This week also provides an opportunity to discuss debt relief. We also hope to build support for an equi-proportional increase in quotas during meetings this week. And we have requested authorization for a loan of up to $21 billion for the IMF, including for the Poverty Reduction and Growth Trust (PRGT), which desperately needs more resources. We are also asking Congress for $2.25 billion to boost the World Bank’s concessional finance for global challenges and for crisis response. There is scope to do even more on financial capacity, including through some of the more medium-term recommendations of the G20 Capital Adequacy Framework review, particularly with respect to callable capital. I saw firsthand the impact this funding can have during my last trip to India just over a month ago, when Ajay Banga and I visited an education data hub supported by the World Bank and met the students whose lives were being improved. Those are crucial additional resources for reducing poverty, advancing global health security, and combatting climate change. The recommendations that are currently being implemented or under consideration across the MDBs could unlock an additional $200 billion over the next decade. We have already made significant progress in expanding the MDBs’ financial capacity. And we look forward to more work with the regional development banks and on how to achieve greater collaboration across the MDB system, including to increase access to climate finance. We are glad to have Ajay Banga as our partner in this work. One year since my call to action to the MDBs, we have worked with a growing coalition of partners to make significant progress on reforms related to the World Bank’s mission and vision, incentives, operational model, and financing capacity. This includes our ongoing work on evolving the multilateral development banks. I’d like to share a few introductory thoughts about the priorities we will be focused on throughout this week.įirst, we are committed to supporting emerging markets and developing countries and to addressing global challenges.
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