An overdue pledge of $100-billion in climate finance for developing nations was also now in sight, the world leaders said on Friday
Multilateral development banks like the World Bank are expected to find $200-billion in extra firepower for low-income economies by taking on more risk, a move that may require wealthy nations to inject more cash, world leaders said on Friday.
Many in attendance, however, said over the two-day summit that the World Bank and the International Monetary Fund were increasingly ill-suited for tackling the most pressing challenges and needed a broad revamp. U.S. Treasury Secretary Janet Yellen, whose country is the largest shareholder of the IMF and World Bank, had said ahead of the summit that development banks had to first squeeze out more lending themselves before the possibility of capital increases was considered.
At the summit, the United States and China – long at odds on how to tackle debt restructurings for poor countries – sought to strike a more conciliatory tone after a landmark deal was reached on Thursday to restructure $6.3-billion in debt owed by Zambia, most of it to China. “China is ready to be engaged in debt relief efforts in an effective, realistic and comprehensive manner in keeping with the principle of fair burden sharing,” Li said.
“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,” Mottley said at the summit’s closing panel.
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