NEW DELHI: Finance minister Nirmala Sitharaman on Friday stressed the need for decisive collective action by the Global South to deal with multiple uncertainties arising out of fiscal constraints in several economies and evolving geopolitical dynamics.She was speaking at the annual meeting of Board Governors of the New Development Bank (NDB) in Rio De Janeiro, Brazil on ‘Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South’.Sitharaman said the meeting is taking place at a defining moment for the Global South, as the world grapples with multiple uncertainties arising from fiscal constraints in several economies, climate transition issues and evolving geopolitical dynamics.“In response to these challenges, our collective action must be decisive, inclusive, and forward-looking,” she said. The New Development Bank (NDB) has been established by BRICS nations. She noted that MDBs play a pivotal role in complementing our efforts in tackling these uncertainties.“MDBs have a distinctive comparative advantage in their ability to catalyse both public and private investments by offering a package of technical expertise, concessional financing, and effective risk mitigation tools thereby widening our policy options,” she said.Sitharaman added that NDB has emerged as a key partner-channelising development finance, supporting resilient infrastructure, and fostering meaningful cooperation across the Global South through a pragmatic approach.
