U.S. Treasury’s Yellen says IMF, World Bank not designed to tackle global crises -Breaking
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© Reuters. 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 PhotoWASHINGTON, (Reuters) – U.S. Treasury secretary Janet Yellen stated on Thursday that both the International Monetary Fund (IMF) and World Bank are not designed for the multi-crisis they face now. This includes the consequences of Russia’s war with Ukraine and the COVID-19 pandemic.
Yellen stated that “we face challenges that will require investments on a scale an international institution cannot manage on its own like climate change” during a press conference at the IMF/World Bank meeting. The investments in climate change are expected to be just trillions or trillions of dollars.
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