Popular
Tech Takes the Spotlight Again—Are You Watching These...
Updated Announcement -Metallurgical Test Holes
Seabed Mining Heats Up as Lockheed Martin Courts...
Rule Symposium 2025: Gold, Geopolitics and the Real...
Noble Mineral highlights Mann Central Nickel Sulphide Initial...
Forte Minerals Secures C$5.7 Million Strategic Investment to...
The Best Five Sectors, #27
Bitcoin Just Smashed $112K—Is a Surge to 124K...
From Hammer to Harami: Using StockCharts to Crack...
AI Market Update: Q2 2025 in Review
  • Home
HotInvestingPilots.com
  • Politics
  • World News
  • Stock
  • Investing
World News

Yellen to push development bank evolution at spring meetings

by April 11, 2023
written by April 11, 2023

WASHINGTON – US Treasury Secretary Janet Yellen on Wednesday will host a roundtable discussion on further steps to evolve the World Bank and other development lenders to tackle climate change and other global crises beyond a $5 billion annual World Bank lending expansion, the Treasury said.

The discussion on the sidelines of the World Bank and International Monetary Fund Spring Meetings will bring together finance ministers from major shareholders and borrowing countries that will cover “ways to maintain momentum to evolve the multilateral development banks to better meet current challenges,” the Treasury said in a statement.

The World Bank has proposed balance sheet changes that would quickly allow it to lend an additional $50 billion over 10 years while maintaining its top-tier AAA credit rating, a step that bank shareholders are widely expected to adopt this week.

US Treasury Undersecretary Jay Shambaugh said the reforms amounted to a “once in a generation transition” of the institutions, and called the World Bank‘s plans a “downpayment” on the reforms that would be deepened in time and spread to other multilateral development banks.

“This was the low-hanging fruit. These were the things we could accomplish in six months after the charge went to the bank,” he told an event hosted by the Brookings Institution on Monday. “We definitely don’t view that as a stopping point.”

Mr. Shambaugh said it was important to fix the banks’ operational structure and incentives and ensure effective use of funds, noting that some of the development banks had “considerable room” on their balance sheets.

A senior Treasury official said Ms. Yellen would discuss changes aimed at harnessing more private capital and creating public-private partnerships to tackle climate change and other global problems such as pandemic preparedness and economic fragility.

The official said Ms. Yellen was hoping to lay out another roadmap to make more progress on the banks’ operational models and financial capacity. – Reuters

0 comment
0
FacebookTwitterPinterestEmail

previous post
Chinese airlines swamped with cabin crew applicants as travel rebounds
next post
Anheuser-Busch Stock Already Dropping Amid Dylan Mulvaney Controversy

Related Articles

At least four killed and many ‘kidnapped’ in...

July 10, 2025

Universities threatened with funding cuts under proposed plan...

July 10, 2025

A piece of the illegally felled Sycamore Gap...

July 10, 2025

EU’s von der Leyen survives parliament confidence vote...

July 10, 2025

Critics slam Mexico’s gentrification protests as xenophobic. Activists...

July 10, 2025

A torpedoed US Navy ship escaped the Pacific...

July 9, 2025

Germany accuses China of laser targeting aircraft in...

July 9, 2025

More than 200 children found with high lead...

July 9, 2025

Russia launches record drone attack on Ukraine after...

July 9, 2025

Desperate Gaza doctors cram several babies into one...

July 9, 2025

Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

Recent Posts

  • Tech Takes the Spotlight Again—Are You Watching These Stocks?

    July 16, 2025
  • Updated Announcement -Metallurgical Test Holes

    July 16, 2025
  • Seabed Mining Heats Up as Lockheed Martin Courts Interest in Pacific Licenses

    July 16, 2025
  • Rule Symposium 2025: Gold, Geopolitics and the Real Asset Uprising

    July 16, 2025
  • Noble Mineral highlights Mann Central Nickel Sulphide Initial Resource as announced by Canada Nickel

    July 16, 2025
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 hotinvestingpilots.com | All Rights Reserved

HotInvestingPilots.com
  • Politics
  • World News
  • Stock
  • Investing