Indonesian Finance Minister Sri Mulyani Indrawati on Friday joined a growing chorus of officials calling for reforms aimed at better equipping the World Bank to address mounting global challenges such as climate change and the changing nature of its clients.
"We cannot be using the same business-as-usual," Indrawati, a former managing director and chief operating officer of the multilateral development bank, told Reuters in an interview. "If you ask whether it needs change, yes."
Civil society groups, developing countries and academics are also clamoring for an overhaul of the "Bretton Woods" institutions, a reference to the conference held in that New Hampshire town in 1941 that led to the creation of the International Monetary Fund and the World Bank. Indrawati, this year's chair of the Group of 20 finance officials, said changes were needed to ensure the World Bank has the scale and resources needed to address myriad global crises, and to respond more quickly when crises emerged.
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