He world Bank (BM) will face a reform to expand your financial capability and lend $50,000 millions more to the countries that need it, anticipated the United States Secretary of the Treasury, Janet Yellen.
The modifications will allow the bank to “expand its financial capacity” and “could result in an additional $50 billion of credit capacity over the next decade”Yellen said in an interview with Agence France Presse.
This number will represent “one 20% increase of the level of sustainable loan of the International Bank for Reconstruction and Development”added the president.
Reforms at the World Bank
The reform, launched in October and spearheaded by USAmain shareholder of the international financial institution, will be announced the next week during the spring meetings held jointly between the agency and the International Monetary Fund (IMF)as anticipated by Yellen, who stated that expect other development banks to follow these steps.
In addition, the changes will be accompanied by the appointment of the new president of the world Bank. After the resignation of the head of the WB, David Malpasswho had been elected by the former US president, Donald Trump, in 2019. Within this framework, in mid-February, a nomination process was opened, which closed last week.
world bank.webp
Ajay Bangathe one chosen by the American president, Joe Bidenis the only candidate who presented himself and everything indicates that he will be elected as the new president of the organization at the beginning of May after a series of protocol interviews, so that he will then assume at the end of June.
According to Yellen, the changes in the WB not only seek better respond to the needs of developing countries but also to some specific problems such as “the climate changethe pandemicsthe conflicts and the fragility“That is, global issues that are not necessarily linked to specific loans to countries, as the WB traditionally does.
Source: Ambito
