•‘Financial system favours rich, creditor countries’
The World Bank on Sunday admitted that the international financial architecture is ‘skewed in favor of rich and creditor countries’.
President of the bank, David Malpass made this statement at the close of the World Bank/IMF Spring Meetings 2021 Development Committee meeting, in Washington D.C. yesterday.
Malpass said: “One major challenge is that the current international financial architecture is heavily skewed in favor of the rich and creditor countries. It is ever important that all voices are heard. I urge all of us to consider how we can restore growth in developing countries and help reverse the growing inequality, in terms of access to vaccinations, unsustainable debt, and adverse climate impacts.”
He added that the bank is developing a better line of sight forward, and the collective efforts to poverty, climate change, and inequality will be the defining choices of this age.
“Now is the time to move urgently toward opportunities and solutions that achieve sustainable and broad-based economic growth without harming climate, degrading the environment, or leaving hundreds of millions of families in poverty,” Malpass said.
He also expressed the hope that World Trade Organisation (WTO) will facilitate effective global trade deals under the watch of Dr. Ngozi Okonjo-Iweala The is its Director-General,
He said: “I would also like to acknowledge our former World Bank colleague, now Director-General of the WTO, Mrs. Ngozi Okonjo-Iweala, who is joining us today. It is a point of pride that we have IMF Managing Director Kristalina Georgieva and Ngozi – two good friends and women who have previously been members of the World Bank team – leading our sister institutions and playing critical global roles in the development agenda today.”
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