US Treasury Secretary Janet Yellen said in an exclusive interview with Agence France-Presse that reforming the World Bank would allow it to grant an additional $50 billion in loans to countries in need over ten years.

---

Edited by | Tony Wild

Economy section

8 April 2023

---

 

     Yellen said in an exclusive interview with her before the start of the World Bank and International Monetary Fund spring meetings, starting Monday, that the reform will enable the World Bank to "expand its financial capacity."

She added that the amendments "could lead to an additional lending capacity of $50 billion over the next decade... which is a major increase in resources," noting that this would represent "a 20% increase in the level of sustainable lending for the International Bank for Reconstruction and Development," which is part of the International Bank for Reconstruction and Development. Bank International.

She stated that announcements in this regard will be issued next week during the spring meetings of the two financial institutions.

The reform of the World Bank began in October at the push of some member states, led by the United States. developing countries in terms of financing.

 

Separately from the value of the amounts involved in reform, Yellen pointed out that the World Bank's mission will be updated "so that, in addition to strengthening resilience to climate change, epidemics, and conflicts."

And she stressed that "these challenges are not separate or conflicting, but are interdependent so that they cannot be separated."

It is expected, according to Yellen, that another announcement will be issued during the spring meetings of the two institutions, stating that "the bank's business model will be updated to direct it towards the goals we set."

---

{source}<script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-4474625449481215"
crossorigin="anonymous"></script>
<!-- moss test ad -->
<ins class="adsbygoogle"
style="display:block"
data-ad-client="ca-pub-4474625449481215"
data-ad-slot="6499882985"
data-ad-format="auto"
data-full-width-responsive="true"></ins>
<script>
(adsbygoogle = window.adsbygoogle || []).push({});
</script>{/source}