Nirmala Sitharaman Urges World Bank for Cheaper Loans and Inclusive Policies
Union Finance Minister Nirmala Sitharaman has called for more affordable lending from the World Bank. She spoke at the World Bank’s 2024 Annual Meetings in Washington, D.C., emphasizing the need for a competitive pricing model to encourage middle-income countries to borrow more.
Sitharaman highlighted the importance of a data-driven approach in preparing global indices like the Worldwide Governance Indicators and the B-Ready index. She stressed the need for diverse perspectives in the World Bank’s decision-making to create an inclusive global development framework.
The minister also commended the World Bank’s efforts to optimize its balance sheet but noted the urgent need for new and concessional funding to address economic and social challenges in developing nations. She expressed hope for a ‘future-ready’ World Bank that aligns its policies with Sustainable Development Goals for 2030 and beyond.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the financial affairs of the country, including the budget and economic policies.
World Bank -: The World Bank is an international organization that provides financial and technical assistance to developing countries. It helps them with projects that can improve their economy and reduce poverty.
Cheaper Loans -: Cheaper loans mean loans that have lower interest rates, making it easier for countries to borrow money without having to pay back a lot more than they borrowed.
Inclusive Policies -: Inclusive policies are rules or plans that make sure everyone, especially those who are often left out, can benefit and participate. It means considering the needs of all people, not just a few.
Middle-income countries -: Middle-income countries are nations that have a moderate level of income per person. They are not as wealthy as high-income countries but are more developed than low-income countries.
Data-driven approach -: A data-driven approach means making decisions based on data or information collected, rather than just guessing or using opinions. It helps in making more accurate and effective decisions.
Global indices -: Global indices are lists or rankings that measure and compare different aspects of countries around the world, like their economy, health, or education.
Sustainable Development Goals -: Sustainable Development Goals (SDGs) are a set of 17 goals created by the United Nations to make the world a better place by 2030. They focus on things like ending poverty, protecting the planet, and ensuring peace and prosperity for all.
