U.S. wants to see quicker progress on World Bank reforms

U.S. 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.
The World Bank’s “evolution roadmap”, reported by Reuters earlier this month, calls for the bank to negotiate with shareholders ahead of April meetings on proposals that include a capital increase and new lending tools.
It calls for World Bank management to develop specific proposals to change its mission, operating model and financial capacity that could be approved by the joint World Bank and International Monetary Fund Development Committee in October.
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.
Yellen said the bank’s roadmap was a “constructive document” and formed a good basis for discussion, but more work was needed.