The World Bank's steering committee and U.S. Treasury Secretary Janet Yellen on Wednesday called for further reforms this year to expand the bank's ability to respond to climate change, pandemics and other crises that are reversing development gains.
balance sheet changes
"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." Members underscored their commitment to "ensuring that the World Bank Group has adequate financial capacity to respond to development challenges and support its expanded mission." They called for ambitious approaches to increasing private capital, facilitating investment and leveraging the public sector.
Yellen said upcoming events could be leveraged to keep momentum strong for the evolution of the World Bank. Those included the Summit for a New Global Financial Pact to be hosted by France in June, the Group of 20 Leaders' Summit in India in September, the annual meetings of the World Bank and IMF in Morocco in October, and the United Nations COP28 climate conference to be held in Dubai in November and December.
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