We cannot let today’s challenges be a roadblock to better development outcomes, says Malpass
The World Bank Group President David Malpass, has, in a statement, restated the Group’s commitment to staying focused on its mission. Discussions during the meetings had been focused on challenges in the global economy.
“Growth is slowing, investment is sluggish, manufacturing activity is soft, and trade is weakening. Climate change and fragility are making poor countries more vulnerable. But the good news is, broad-based growth is still possible.
“My message to our shareholders has been simple: The choices you make now matter. With the right mix of policies and structural reforms, countries can unleash growth that is both sustainable and broadly shared across all segments of society. This is especially true in emerging markets and developing countries, where well-designed reforms can deliver meaningful gains,” he said.
To help make this happen, Malpass said the World Bank Group would stay focused on its mission.
“We’re helping countries build strong programs, tailored to the unique circumstances of their economies. We’re encouraging innovations that attract private sector investment, such as digital money. We’re promoting the rule of law, and transparency, and debt management in public finances. We’re investing to help countries gain access to electricity and clean water, to ensure the full inclusion of girls and women, to address climate change and protect the environment, to improve health and nutrition, and to bolster infrastructure,” he explained.
He continued: “We call on the World Bank Group (WBG) and International Monetary Fund (IMF) to continue cooperating and work with countries to bolster potential growth, increase resilience to shocks, boost domestic revenues and continue building policy buffers. They should also consolidate the multi-pronged approach with borrowers and creditors to address the increase in debt vulnerabilities in emerging and low-income economies, as well as promote sustainable and transparent borrowing and lending practices.
“We ask the Bank Group and IMF to promote effective regulatory and operational measures for fostering tax transparency and combating illegal tax avoidance, money laundering, illicit financial flows and other challenges to the integrity of the international financial system, including tackling corruption. Efforts should also protect the most vulnerable, enable private sector solutions, spur job creation and strengthen public sector efficiency.”
He added: The private sector is crucial to generating jobs and raising living standards. We appreciate the role of the Bank Group, including IFC and MIGA, in continuing to provide upstream advisory services, facilitate and expand investments and create markets by engaging with all clients, while prioritising IDA and FCV countries.
“We support their efforts to build opportunities for private sector solutions while maximising development impact, including through the upcoming MIGA strategy. We encourage IFC and MIGA to continue to be proactive and innovate to increase private sector investments and support entrepreneurship, including SMEs.”
The next meeting of the Development Committee is scheduled for April 18, 2020, in Washington, D.C.
RECOMMENDED ARTICLES
Comment
No comments found.