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…Applauds WGB for policies, programmes
Members of the Development Committee of the World Bank Group, on Friday emphasised the need for all states, particularly those affected by Fragility, Conflict, and Violence (FCV) to act in a manner consistent with guidelines laid down in the Purposes and Principles of the UN Charter in its entirety.
DC members at its 110th meeting gathered to discuss the financial impact of current wars and conflicts, including with regard to Russia, Ukraine, Israel, Gaza, Lebanon, and in other places on global macroeconomic.
The DC, in a statement issued by its Chairman and Minister of State for Financial Affairs, United Arab Emirates Mr Mohamed bin Hadi Al Hussaini, in a statement after the meeting held in Washington DC, said this becomes imperative because developing countries continue to face financing challenges, lingering inflationary pressures, food and nutrition insecurity, limited fiscal space, trade frictions, natural disasters, climate change, pollution, water and energy scarcity, and biodiversity loss.
Acknowledging that the DC is not a forum to resolve geopolitical and security issues because they are discussed in other fora, the Committee affirms that the situation is particularly acute for small states and countries affected by fragility, conflict, and violence (FCV).
The Committee, therefore, demanded that the World Bank Group (WBG) and the International Monetary Fund (IMF) continue to work with countries to strengthen institutional and fiscal policy frameworks, improve debt management, and enhance resource mobilisation.
“Furthermore, we ask the WBG to continue collaborating with policymakers to promote investment in key sectors and secure gains in gender equality, human capital, and digital innovation, and to reduce inequality between and within countries.
Promoting sustainable, inclusive, and resilient economic growth is essential for client countries to meet their development goals”.
Al Hussaini’s, in the statement also expressed Commitment if the DC to “A world free of poverty on a livable planet, in support of the Sustainable Development Goals.
We commend the WBG for taking action on the overlapping shocks that have set back years of development progress.
While expressing excitement that the WBG’s lending program reached a record $133 billion in commitments and over $80 billion in gross disbursements during the last fiscal year, the Committee welcomed the progress made on the Bank’s operational and financial model.
“We applaud advances in strengthening financial capacity and shareholder support through the Framework for Financial Incentives, including hybrid capital, portfolio guarantees.
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