WASHINGTON, March 30 — US Treasury Secretary Janet Yellen on Wednesday rejected the idea of a near-term capital increase for the World Bank and said she expected US nominee Ajay...
WASHINGTON, March 30 — US Treasury Secretary Janet Yellen on Wednesday rejected the idea of a near-term capital increase for the World Bank and said she expected US nominee Ajay Banga to win election as the bank’s next leader, with no challengers emerging as the nomination period closed.
“We are not requesting a capital increase,” Yellen said during a budget hearing of the US House of Representatives Appropriations Subcommittee on State, Foreign Operations, and Related Programs. “We do want to see better mobilisation of private resources alongside World Bank investments as well, but we’re not requesting a capital increase at this time.”
Malpass told Reuters in February that loan ratio reforms could unlock an additional US$4 billion annual lending capacity — or US$40 billion over a decade — a figure far below the hundreds of billions of dollars that a G20 report said was possible. The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives to Banga announced. The bank’s board is expected to announce next steps in its selection process on Thursday, with a view to confirming a new leader by early May.
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