BENGUERIR: US Treasury Secretary Janet Yellen said on Tuesday (Oct 10) she backed efforts to boost the lending firepower of the IMF and World Bank to combat poverty and climate change. Speaking on the sidelines of the IMF-World Bank annual meetings in Morocco, Yellen said the global lending system had alre
US Treasury Secretary Janet Yellen said the global lending system had already changed over time to face new challenges. BENGUERIR: US Treasury Secretary Janet Yellen said on Tuesday she backed efforts to boost the lending firepower of the IMF and World Bank to combat poverty and climate change.
Yellen said the World Bank's board of governors will endorse at this week's meetings in Marrakesh a new vision to"end poverty on a livable planet" - words used by World Bank President Ajay Banga. These reforms and other measures by regional development banks would add a total of at least US$200 billion in funding capacity, Yellen said.
"We need the MDBs to establish concrete private capital mobilisation targets and incentives for staff to meet those targets," Yellen said.
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