There is need to expand mandate of multilateral development banks: Modi
World Bank President Ajay Banga, Brazilian President Luiz Inacio Lula da Silva, Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa and South African President Cyril Ramaphosa and U.S. President Joe Biden pose for the group photo during G20 Summit, in New Delhi, India, Saturday, Sept. 9, 2023 Evan Vucci/Pool via REUTERS
There is a need to expand the mandate of multilateral development banks and develop global standards to regulate cryptocurrencies, Indian Prime Minister Narendra Modi told G20 leaders during a summit of the bloc on Sunday.
The group of 20 major economies has pledged in a declaration at the New Delhi meeting to strengthen and reform the banks and has accepted a proposal for tighter regulation of cryptocurrencies.
"We need to expand the mandate of multilateral development banks. Our decisions should be immediate and effective in this direction," Modi said during a G20 leaders' session.
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