Biden to Call for WB, IMF Reforms, Support Lending Powers at G20, Says White House

US President Joe will call for reforms to the International Monetary Fund and World Bank to support developing countries at the G20 summit in New Delhi next month, the White House said on Tuesday.

White House National Security Advisor Jake Sullivan said that both organizations need to provide a better alternative for development support and financing to China's "coercive and unsustainable lending" that the Asian country provides through its Belt and Road Initiative.

Sullivan said: "We have heard loud and clear that countries want us to step up our support in the face of the overlapping challenges they face."

He added that Biden "will really focus a lot of his energy while he is there on the modernization of the multilateral development banks, including the World Bank and the IMF."

The US official explained that the main target for Biden's anticipated calls is to ensure that the development banks offer "high standard, high leverage solutions" to the developing countries.

"I am suggesting the World Bank and IMF are a positive, affirmative alternative to what is a much more opaque, or coercive method" of development finance China is offering, Sullivan added.

The US will present proposals in the upcoming summit by adding $200 billion to the lending powers of the World Bank and IMF.