Biden: We Need To Urgently Evolve IMF, WB To Respond To Challenges

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Oct 25 (KUNA) -- US President Joe Biden emphasized on Friday, at the opening session of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group, the urgent need to reform the two institutions, established 80 years ago, so that they can effectively address emerging challenges.
The Session was chaired by the Governor of the Maldives Monetary Authority (MMA) Ahmed Munawar, including the participation of World Bank Presigent Ajay Banga and the Managing Director and chairperson of the International Monetary Fund (IMF) Kristalina Georgieva.
President Biden stressed the need to urgently evolve our institutions to respond to the challenges to create a more fair and more prosperous world for everyone including accelerating the clean energy transition, empowering workers, closing infrastructure gaps, and addressing widespread non-market practices.
He highlighted that the US unlocked over USD 140 billion in new lending at the World Bank, and delivered over USD 20 billion in additional lending at the IMF, in addition to increasing the African Countries seats at the table.
For his part, the Governor of the Maldives Monetary Authority (MMA) Munawar highlighted three major challenges: climate change emphasizing the transition to renewable energy and upgrading power infrastructure, debt sustainability for low-income countries, and the need for structural reforms that prioritize job creation, equal opportunities, economic diversification, and addressing the impacts of refugee flows.
Munawar extended a warm welcome to Liechtenstein, which earlier this week joined the IMF as its hundred and ninety-first member, further reinforcing the importance of multilateralism.
The Managing Director and Chairperson of the International Monetary Fund (IMF), Kristalina Georgieva, stated that the Executive Board approved measures to safeguard the financial stability reduce charges and surcharges on regular lending by an average of 36 percent and deliver a comprehensive reform and financing package for low-income countries.
World Bank President Banga confirmed that a series of changes will expand to 20 more countries early next year as the Bank works to become a better partner and collaborator with other multilateral development banks.
He added that over the past year, the World Bank has formalized partnerships with five other institutions.
The plenary session is part of the fifth day of the Fall 2024 meetings of the World Bank and the IMF, held in Washington to discuss various issues, including debt, achieving growth, and other global challenges. (end)
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