Union Finance Minister Nirmala Sitharaman on Friday said that the primary focus of India's G20 Presidency has been to strengthen multilateral development banks (MDB) and to address their shared global development goals.

Speaking virtually at a seminar organised by the Ministry of Finance and the Reserve Bank of India under G20 titled “Global Economy: Challenges, Opportunities & the Way Forward”, Sitharaman said that the MDBs are facing challenges on various fronts and are not fully equipped to handle the challenges, ANI reported.