Pressure piles on World Bank and IMF to steer countries to low-carbon transition at spring summit
The IMF and World Bank spring meetings in Washington DC are attended by finance ministers and central bank governors from around the world.The IMF and World Bank spring meetings in Washington DC are attended by finance ministers and central bank governors from around the world.The International Development Association fund, the arm of the World Bank that disburses loans and grants to poor countries, is worth about $93bn but that figure must be roughly tripled by 2030,in Washington DC.
“The needs a fit-for-purpose mission and vision, and that is to create a world free from poverty on a livable planet.”About $1.4tn of that is expected to come through these countries’ investments and the remainder from publicly funded assistance from wealthy countries as well as private sector investment.
Given the scale of transformation needed, Simon Stiell, the UN’s top official on the climate crisis, said nothing less thanIt is not yet clear that Banga’s overhaul will go that far.
Kyte, a former top official at the World Bank, raised questions over the willingness of the bank to reform. “Does have his team with him? Borrowers and partners aren’t sure that everyone is on board internally.” The pace of action needed to speed up, Kyte said. “It’s a race against time – Banga’s reforms versus the still widespread perception that the transaction cost of dealing with the bank is still too high.”remains a significant barrier.
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