France's development minister is backing U.S. Treasury Secretary Janet Yellen's call for the World Bank and similar institutions to vastly expand their lending, but said the United States needs to join France and other countries in channeling its IMF monetary reserves to poorer countries.
Chrysoula Zacharopoulou, Secretary of State for Development, Francophonie and International Partnerships, told Reuters in an interview late on Thursday that the world needs "to move on" from the old development financing model focused on individual projects to broadly increase support to African countries and other developing nations hit by global challenges.
"Between the USA and France, we can work very well and maybe together propose something regarding the reform of the international financing system, so I totally agree in principle with the new ideas proposed by Secretary Yellen," the French minister said. She said wealthier countries, especially the United States, needed to contribute part of last year's $650 billion distribution of IMF Special Drawing Rights monetary assets to trust funds for poorer countries.
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