<div style="text-align: justify; "><b><span style="font-size: 1rem;">The World Bank's ongoing reform could result in a $50 billion lending boost over the next decade, Treasury Secretary Janet Yellen told AFP ahead of stakeholders' meetings next week where key changes are expected to be announced.</span><br></b></div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital for the International Monetary Fund and World Bank's spring meetings in the coming week.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">A key topic of discussion will be the World Bank's evolution, amid a push for lenders to revamp and meet global challenges like climate change. The United States is the largest shareholder of the World Bank Group.</div><div style="text-align: justify;">"I expect there to be an update of the bank's mission to add building resilience against climate change, pandemics, and conflict and fragility to the core goals," Yellen said in the interview with AFP Thursday.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">She added that there needs to be a recognition that these challenges aren't separate or conflicting but rather, inextricably linked.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">"Second, there will be an announcement that the bank is stretching its financial capacity to meet these objectives, and adopting changes or endorsing changes that could result in an additional $50 billion in extra lending capacity over the next decade," Yellen said.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">The move would be a significant resource boost marking a 20 percent rise in the International Bank for Reconstruction and Development's (IBRD) sustainable lending level. The IBRD is the World Bank's middle-income lending arm.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">- Seeking added reforms -</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Yellen also said there would be an announcement on updating the bank's operational model to "orient it towards the goals that we're setting."</div><div style="text-align: justify;">Among other things, this includes creating more incentives for the mobilization of both domestic and private capital.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">"We seek additional reforms during the rest of this year," Yellen said.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">In March, the World Bank submitted an evolution plan to be discussed with its development committee on April 12, during the spring meetings.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Noting that World Bank President David Malpass has laid a "solid foundation" for the ongoing work, Yellen added that she expects US candidate Ajay Banga to be elected to the helm of the organization and continue the revamp.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Banga was the sole nominee for the position after Malpass announced this year that he would step down early.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">- 'Hopeful sign' -</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Also on policymakers' agendas next week are support for war-torn Ukraine and debt restructuring.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">"We have seen some movement by China on participating in debt restructuring for Sri Lanka, which is a hopeful sign," Yellen said.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">As global growth slows, the World Bank previously warned that the outlook is especially tough for the poorest economies -- which face sluggish growth driven by heavy debt burdens and weak investment.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Yellen had earlier said that China should move more quickly on some debt restructurings.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Discussions on this front will continue next week as a newly formed global sovereign debt roundtable gathers, she told AFP.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">"We're having useful technical discussions on important elements of debt restructuring. China has been participating, and we all continue to press China for improvements," she said.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Washington will continue pushing for a speedier and more predictable operation of the G20 "common framework" for debt restructuring as well.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">On Ukraine, Yellen said: "Once again, we will work with all of our allies to insist that Russia cease its brutality in Ukraine."</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">She added that the United States would press for economic support alongside its partners on this front. BSS</div><div style="text-align: justify;"><br></div><div style="text-align: justify; ">bnbd24/kh</div>