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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

Yellen believes IMF has enough resources but needs quota reform.

U.S. Treasury Secretary Janet Yellen holds a roundtable with finance ministers from borrower and sha... U.S. Treasury Secretary Janet Yellen holds a roundtable with finance ministers from borrower and shareholder countries to discuss "ways to maintain momentum to evolve the multilateral development banks to better meet current challenges" at the International Monetary Fund Building, in Washington, D.C., U.S. April 12, 2023. REUTERS/Ken Cedeno
U.S. Treasury Secretary Janet Yellen holds a roundtable with finance ministers from borrower and sha... U.S. Treasury Secretary Janet Yellen holds a roundtable with finance ministers from borrower and shareholder countries to discuss "ways to maintain momentum to evolve the multilateral development banks to better meet current challenges" at the International Monetary Fund Building, in Washington, D.C., U.S. April 12, 2023. REUTERS/Ken Cedeno

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On Friday, U.S. Treasury Secretary Janet Yellen said the International Monetary Fund has the resources to address global financial difficulties but requires “fair and simple” ownership reforms to reflect its member nations’ economies.

In a statement to the IMF’s steering committee, Yellen said she wanted the World Bank to adopt more reforms to scale up funding for climate and other global needs on a rolling basis before the IMF and World Bank’s annual meetings in Marrakech, Morocco, in October.


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