WASHINGTON, Sept 26 — Reforming the World Bank’s approach to risk could unlock nearly US$190 billion (RM894 billion) in additional urgently needed lending for developing...
WASHINGTON, Sept 26 — Reforming the World Bank’s approach to risk could unlock nearly US$190 billion in additional urgently needed lending for developing countries without jeopardising its AAA credit rating, a study commissioned by the Rockefeller Foundation found.
The report, to be published early today, comes as the United States, China and other World Bank shareholders prepare to meet in Marrakech, Morocco next month to review and advance initial reforms already underway at the bank. It said IBRD and IDA could boost lending to nearly US$900 billion if the rating agencies changed their processes and modified the allowance they make for “callable capital,” commitments by shareholders to supply additional resources in the event of severe financial problems.
Eric Pelofsky, vice president at the Rockefeller Foundation, said Risk Control conducted a math-based and transparent analysis that confirmed additional lending capacity was possible, even beyond the levels mapped out to date.
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