(AGENPARL) – ven 14 ottobre 2022 DEVELOPMENT COMMITTEE
(Joint Ministerial Committee
of the
Boards of Governors of the Bank and the Fund
on the
Transfer of Real Resources to Developing Countries)
ONE HUNDRE
SIXTH
Statement by
Ignazio Visco
Governor of the Bank of Italy
Constituency
Albania, Greece, Italy, Malta, Portugal,
San Marino
and Timor
Leste
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Ignazio Visco
Governor of the Bank of Italy
Constituency of
Albania, Greece, Italy, Malta,
Portugal, San Marino
and Timor
Leste
make their policies more effective, and for donors, who need to know to what extent their resources reach
he desired development goals.
The WBG’s actions concerning education, pandemic prevention and preparedness, climate change, food
insecurity, debt, and migrations are prominent examples of its knowledge agenda moving in a direction that
we wholly sustain.
The pandemic has had devastating long
term impacts on learning, especially for the young. Losses have
been larger in those low
and middle
income countries where the learning poverty rate was already high.
We strongly encourage the WBG to continue to addr
ess these challenges by using policy
based financing
operations to strengthen investments in education and create skill
building and employment opportunities
for the youth, while supporting countries’ statistical capacity to fill large data gaps.
The “edu
cation crisis” adds to our resolve to act now to prevent and respond to future
pandemics
. We
applaud the launch of the Financial Intermediary Fund for
Pandemic Prevention, Preparedness and
Response
. The WBG has been instrumental for quickly implementing th
e commitment undertaken by G20
Leaders in the 2021 Rome Declaration. We have to work together to operationalize the Fund and approve
investments that reinforce global, regional and national capacities in a coordinated and coherent approach.
look forward
to continued engagement from the World Bank with future G20 Finance
Health
coordination arrangements.
The roll
out of the first Country Climate and Development Reports (CCDRs) has already proven how
powerful these instruments can be in striking the right
balance between climate action and development
goals at the country level. They are a key component of the WBG Climate Change Action Plan 2021
25 for
cy along
with fiscal and debt management.
Food crises, climate
related disasters, lack of health services, conflict and violence are all drivers of
migration flows. These impoverish the areas from which migrants originate, while often creating
pressures
in hosting communities and adverse political reactions in destination countries. We welcome the WBG’s
renewed interest in these issues and their related data gaps. We expect improvements in understanding the
drivers of migrations and the effects
on migrants, their families, and host and departure countries. Greater
and more focused efforts can set the stage for better national and regional policies and more informed
discussions in global fora.
Inevitably, more financial resources are needed. Wit
h the IDA20 replenishment, donors have shown their
strong support for the poorest countries of the world.
These resources, in combination with updated
diagnostics and measurement tools, are to be used to help them respond most effectively to compounding
ises and restore trajectories towards the 2030 development goals.
Creating ways to channel private capital to developing countries, though challenging, is both possible and
indispensable. The World Bank, IFC and MIGA must continue to consider how they can
increase the
pipeline of projects that are attractive to the private sectors, by supporting upstream reforms, issuing
innovative financial products for sustainable investment, and increasing the use of de
risking tools and
blended finance.
The multilater
al development banks must make the most efficient use of their capital to increase their
lending
capacity, while safeguarding financial viability and preserving their funding capacity and current
top ratings. To this aim, the Independent Review of MDB Capi
tal Adequacy Frameworks (CAF),
commissioned by the G20, provides pivotal recommendations. We urge the WBG to assess them carefully
and systematically with an open, transparent and evidence
based approach. We stand ready to provide all
the necessary support
and cooperation to ensure strong backing from our capitals and through the G20.