US Treasury Secretary Janet Yellen said that the ongoing reform of the World Bank could result in a loan increase of $50 billion over the next decade. File photo | Photo Credit: Reuters
US Treasury Secretary Janet Yellen said that ongoing reforms of the World Bank could result in a loan increase of $50 billion over the next decade. AFP Ahead of the stakeholder meetings next week where major changes are expected to be announced.
Central bankers, finance ministers and participants from more than 180 member states are expected to gather in the US capital in the coming week for the spring meetings of the International Monetary Fund and the World Bank.
A key topic of discussion will be the development of the World Bank, amid a push for the lender to reform and meet global challenges such as climate change. The United States is the largest shareholder of the World Bank Group.
“I expect an update of the Bank’s mission to add climate change, pandemics, and building resilience against conflict and fragility to core goals,” Ms. Yellen said in the interview. AFP Thursday.
He said that there is a need to recognize that these challenges are not separate or conflicting, but are intricately linked.
“Second, there will be an announcement that the Bank is increasing its financial capacity to meet these objectives, and adopting or supporting changes that could result in an additional $50 billion in additional lending capacity over the next decade.” are,” Ms. Yellen said.
The move will be a significant resource boost, marking a 20 per cent increase in the permanent debt level of the International Bank for Reconstruction and Development (IBRD). The IBRD is the middle-income lending arm of the World Bank.