Washington: The Development Committee of the IMF/World Bank Group has issued a statement addressing the profound transformation and heightened uncertainty currently affecting the global economy. Ms. Elisabeth Svantesson, Chair of the committee and Sweden’s Minister for Finance, emphasized that while growth has shown resilience, emerging strains present both challenges and opportunities.
According to News Agency of Nigeria, Svantesson outlined the committee’s commitment to adopting sound policies that build confidence, resilience, and safeguard macroeconomic and financial stability. She noted the significant humanitarian and economic toll of ongoing wars and conflicts, stressing that achieving lasting peace is crucial for sustainable growth and stability.
The committee acknowledged the short and medium-term challenges hindering economic growth, job creation, and poverty reduction. Svantesson praised the World Bank Group’s efforts to assist client countries in developing infrastructure critical for job creation and urged continued efforts to remove barriers to economic opportunities, particularly for women and girls.
Members supported initiatives to expand access to quality education and align skills with industry needs. The committee also highlighted the importance of delivering accessible and reliable energy, mentioning collaborations with the African Development Bank and other partners as part of this effort.
Governors of the committee stressed the importance of the World Bank Group’s collaboration with the International Monetary Fund and other development partners to address countries’ debt sustainability, transparency, and vulnerabilities. They called for strengthened partnerships with international organizations and the private sector to support effective resource mobilization.
The News Agency of Nigeria reports that the Development Committee, formally known as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries, was established in 1974 to address these global challenges.