Leaders of International Monetary Fund and World Bank defend globalization
- Author: Leroy Wright Apr 22, 2017,
Apr 22, 2017, 17:43
The World Bank chief lamented that "the world was caught unprepared" by the situation in Nigeria and some other countries.
Kim said, "the one thing that will convince me that we've changed" is a shift in the culture of rewards and incentives around project preparation at the World Bank. There are still many downside risks, however, and countries that have the fiscal space need to continue with structural reforms.
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"We're meeting at a time when we face several overlapping crises, both natural and man-made, all of which add urgency to our mission".
In fact, the United Nations had described the current wave of starvation as the worst in 70 years.
In his words: "Too often, we forget about crises as soon as they abate - leading to a cycle of panic and neglect".
"I think China has been stepping up and illustrating that it is concerned about development, not just in the neighbouring countries or even along the Old Silk Road, but globally", said Kim, who will also join the Belt and Road summit in May.
We're already working with the affected countries and partners to respond to the starvation and we will use every tool we have, financial and advisory, to prevent starvation in the future, Kim said.
In comments prepared for the IMF meeting, Mnuchin said the United States wanted to see the IMF "more robustly fulfill its surveillance mandate", which includes monitoring the currency policies of IMF member nations to make sure they do not manipulate their currencies to gain trade advantages.
Kim added: "It doesn't work like that right now, but we absolutely know that that's what we have to do if we're going to have a chance of meeting the Sustainable Development Goals ..."
"In addition to fragility, accelerations in technology are changing the landscape". He said the biggest factor in the job losses was increased automation.
World Bank Group President Jim Yong Kim, speaks during the "Generation Now Investing in Adolescents Today to Shape the World of Tomorrow" panel at the 2017 World Bank Group Spring Meetings in Washington, Thursday, April 20, 2017.
"At the same time, the internet, smart phones, and social media allow everyone to see exactly how everyone else lives, which is causing aspirations to rise all over the world".
"We have to start by asking whether the private sector can finance a project".
"The leadership that China is now taking in the overall world of development I think is unprecedented", he said according to China Daily.
"Here's the good news: There's never been a better time to find those win-win solutions". Anti-poverty activists said that the World Bank must expand its definition of poverty so more needy people around the world can be helped.