WASHINGTON, United States -- US President Joe Biden will urge reforms to the IMF and World Bank that will better serve developing country needs at the G20 summit in New Delhi next month, the White House said Tuesday.
White House National Security Advisor Jake Sullivan said that the two need to offer a better alternative for development support and financing to what he called China's"coercive and unsustainable lending" through Beijing's Belt and Road Initiative.
At the G20, Biden"will really focus a lot of his energy while he is there on the modernization of the multilateral development banks, including the World Bank and the IMF," he said. He called the two institutions"highly effective and transparent," contrasting that to Beijing's Belt and Road Initiative, a decade-old program to extend China's weight in global development that has involved large infrastructure and industrial loans to poorer countries.
The US will push proposals in New Delhi that will increase World Bank and IMF lending power by some $200 billion, he said.
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