U.S. Treasury’s Yellen says IMF, World Bank not designed to tackle global crises
2022.04.21 19:11
FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies before a House Financial Services Committee hearing on “the State of the International Financial System,” on Capitol Hill in Washington, U.S., April 6, 2022. REUTERS/Tom Brenner/File Photo
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Thursday that the International Monetary Fund and World Bank were not designed to handle the multiple crises they are now dealing with, including the fallout from Russia’s war in Ukraine and the COVID-19 pandemic.
“We face challenges that will now require investment on a scale that an international institution can’t manage on its own, like climate change,” Yellen told a news conference during the IMF and World Bank meetings. “The investments for climate change will add up to just trillions and trillions of dollars.”
