WASHINGTON: The World Bank should take on added reform measures over the rest of this year, US Treasury Secretary Janet Yellen said Wednesday, after initial steps to update its mission and boost its financing capacity.
The revamp of the bank comes under a push for it to meet global challenges such as climate change.
“We should use the rest of the year to undertake additional reforms through a staged implementation approach,” Yellen said, at the start of a roundtable discussion on development lenders’ evolution.
The bank’s mission now “highlights the importance of inclusion, sustainability and resilience to global shocks,” she said, outlining various changes in the pipeline.
But she maintained that such goals remain “interconnected” with the World Bank’s existing work of poverty reduction and development.
Shareholders have also “agreed to undertake reforms that could add up to $50 billion in financing over the next 10 years — while protecting the bank’s credit rating and long-term financial sustainability,” she added. Yet, there needs to be efforts for further progress, Yellen added.
And global leaders can tap upcoming events such as the Group of 20 Leaders’ Summit in September to “keep the momentum strong,” she said.
The United States is the largest shareholder of the World Bank Group.
In an interview with AFP ahead of the World Bank and International Monetary Fund’s spring meetings in Washington this week, Yellen said that key changes are expected to be unveiled at the gathering.
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