Finance minister Nirmala Sitharaman on Thursday said multilateral development banks (MDBs) should effectively contribute to food security by investing in food storage, food processing, and making small-size farming remunerative.
Flagging these issues at a meeting with International Fund for Agricultural Development (IFAD) President Alvaro Lario here, Sitharaman said that multilateral institutions should also ensure the participation of emerging economies and developing countries and address the new global challenges such as debt distress and climate change.
“Finance Minister Smt. @nsitharaman underlined the need for the #MDBs to take a new and fair review to deal with new and emerging challenges,” the finance ministry tweeted.
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While appreciating India’s leadership on steering the G20India Presidency in 2023, Lario updated Sitharaman about how IFAD is bringing climate change to the centre stage of the institution.
IFAD is an international financial institution and a specialised agency of the United Nations dedicated to eradicating poverty and hunger in rural areas of developing countries.