The steering committee of the World Bank and U.S. Treasury Secretary Janet Yellen have called for additional reforms this year to strengthen the bank’s capacity to respond to crises like pandemics, climate change, and other events that are reversing development progress.
The World Bank will be able to lend an additional $50 billion over ten years while maintaining its top-tier AAA credit rating thanks to a recent wave of balance sheet changes.
Yellen on Wednesday hosted discussions with global finance officials to discuss how to intensify those efforts with it and other multilateral development banks.
Read Also: New EPA rules would cut car emissions 56% by 2032
According to Yellen, the World Bank’s mission has been sharpened by the modifications that have already been adopted, but more “bold action” is required to ensure that it can fight to end extreme poverty, promote shared prosperity, and better confront problems of the 21st century including climate change, fragility, and pandemics.
“We should use the rest of the year to undertake additional reforms through a staged implementation approach that can be agreed upon by the Board and implemented on a rolling basis,” Yellen said.
Story was adapted from Climate Home News
