Bloomberg News

Geithner Says Development Banks Vital to Face Global Challenges

March 27, 2012

Treasury Secretary Timothy F. Geithner said multilateral development banks were crucial in the aftermath of the 2008 financial crisis and are vital for addressing “the challenges of the moment.”

The lenders, including the World Bank, “helped lay the groundwork for the sustainable and inclusive growth that has driven rapid increases in U.S. exports” to countries such as South Korea and India, Geithner said in testimony prepared for a hearing today before a House Appropriations subcommittee.

“These institutions have proven their worth,” Geithner said. “They were indispensable in stabilizing the global economy during the recent financial crisis. They are vital for addressing the challenges of the moment and will be integral for responding to changes that lie beyond the horizon.”

Geithner said the Treasury’s fiscal year 2013 budget request of $2.9 billion for international programs is 13.7 percent less than its fiscal year 2012 proposal.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net

To contact the editors responsible for this story: Chris Wellisz at cwellisz@bloomberg.net;


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