MARRAKECH (Morocco), Oct 11 ― World Bank President Ajay Banga told Reuters yesterday that he is open to finding a way to use International Monetary Fund Special Drawing Rights...
Trial: Bank Negara analyst stands by 1MDB’s US$20m trail to Najib even without Prince Faisal’s Saudi bank statementWorld Bank President Ajay Banga speaks on the second day of the annual meeting of the International Monetary Fund and the World Bank, in Marrakech, Morocco October 10, 2023.
SDRs are backed by dollars, euros, yen, sterling and yuan. The IMF created a US$650 billion allocation of new SDRs in 2021 to help its member countries cope with Covid-19. He said a key problem is that some central banks are required by law to hold SDRs as liquid reserve assets, including the European Central Bank.
He said he will work as hard as he can to squeeze more lending out of the bank's balance sheet over the next year and a half. Including steps laid out in a plan for shareholders this week that would add another US$106 billion in lending over 10 years on top of a US$50 billion boost from a leverage ratio increase approved in April.
The payoff could be huge, with the Rockefeller Foundation estimating a lending increase of some US$900 billion over a decade if ratings agencies modified their evaluations.
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