World Bank, IMF Chiefs lead talk on private sector situation
The private sector will today undergo forensic scrutiny of global investors and critical stakeholders at the on-going World Bank/IMF meetings as the World Bank President, David Malpass and the Managing Director of International Monetary Fund, Kristalina Georgieva lead conversation on the private sector.
Specifically, the global duo who will lead conversations at the 18th plenary session of the Annual meetings in Washington, DC are expected to focus searchlight on event theme “Private Sector in Fragile Situations: Getting the Job Done”.
Other global economic players and gladiators expected to speak at the event holding at the DAR Constitution Hall are: Mr. Abdirah, Finance Minister, Somalia, Aline Sara, Co-founder and CEO Nata Kallam, Supvotik Basu, Founder, Partner and Head of Sustainability and Impact Blue like an Orange Sustainabile Capital and Satu Leena Elina Santalax Director General for the Department of Development, Policy, Ministry of Foreign Affairs, Finland. The event will be moderated by Lerato Mbele, a presenter with BBC World News.
The rationale for choosing the theme, it was gathered, is not unconnected with the fact that the “private sector financing and solutions are key to supporting livelihoods and creating jobs in a fragile and conflict affected areas, alongside efforts to address the root causes of fragility and conflict”. A statement by the World Bank group stated that “The evidence from operational experience demonstrates that with the appropriate incentives and enabling circumstances, progress can be made”.
Consequently, the statement revealed that presenter at the event “will offer lessons from a successful new venture and a panel discussion will provide key insights from government and donor initiatives as well evidence from evaluations and World Bank Group operational experiences.
Members of the global community are enjoined to be part of the global event to explore what it takes for the private sector to #GettheJobDone and drive economic recovery and growth in fragile and conflict-affected areas. Other important discussions slated for today are: Jobs for Economic Transformation; Unleashing the Potential of Women Entrepreneurs Through Finance and Markets.
It will be recalled that the global economic meeting under the auspices of World Bank opened formally Monday with a welcome address by World Bank President David Malpass who hinted that annual meetings have a number of urgent priorities to discuss with their shareholders this week.
According to David Malpass, “global growth is slowing. Investment is sluggish, manufacturing activity is soft, and trade is weakening. The challenges of climate change and fragility are making poor countries more vulnerable. This backdrop makes our goals of reducing extreme poverty and boosting shared prosperity even harder. About 700 million people still live in extreme poverty. That’s about one in 12 people on the planet.
“Here’s the good news: broad-based growth is still possible for countries. With the right mix of policies and structural reforms, countries can unleash growth that’s 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. In short, we seek material impact in terms of broad-based growth, transparency, the rule of law, and private-sector expansion.
We need to be careful how we calibrate our response to the global slowdown. Many countries have already used up their fiscal and monetary-policy space, so structural reforms are essential. Over $15 trillion in bonds have zero or negative yields, which amounts to frozen capital. Debt has climbed to troubling levels. We need fresh thinking to reignite growth.
“At the World Bank Group, we’re staying focused on our 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 in debt management and public finances. We’re investing to help countries gain access to electricity and clean water, ensure the full inclusion of girls and women, address climate change and protect the environment, improve health and nutrition, and bolster infrastructure”.
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