US Treasury Secretary Janet Yellen urges World Bank to add clauses to debt agreements with poorer countries affected by disasters, hoping to prevent the financial fallout of natural catastrophes
World leaders, heads of international organizations and activists are gathering in Paris for a two-day summit aimed at seeking better responses to tackle poverty and climate change issues by reshaping the global financial system. / Photo: AP
US Treasury Secretary Janet Yellen has said the World Bank should add disaster clauses to debt agreements with poorer countries, speaking ahead of a summit in Paris that will discuss how to boost crisis financing for low-income countries. Such clauses could be part of a broader reform of the World Bank to free up more funds, Yellen told journalists in the French capital on Thursday.
"We would also like to see the World Bank offer borrowers the option to add climate resilient debt clauses to their loan agreements.She said the priorities of the summit were evolving multilateral development banks, debt sustainability and mobilising private capital.
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