U.S. Treasury Secretary Yellen says she will press for IMF, World Bank resources at G-20 summit

U.S. Treasury Secretary Janet Yellen said on September 8 she will work at the G-20 summit in India to build support to increase lending resources for the International Monetary Fund and the World Bank to help member countries deal with multiple global challenges, including new IMF quota resources. Ms. Yellen said in prepared remarks at a news conference in New Delhi that she will seek to build G-20 support for an "equi-proportional" increase in IMF quota funds paid-in by member countries, which would increase IMF lending resources, but not immediately change its shareholding structure. G-20 Summit Delhi 2023 September 8 Updates On Thursday, Treasury Under Secretary Jay Shambaugh said in Washington that an IMF quota increase that keeps voting power unchanged would speed more resources to countries under financial stress, while IMF shareholders could take more time to work out a complicated new shareholding formula that gives greater weight to dynamic emerging market economies such as India, China and Brazil. Ms. Yellen also said the United States has asked the U.S. Congress for permission to lend $21 billion to IMF trust funds, including one for the poorest countries, which "desperately needs more resources."