Janet Yellen Discusses World Bank Revamp to Address Global Challenges
What happened
Janet Yellen spoke at the Center for Strategic and International Studies on February 9, 2023, discussing the International Monetary Fund and World Bank meetings. She stated that the first stages of a World Bank revamp are set to begin in April, pushing lenders to evolve to meet global challenges like climate change.
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Why it matters
Yellen noted that the World Bank’s current core model, which involves countries borrowing for specific domestic investments, is insufficient for global problems. She advocated that the World Bank must create incentives for countries to fight global challenges, such as lowering investment costs for certain projects.
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Who's involved
- Janet YellenSpoke at the Center for Strategic and International Studies regarding global financial institutions.
- World Bank GroupIs undergoing a revamp to address global challenges and evolve its lending model.
- Center for Strategic and International StudiesHosted Janet Yellen's speech on global financial policy.
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The entities involved
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Janet Yellen
78th United States Secretary of the Treasury
Nothing else this week.
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International Monetary Fund
international financial institution
- Finance Minister Ericah Shafudah presented the budget review in Parliament while the IMF urged Namibia to accelerate structural reforms.
- The US conducted air strikes on Iran, while Iran simultaneously blocked passage through the Strait of Hormuz. International organizations are monitoring the global oil inventories drawdown.
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Center for Strategic and International Studies
American think tank in Washington, D.C.
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