[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111368-en":3,"doc-seo-111368-105":29,"detail-sidebar-cat-0-en-105":82},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111368,549758252649,"Ivy","https://ap-avatar.wpscdn.com/avatar/8000253669c5317157?_k=1778319167496531819",8,"Research & Report","111th Meeting of the Development Committee - April 24, 2025 - Statement by Mr. Ajay Seth","Statement by Mr. Ajay Seth at the 111th Meeting of the Development Committee addresses recent global natural disasters and reaffirms commitments to peace, stability, and the rule of law. It reviews current global macroeconomic conditions, including growth projections and inflation trends, and calls for further reforms to strengthen the World Bank Group’s capacity for development financing. The statement emphasizes job creation as a central outcome, urges inclusive future-ready employment, highlights the need to reskill for AI and cybersecurity, and advocates bold digital transformation for MSMEs through affordable finance, knowledge support, and best practices.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND ELEVENTH MEETING WASHINGTON, DC – APRIL 24, 2025  \nDC/S/2025-0021 April 24, 2025  \nStatement by  \nMr. Ajay Seth  \nFinance Secretary and Secretary of Economic Affairs Ministry of Finance  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka  \nStatement by  \nMr. Ajay Seth  \nFinance Secretary and Secretary of Economic Affairs  \nMinistry of Finance  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka  \n111th Meeting of the Development Committee  \nApril 24, 2025  \nWashington, DC  \n1. To begin, I offer my deepest sympathies to the families and communities affected by the recent severe natural disasters worldwide, including the floods and hurricanes in the US, Spain, Indonesia, Kenya, Chile, Vietnam, Bolivia, Myanmar, and Thailand. India stands in solidarity with the people and governments of these countries as they undertake the challenging process of recovery and rebuilding. We strongly deplore the terrorist act of violence in Pahalgam and reaffirm our commitment to peace, stability, and the rule of law, principles that are essential for sustainable development and shared prosperity.  \n2. Today, the global economic environment continues to confront formidable headwinds. Geopolitical tensions, elevated policy uncertainty, geoeconomic fragmentation, technological disruption, and the growing frequency of climate-induced events have intensified vulnerabilities across advanced and emerging economies.  \n3. According to the Global Economic Prospects Report (January 2025) published by the World Bank, the global economy is projected to grow at a moderate pace of 2.7 % in 2025 and 2026, below the historical (2000–19) average of 3.1 % . The global composite Purchasing Managers’ Index (PMI) points towards a softening of global growth. The index reached a 14-month low value (51.5) in February 2025.  \n4. Inflation rates across economies have trended downward steadily but remain marginally above central bank target levels. The inflation decline has resulted from tighter monetary policy regimes worldwide. The global headline inflation is expected to decline to 4.2 percent in 2025 and 3.5 percent in 2026, as per the IMF's January 2025 World Economic Outlook.  \n5. Over the past year, the World Bank Group has made progress towards becoming a more effective and responsive institution as envisioned in the evolution roadmap and the G20 Independent Expert Group’s (IEG) recommendations on MDB reforms. We appreciate initiatives such as decentralization, Stage 1 reforms in IBRD loan pricing, the rollout of the Framework of Financial Incentives (FFI) and the Grant Facility for Project Preparation. However, to truly meet the ambitions of emerging economies and address their urgent development financing needs, the Bank must go further. This includes expanding its financial capacity through a capital increase, advancing beyond balance sheet optimization, implementing deeper reforms in IBRD pricing, and delivering enhanced value to EMDEs through robust knowledge solutions—with a particular emphasis on the priorities of the Global South.  \n6. We appreciate the World Bank Group for placing job creation at the core of its development strategy. The Development Committee's focus on jobs aligns with our constituency's priorities and the global south's needs. We appreciate the Bank's commitment to sectors with high employment potential, such as agribusiness, energy, healthcare, and digital services, which are critical for economic growth and overall development. The emphasis on supporting MSMEs, which form our region's employment backbone, is especially welcome.  \n7. While these initiatives are encouraging, the ambition must be significantly elevated. 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