Yellen says IMF has adequate resources, but needs quota reform

U.S. Treasury Secretary Janet Yellen said on Friday that the International Monetary Fund has adequate resources to deal with global financing challenges but needs to follow through with "fair and simple" shareholding reforms that reflect the economic size of its member countries.

Yellen also said in a statement to the IMF's steering committee that she wanted the World Bank to implement further reforms to scale up lending for climate and other global needs on a rolling basis ahead of the IMF and World Bank's annual meetings in October in Marrakech, Morocco.