Report: Tunde Alabi
Finance Ministers and Central bankers from over 180 members countries are currently gathering in Washington DC USA to discuss the challenges and opportunities the global community faces. The World Bank Group President Jim Yong Kim stated that the discussions at the annual meetings will help countries chart new path forward on how to improve the lives of their people. He noted that such efforts will help set the agenda for the world’s economy in the coming year.
While speaking at the ceremony, Mr Jim Yong Kim observed ”after several years of disappointing growth, the global economy has begun to accelerate. Trade is picking up, but investment remains weak. We’re concerned that risks such as a rise in protectionism, policy uncertainty, or possible financial market turbulence could derail this fragile recovery”.
The World Bank Group President advised that world leaders and policy makers should build and develop resilient programmes and policies that would stand against the overlapping challenges the global economy faces today. He stated that efforts and policies should be directed at managing and controlling the negative effects of climate change, natural disasters, conflict, forced displacement, famine, and disease.
Speaking on the role and efforts of the World Bank and the IMF, he said ”To help countries address these challenges, we’re working to maximize finance for development. We’re pursuing private sector solutions whenever they can help achieve development goals, and reserving scarce public finance for where it is most needed – particularly investments in human capital”