Yellen Welcomes New World Bank President, Urges Emphasis Over Ukraine

US Treasury Secretary Janet Yellen welcomed incoming World Bank President Ajay Banga at a meeting at her office on Thursday, urging continued emphasis, among others, to world economic issues heightened by the war in Ukraine, a Treasury Department readout said

WASHINGTON (UrduPoint News / Sputnik - 02nd June, 2023) US Treasury Secretary Janet Yellen welcomed incoming World Bank President Ajay Banga at a meeting at her office on Thursday, urging continued emphasis, among others, to world economic issues heightened by the war in Ukraine, a Treasury Department readout said.

"Secretary Yellen stressed the need to support the poorest of the Bank's member countries as they continue to face multiple crises, including continuing global macroeconomic headwinds exacerbated by Russia's war in Ukraine," the readout said.

It said Yellen also urged Banga to build on the progress made by the World Bank in cooperating with multilateral development banks.

"That includes continuing implementation of the recommendations of the G20 Capital Adequacy Framework review to get the most out of the (World) Bank's balance sheet," the readout said, adding that the goal was to improve and increase the amount of private capital mobilized for global development objectives.

Banga is an Indian-born American business executive, who was previously vice chairman at General Atlantic and executive chairman at Mastercard. His experience and management skills would be crucial to the World Bank during a period of significant global challenge and opportunity, the readout added.