On May 27, T20 Task Force 3, led by the BRICS Policy Center, met with the working group on International Financial Architecture of the G20 Finance Track to discuss the reform agenda for the Multilateral Development Banks (MDBs).

The head of the working group, Karin Vazquez, presented the progress of the proposal for a document to reform the MDBs, which is structured around three pillars: “Bigger, Better and More Effective”. For their part, the members of the Task Force, Professor Ernani Torres (IE/UFRJ, Brazil), Dr. Artem Levenkov (Director of the Eurasian Fund for Stability and Development, Belarus) and Dr. Priyadarshi Dash (RIS, India) presented recommendations originating from the policy briefs and other work carried out within the framework of the T20 on this issue.

This agenda is discussing how to boost initiatives in the area, how to improve operational aspects, innovations in financial mechanisms, the optimization of balance sheets, but also issues relating to greater and better participation and representativeness. The meeting was an opportunity to exchange and discuss the recommendations, and adds to the efforts of the Brazilian presidency of the G20 to advance the reform of the Multilateral Development Banks in order to increase the positive socio-environmental impact of their projects.