WASHINGTON, April 12, 2023—World Bank Group President David Malpass today issued the following statement on the 2023 Bank/Fund Spring Meetings:
“This year’s Spring Meetings come at a time when the global economy is weighed down by multiple factors. These include the Russian invasion of Ukraine, rising interest rates, banking sector stress, unsustainable debt levels, high oil prices, and persistent inflation. Policy changes around the world are vital to increase growth and production.
Discussions with shareholders this week have yielded signs of progress on the need for greater debt transparency, increased development finance, more impactful climate action, and a sharper focus on the World Bank Group’s vision and mission. Our member countries endorsed measures that can add up to $50 billion of IBRD lending capacity over the next ten years. There was full recognition of the importance of concessional resources and private sector investment. This still falls far short of the resource needs for development and climate. Addressing these needs will require a global effort.
Going forward, our Board and member countries should continue to focus on restoring growth, alleviating poverty, creating broad-based advances that raise living standards, addressing climate costs, and allowing capital to flow as effectively as possible.”
