WASHINGTON, United States -- The World Bank and International Monetary Fund will tackle the thorny issue of institutional reform at their upcoming annual meetings in Morocco next week.
The two international financial institutions are looking to scale up and retool to pursue ambitious global climate goals, while continuing to support emerging market and developing economies struggling to service rising debt levels.
"The world economy has shown remarkable resilience," she said in prepared remarks, pointing to strong demand for services and tangible progress against high inflation. The United States, which has a blocking minority at the fund, has indicated it would back an across-the-board increase in quotas -- a move which would leave the overall voting power of member countries unchanged.
"I am looking forward to our members agreeing to a third African Chair at our Executive Board," she said, backing plans to expand the IMF's 24-person management board to add an additional seat for African countries.This year's annual meetings will be the first for new World Bank President Ajay Banga, a former Mastercard chief executive who was elected on a pledge to boost private sector financing for the transition to renewable energy.
He added that proposals to reform the World Bank's balance sheet from countries including the United States and Saudi Arabia could add as much as $125 billion in extra lending capacity if they come to pass. Even if these changes come about, they will likely be insufficient to meet the scale of funding needed for the climate transition.
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