels by 2030, adopting a triple mandate for MDBs to eliminate extreme poverty, and modernizing funding models.
