{"id":5367,"date":"2023-04-10T22:59:55","date_gmt":"2023-04-10T22:59:55","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/yellen-to-push-next\/"},"modified":"2023-04-13T00:06:06","modified_gmt":"2023-04-13T00:06:06","slug":"yellen-to-push-development","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/yellen-to-push-development\/","title":{"rendered":"Yellen to push development bank evolution at spring meetings"},"content":{"rendered":"<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday will host a roundtable discussion on further steps to evolve the World Bank and other development lenders to tackle climate change and other global crises beyond a $5 billion annual World Bank lending expansion, the Treasury said.<\/p>\n<p>The discussion on the sidelines of the World Bank and International Monetary Fund Spring Meetings will bring together finance ministers from major shareholders and borrowing countries that will cover &#8220;ways to maintain momentum to evolve the multilateral development banks to better meet current challenges,&#8221; the Treasury said in a statement.<\/p>\n<p>The World Bank has proposed balance sheet changes that would quickly allow it to lend an additional $50 billion over 10 years while maintaining its top-tier AAA credit rating, a step that bank shareholders are widely expected to adopt this week.<\/p>\n<p>U.S. Treasury Undersecretary Jay Shambaugh said the reforms amounted to a &#8220;once in a generation transition&#8221; of the institutions, and called the World Bank&#8217;s plans a &#8220;downpayment&#8221; on the reforms that would be deepened in time and spread to other multilateral development banks.<\/p>\n<p>&#8220;This was the low-hanging fruit. These were the things we could accomplish in six months after the charge went to the bank,&#8221; he told an event hosted by the Brookings Institution on Monday. &#8220;We definitely don&#8217;t view that as a stopping point.&#8221; <\/p>\n<p>Shambaugh said it was important to fix the banks&#8217; operational structure and incentives and ensure effective use of funds, noting that some of the development banks had &#8220;considerable room&#8221; on their balance sheets. <\/p>\n<p>A senior Treasury official said Yellen would discuss changes aimed at harnessing more private capital and creating public-private partnerships to tackle climate change and other global problems such as pandemic preparedness and economic fragility.<\/p>\n<p>\u00a0\u00a0\u00a0 The official said Yellen was hoping to lay out another roadmap to make more progress on the banks&#8217; operational models and financial capacity.<\/p>\n<p> (Reporting by David Lawder; additional reporting by Andrea Shalal, Editing by Leslie Adler, Chizu Nomiyama and Josie Kao)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/yellen-to-push-next\/a-participant-stands-near-a-logo-of-world-bank-at\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ390J3-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ390J3-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday will host a roundtable discussion on further steps to evolve the World Bank and other development lenders to tackle climate change and other global crises beyond a $5 billion annual World Bank lending expansion, the Treasury said. The discussion on the sidelines of the World Bank [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":5368,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-5367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ390J3-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/5367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=5367"}],"version-history":[{"count":4,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/5367\/revisions"}],"predecessor-version":[{"id":8390,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/5367\/revisions\/8390"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/5368"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=5367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=5367"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=5367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}