Yellen Meets with New World Bank President Banga

US Treasury Secretary Janet Yellen met with Ajay Banga, who will take office as President of the World Bank. According to a statement from the US Treasury Department, Yellen warmly welcomed Banga to the presidency during the meeting. Yellen expressed her desire to continue working closely with Banga to build on the strong progress made in the evolution of multilateral development banks, and conveyed to Banga issues including improving and increasing the amount of private capital mobilized for shared global development goals and refining the business model. Noting the importance of the World Bank working more closely with other development banks and the ongoing global macroeconomic headwinds, including the Russo-Ukrainian War, Yellen emphasized that the Bank should support the poorest member countries during these crises. Noting that there are significant global challenges and opportunities in the current period, Yellen underlined that she looks forward to seeing Banga’s experienced leadership and proven management skills at the helm of the World Bank during this period. The World Bank Board of Executive Directors elected US candidate Ajay Banga as the bank's 14th president early last month. Elected for a five-year term, Banga will begin his term tomorrow.