The World Bank closes a monthlong window for nominations for its next president, with no alternatives to Ajay Banga announced.
A capital increase was among proposals the World Bank made in January. It would not be possible without the support of the United States, the World Bank’s dominant shareholder.
“We are not requesting a capital increase,” Yellen said during a budget hearing of the US House of Representatives appropriations subcommittee on state, foreign operations, and related programs. “We do want to see better mobilization of private resources alongside World Bank investments as well, but we’re not requesting a capital increase at this time.”
The proposed capital increase was made when the World Bank unveiled an evolution road map to meet the challenge that Yellen laid out last year to expand its mission beyond country-specific development projects loans to tackle global crises. But a capital increase would require billions of dollars in US contributions to maintain its shareholding in the bank, clashing with demands from House Republicans for spending cuts in exchange for raising the US federal debt ceiling.
The World Bank’s last capital increase, of $13 billion, was approved by member countries in 2018, but the lending capacity created has been strained by the COVID-19 pandemic and spillovers from Russia’s war in Ukraine.
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