She said working on the reforms was one of her biggest priorities this year. Read more at straitstimes.com.
LUSAKA - Treasury Secretary Janet Yellen on Sunday said the United States wanted to see quicker progress on the World Bank’s plans for expanding its lending capacity toThe World Bank’s “evolution roadmap”, reported by Reuters earlier this month, calls for the bank to negotiate with shareholders ahead of April meetings on proposals that include a capital increase and new lending tools.
Dr Yellen said the bank’s roadmap was a “constructive document” and formed a good basis for discussion, but more work was needed.“We would like to see some progress on a quicker timeline. And think there are some things that could be done to expand lending given the current capital release.” “2023 is the year to reap specific progress in the short-term with the Spring Meetings ... and lay the foundation for more fundamental/complex reforms by the October meetings,” a senior Treasury official said.
More work was also needed to reorient the World Bank’s operational model to focus more on global challenges, its use of incentives and a strengthened framework for the use of concessional, or low-interest resources, the official said.
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