India, Oct. 12 -- Union finance minister Nirmala Sitharaman on Tuesday said the G20 has immense potential to work towards the "global good", adding that the need to strengthen existing multilateral institutions affirmed India's commitment to third-generation reforms that are being implemented.

Sitharaman, in the United States to attend the annual meetings of the International Monetary Fund and World Bank, touched upon the challenges faced by global communities due to external factors and said that many such issues will come up at the G20, the premier forum for international economic cooperation, during India's presidency.

"You need new institutions, please do... From the lessons learned from how these [existing institutions] have become...