Reform the World Bank, IMF for changing world, Merkel says

German Chancellor Merkel attends a news conference following a meeting of the heads of international economy and finance organisations at the Chancellery in Berlin
FILE PHOTO: German Chancellor Angela Merkel attends a news conference following a meeting of the heads of international economy and finance organisations at the Chancellery in Berlin, Germany, April 10, 2017. REUTERS/Hannibal Hanschke

March 28, 2019

BERLIN (Reuters) – German Chancellor Angela Merkel called on Thursday for reforms to the Washington-based international lending institutions that lie at the heart of the global financial system to adapt them to a rapidly changing world.

The World Bank needed a capital increase, she said, and the IMF a change to the quotas that allocate voting rights to members. Merkel has several times called in recent days for reforms to international organisations to accommodate the rapid rise of China.

“Things have to happen that we’ve been waiting for for years,” she said at a joint briefing she held with Klaus Schwab, head of the World Economic Forum.

(Reporting by Thomas Escritt; Editing by Michelle Martin)

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