US Treasury pushing development banks for progress on next phase of reforms by April
© Reuters. FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. REUTERS/Kevin Lamarque/File Photo
U.S. Treasury Secretary Janet Yellen has been pushing for reforms to expand the World Bank's lending for a year, after an expert panel review concluded that the institutions, government shareholders and credit rating agencies were too timid about financial risks. The Treasury official said World Bank governors were expected to sign off on the new measures this week and mapped out previously unreported details on the callable capital issue, including the timetable for action.
"We want to allow for the specificities of each bank, but make sure there's a commonality, so we actually then can have discussions with other stakeholders and very importantly, the ratings agencies," the official said."That could unlock significantly more financing."
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