IMF/WBG Development Committee expressed its gratitude to the Peruvian Government for having hosted the Annual Meetings of the Boards of Governors of both institutions in Lima on October 5-11.
In a statement, the said Committee indicated the next meeting is scheduled to take place in Washington D.C. on April 16, 2016.
Likewise, some remarks and conclusions related to the topics discussed at the WBG/IMF meetings were listed herein.
It informed high-income countries keep experiencing a moderate recovery. However, the probabilities of generating restrictive financing conditions, trade downturn and the decline in commodity prices are affecting developing countries' confidence.
In this sense, the Committee urged the WBG and IMF to follow the risks and vulnerabilities closely, reinforce the assistance to the countries with the aim of supporting growth, generating resilience and executing a countercyclical role when required.
With regard to the current crisis involving refugees and migrants in Middle East and North Africa, it encouraged -along with the United Nations and other partner co-countries- to offer specific support to challenges faced by these regions.
On the other hand, the Sustainable Development Goals (SDGs) see a new direction for development initiatives for the next 15 years. The said goals are universal, integrated and linked with the WBG's institutional objectives.
The private sector development is essential to achieve the SDGs. Thus, it urged the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) to strengthen their functions as catalysts in order to mobilize the investment and financing of the private sector.
At the same time, it recognized the WBG should maintain an appropriate resource provision to achieve their goals and support the programs related to the climate change and the SDGs.
It should be noted that the International Development Association (IDA) continues being a key tool to fulfill the WBG and SDG's objectives.
(END) NDP/HMC
Published: 10/11/2015