US Treasury Secretary Janet Yellen on Sunday said the United States wanted to see quicker progress on the World Bank’s plans for expanding its lending capacity to address climate change and other global crises.
LUSAKA —
The plan marks the start of a negotiation process to alter the bank’s mission and financial resources and shift it away from a country- and project-specific lending model used since its creation at the end of World War Two. Ms. Yellen said working on the reforms — first of the World Bank and then other multilateral development banks — was one of her biggest priorities this year.
The United States and other shareholders favor a staged implementation approach, with proposals for certain reforms released in time for the spring meetings of the IMF and World Bank to enable some “quick wins,” the official said.
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