U.S. Treasury Secretary Janet Yellen urged the World Bank to map out 'bolder and more imaginative' steps on Thursday to address global challenges such as climate change even as it continues to aid individual developing countries.
She said the current model of multilateral development banks lets countries borrow for investments at home, but that was "insufficient" for challenges such as pandemics and climate change, which often hit the world's poorest countries hardest.
Yellen said the World Bank's evolution roadmap provided a discussion guide but more work was needed, including a vision that prioritized global issues in its twin goals of reducing poverty and shared prosperity. She said Treasury was asking the Bank to identify concessional resources - low or zero-interest loans - to help countries tackle global challenges.
The bank also needed new diagnostic tools to identify global challenges affecting development, and it needs to boost its financial capacity, she said.
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