Bengaluru: Prime Minister Narendra Modi on Friday made a case for strengthening multilateral development banks to meet the challenges faced by the world during contemporary times including, climate change. In his video address to the G20 meeting of the finance ministers and central bank governors, Modi said that it was imperative for the grouping to provide stability, confidence and growth to the global economy.
The meeting of finance ministers and central bank governors is the first major event of G20 under India's presidency.
"You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties. The COVID-19 pandemic has delivered a once-in-a-century blow to the global economy. Many countries, especially developing economies, are still coping with its after-effects. We are also witnessing rising geopolitical tensions in different parts of the world," said Modi.
The prime minister said that even as the world population has crossed eight billion, progress on Sustainable Development Goals (SDGs) seems to be slowing down. "We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels," he said.
Modi also said that Indian consumers and producers are optimistic and confident about the future. "We hope that you will be able to transmit the same positive spirit to the global economy," he said.
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