SLOWING global economic growth, financial markets vulnerabilities and challenges posed by climate change can be surmounted if countries embark on structural reforms, says David Malpass, President of the World Bank Group. The good news, according to him, is that broad- based growth is still possible for countries with such challenges. With the right mix of policies and structural reforms, Malpass says, countries can unleash growth that is broadly shared across all segments of the society. This is usually true in emerging markets and developing countries, where well-designed reforms can deliver meaningful gains.
“We need to be careful how we calibrate our response to the global slowdown. Many countries have already used up their fiscal and monetary space, so structural reforms are essential,” he asserts.The World Bank, Malpass assured, is still focused on its mission of helping countries attract private sector investments; promote the rule of law, and transparency in debt management and public finances.
Read also: World Bank Court Orders Tanzania To Pay $185 million To Standard Chartered
The Bank is also helping countries to invest in electricity, education, nutrition, health and women empowerment as well as climate change and environment challenges. To achieve this, the Bank is already in the process of replenishing the International Development Association (IDA), the Bank’s arm that lends to poor countries. The proposed replenishment will direct more funding towards people in fragile and conflict-affected countries.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.