{"id":160381,"date":"2023-02-22T18:06:52","date_gmt":"2023-02-22T23:06:52","guid":{"rendered":"https:\/\/www.one.org\/us\/?post_type=one_press&p=160381"},"modified":"2023-09-05T10:52:58","modified_gmt":"2023-09-05T10:52:58","slug":"g20-finance-ministers","status":"publish","type":"one_press","link":"https:\/\/www.one.org\/us\/press\/g20-finance-ministers\/","title":{"rendered":"ONE Campaign calls for urgent World Bank reforms ahead of G20 Finance Ministers meeting"},"content":{"rendered":"

WASHINGTON \u2013 G20 Finance Ministers meeting in India this week have an increasingly full plate to deal with but will struggle to make progress in discussions around rebuilding Ukraine, responding to humanitarian crises, fostering economic development, or rising to the challenge of climate change, until they can free up the levels of investment needed to tackle challenges on this scale.\u00a0<\/span><\/p>\n

To deal with this to-do list effectively, the ONE Campaign is calling on G20 countries to accelerate long-needed reforms at global institutions such as the World Bank and other Multilateral Development Banks (MDBs).\u00a0<\/span><\/p>\n

Amy Dodd, ONE\u2019s Policy Director of Development Economics, said:\u00a0<\/b><\/p>\n

\u201cG20 countries are trying to respond to an ever-increasing number of global crises with one hand tied behind their back. The fastest way to unleash their ability to act decisively is through long-needed reform at the World Bank and other MDBs. There are clear steps to boost their resilience and effectiveness, future-proofing these institutions\u2019 ability to deal with the challenges the world faces.<\/span><\/i><\/p>\n

\u201cThe time to act is now. The upcoming appointment of a new World Bank President provides an opportunity to accelerate plans to modernize the bank. The incoming president must deliver bold reforms needed to mobilize more resources to address the challenges of today and tomorrow.\u201d<\/span><\/i><\/p>\n

The World Bank and others should:<\/b><\/p>\n