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US Treasury Secretary Janet Yellen said that the World Bank’s ongoing reform could result in a US$50 billion lending boost over the next decade. Her statement is important at this juncture when IMF-World Bank
US Treasury Secretary Janet Yellen said that the World Bank’s ongoing reform could result in a US$50 billion lending boost over the next decade. Her statement is important at this juncture when IMF-World Bank stakeholders’ meetings are going to take place next week. Key decisions are expected to be announced at the meeting.
At the Fund-Bank spring meeting to be held in Washington, there will be participation from over 180 countries of central bankers, finance ministers, and others. Funding for climate change and related aspects would be the main topic to be discussed at the joint meeting. The United States is the largest shareholder of the World Bank and plays an important role in crafting the programs of the multilateral body.
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Yellen said that climate change would be a major topic of discussion at the deliberations of the meeting. She added that there would be some significant announcements at the meeting. Important among them can be endorsing changes that could result in an additional US $50 billion in extra lending capacity over the next decade for climate change. This can lead to a 20 percent rise in the International Bank for Reconstruction and Development’s (IBRD) sustainable lending level, which is the World Bank’s middle-income lending arm.
