The US is the largest shareholder of the IMF and World Bank. Read more at straitstimes.com.
PARIS - Multilateral development banks are expected to unlock $200 billion in extra firepower for emerging economies by running their balance sheets more tightly and taking on more risk, world leaders meeting at a summit in Paris said on Friday.
“We...expect an overall increase of 200 billion of MDBs’ lending capacity over the next ten years by optimising their balance sheets and taking more risks,” the summit’s final statement obtained by Reuters said.US Treasury Secretary Janet Yellen said in Paris ahead of the summit that efforts to squeeze more lending from the development lenders had to be carried out before considering the possibility of capital increases.
“There is the political consensus that this issue is bigger than each of us and we have to work together and multilateral development banks will have to change how they do business and that is accepted,” Ms Mottley said at the summit’s final panel. Leaders were also hoping to reform post-war financial institutions and free up funds to tackle climate change by getting consensus on how to promote a number of initiatives struggling in bodies like the G20, COP, IMF, World Bank and United Nations.
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