US treasury secretary Janet Yellen. Photo Reuters
US treasury secretary Janet Yellen. Photo Reuters

Disaster clauses needed in debt agreements

US treasury secretary Janet Yellen has said the World Bank should add disaster clauses to debt agreements with poorer countries, speaking ahead of a summit in Paris that will discuss how to boost crisis financing for low-income nations.

Such clauses could be part of a broader reform of the World Bank to free up more funds, Yellen told journalists in the French capital.

"We would also like to see the World Bank offer borrowers the option to add climate resilient debt clauses to their loan agreements. These clauses would help ease pressures on countries if a natural disaster strikes," she said.

Capital

Yellen, whose country is the World Bank's biggest shareholder, added multilateral development banks should be reformed to become more efficient before shareholders think of injecting more money into them.

"Even with the capital that the World Bank and the MDBs have there is clearly potential ... to increase financing capacity," she said, adding an additional US$200 billion could be unlocked over a decade.

"We are certainly not ruling out at some later stage a capital increase. But I think that these banks need to function better individually and as a system first, expand their mission to address global challenges, better utilise the capital they have." – Fin24/Reuters

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Namibian Sun 2024-11-10

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Premier League: Liverpool 2 vs 0 Aston Villa | Brighton 2 vs 1 Manchester City | Wolves 2 vs 0 Southampton | West Ham 0 vs 0 Everton | Crystal Palace 0 vs 2 Fulham | Brentford 3 vs 2 Bournemouth Katima Mulilo: 21° | 34° Rundu: 20° | 25° Eenhana: 19° | 29° Oshakati: 22° | 30° Ruacana: 20° | 31° Tsumeb: 21° | 30° Otjiwarongo: 18° | 30° Omaruru: 16° | 31° Windhoek: 15° | 28° Gobabis: 16° | 31° Henties Bay: 12° | 19° Wind speed: 26km/h, Wind direction: S, Low tide: 04:05, High tide: 10:43, Low Tide: 17:11, High tide: 23:27 Swakopmund: 14° | 15° Wind speed: 37km/h, Wind direction: SW, Low tide: 04:03, High tide: 10:41, Low Tide: 17:09, High tide: 23:25 Walvis Bay: 12° | 21° Wind speed: 39km/h, Wind direction: SW, Low tide: 04:03, High tide: 10:40, Low Tide: 17:09, High tide: 23:24 Rehoboth: 14° | 30° Mariental: 13° | 30° Keetmanshoop: 10° | 28° Aranos: 14° | 31° Lüderitz: 14° | 24° Ariamsvlei: 11° | 29° Oranjemund: 15° | 20° Luanda: 25° | 26° Gaborone: 18° | 22° Lubumbashi: 16° | 32° Mbabane: 17° | 21° Maseru: 12° | 26° Antananarivo: 15° | 32° Lilongwe: 23° | 34° Maputo: 21° | 29° Windhoek: 15° | 28° Cape Town: 15° | 24° Durban: 18° | 20° Johannesburg: 15° | 20° Dar es Salaam: 25° | 31° Lusaka: 22° | 34° Harare: 21° | 33° Currency: GBP to NAD 22.67 | EUR to NAD 18.84 | CNY to NAD 2.45 | USD to NAD 17.58 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.25 | EGP to NAD 0.35 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.64 | ZWL to NAD 0.04 | BRL to NAD 3.06 | RUB to NAD 0.18 | INR to NAD 0.21 | USD to DZD 133.12 | USD to AOA 909.05 | USD to BWP 13.4 | USD to EGP 49.25 | USD to KES 129.2 | USD to NGN 1664.84 | USD to ZAR 17.59 | USD to ZMW 27.2 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1851.79 Down -1.41% | Casablanca Stock Exchange (CSE) MASI 14663.22 Up +1.21% | Egyptian Exchange (EGX) 30 Index 31267.47 Up +0.72% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - 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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 684.46/OZ DOWN -0.0083 | Copper US$ 4.30/lb DOWN -0.027 | Zinc US$ 3 003.50/T UP 0.17% | Brent Crude Oil US$ 74.29/BBP DOWN -0.0215 | Platinum US$ 969.80/OZ DOWN -0.0274