Development Committee Vows Continued Support for Global Challenges Amid Geopolitical Tensions
Washington, D.C. — April 21, 2024
In a pivotal meeting held on Wednesday, the Development Committee, under the chairmanship of Mr. Mohamed bin Hadi Al Hussaini, UAE’s Minister of State for Financial Affairs, committed to a robust agenda aimed at addressing global economic disparities and enhancing financial support to tackle a range of pressing global challenges.
The 109th session acknowledged the economic repercussions of ongoing geopolitical conflicts, including the war in Ukraine and the crisis in Gaza, and the disruptions in shipping across the Red Sea. While the committee reaffirmed that such matters would be dealt with in other international forums, there was a clear recognition of their significant impact on the global economy.
Despite the overshadowing geopolitical issues, members reported better-than-expected global economic conditions over the past year, with receding fears of a global recession and a moderation in inflation rates. However, the outlook for developing countries remains bleak, with many nations still grappling with weak post-pandemic recovery, heavy debt burdens, and constrained fiscal spaces.
The committee expressed a firm commitment to eradicating poverty and reducing inequality as it aligns with the Sustainable Development Goals (SDGs). There was a strong call for the World Bank Group (WBG) and the International Monetary Fund (IMF) to intensify their collaborative efforts to provide financial and technical assistance to the most vulnerable populations.
Significant progress was noted in several strategic areas since the last annual meetings in Marrakech. This includes the enhancement of the WBG’s Knowledge Bank and the introduction of new scorecards and compact knowledge frameworks aimed at expediting the delivery of essential services to clients and achieving results more effectively.
In light of the upcoming Annual Meetings in October, the Development Committee has outlined a busy agenda, including further discussions on the WBG’s Evolution Roadmap and the implementation of new operational efficiencies.
The meeting also highlighted new initiatives aimed at increasing private sector engagement through platforms like the Private Sector Investment Lab and the anticipated launch of the WBG Guarantee Platform, which aims to streamline offerings and increase investment in development projects.
Gender equality and inclusivity also featured prominently, with the committee looking forward to the new WBG Gender Strategy to enhance efforts to combat gender-based violence and expand economic opportunities for women.
The next meeting of the Development Committee is scheduled for October 2024 in Washington, D.C., where it will continue to advance its mission towards a sustainable and inclusive global economy, ensuring that no country is left behind in these turbulent times.
