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European Central Bank President Christine Lagarde arrives for a G20 finance leaders' meeting on the fifth day of the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera
MARRAKECH, Morocco - Group of 20 finance leaders on Friday pledged "ambitious efforts" to evolve and strengthen multilateral development banks to address global challenges, including through steps to "substantially" increase their lending capacity.
In a draft communique, the leaders underscored the need for continued work on reforms to the banks' capital adequacy frameworks, and encouraged them to collaborate in areas such as hybrid capital, callable capital, and guarantees.
They called on the International Financial Architecture Working Group to work with the multilateral development banks and propose plans by April 2024 to make them "better, bigger and more effective".
(Reporting by Andrea Shalal; editing by Christina Fincher)
