Minister of Finance Sri Mulyani Indrawati highlighted the high cost of borrowing from the World Bank compared to that offered by other multilateral development banks. He also urged transformation so that lending institutions might remain trusted by the countries that were their clients.
This statement was conveyed by Sri Mulyani at the Development Committee Meeting which is a series of activities at the 2024 International Monetary Fund-World Bank Group Spring Meetings (2024 IMF-WBG Spring Meetings) in Washington DC, United States last week.
“The World Bank’s costs are too expensive compared to other peer Multilateral Development Banks (MDBs) currently,” said Sri Mulyani in an official statement, Tuesday (23/4).
Sri Mulyani also encouraged the World Bank to be more confident in setting ambitious targets for evolution deliverables in the next phase. According to him, the World Bank and IMF must maintain the momentum of reform and ensure that reform produces real opportunities for emerging market countries and developing countries.
Apart from that, the importance of increasing the World Bank’s financial capacity and strengthening the interests and representation of members was also discussed.
He also expressed his belief that the increase in capital, which is in line with the review of share ownership, will strengthen the legitimacy and governance of the World Bank at a time when trusted global institutions are desperately needed.
He also welcomed the progress made towards creating a bigger, better and bolder World Bank Group (WBG) through the World Bank Group Evolution Roadmap.
It is known that Sri Mulyani is the Governor of the World Bank and Alternate Governor of the IMF for Indonesia who leads the delegation and plays an active role in the series of activities for the 2024 IMF-WBG Spring Meetings. (Z-11)
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