WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Thursday that the International Monetary Fund and World Bank were not designed to handle the multiple crises they are now dealing with, including the fallout from Russia’s war in Ukraine and the COVID-19 pandemic.
“We face challenges that will now require investment on a scale that an international institution can’t manage on its own, like climate change,” Yellen told a news conference during the IMF and World Bank meetings. “The investments for climate change will add up to just trillions and trillions of dollars.”
(Reporting by David Lawder; Editing by Chizu Nomiyama)
