AJAY BANGA - President of the World Bank Address to the Board of Governors at the 2023 Annual Meetings - As Prepared for Delivery

Jul 19, 2026

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Ajay Banga, President of the World Bank, delivers a formal address to the Board of Governors during the 2023 Annual Meetings, setting out an urgent agenda shaped by intertwined global crises. The speech highlights reversing poverty progress, worsening food insecurity, fragility, pandemic recovery pressures, climate and biodiversity threats, and the compounding effects of conflict and rising debt. It argues for financing a different future, calls for comprehensive action across public health, agriculture, infrastructure, and markets, and presents a new World Bank vision and mission—centered on women and youth—focused on inclusive, resilient, and sustainable development.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages14

Reading Time35 min

Opening Remarks and Context

Global Challenges and Inequality

New Vision, Mission, and Playbook

Inclusive Development for Women and Young People

Comprehensive Responses Across Sectors

Public Disclosure Authorized Public Disclosure Authorized October 13, 2023 Address by AJAY BANGA, President of the World Bank, to the Board of Governors of the World Bank, at the Joint Annual Discussion 2023 Annual Meetings Address by Ajay Banga, President of the World Bank, to the Board of Governors of the World Bank, at the Joint Annual Discussion As Prepared for Delivery Good morning. Chair Marchenko, thank you for chairing this plenary. Mr. Kabbaj, Prime Minister Akhannouch, thank you for hosting these Annual Meetings. The road to Marrakech was not an easy one, delayed by the pandemic and persevering after an earthquake. Yet the warmth and hospitality we’ve received from your government and all Moroccans has been humbling. Kristalina – it is a privilege to host these Annual Meetings together. I would like to thank my predecessor, David. Those of us in this room are fortunate. We are custodians of an institution with a tremendous responsibility at a time of uncertainty and great consequence. The world is fraught with profound forces and rapid changes. We face declining progress in our fight against poverty, an existential climate crisis, food insecurity, fragility, a fledgling pandemic recovery, and are feeling the effects of conflicts beyond the front. A perfect storm of intertwined challenges and geopolitical complexity that taken together exacerbate inequality. Economic growth in much of the developing world is retreating. Falling from 6 percent to 5 percent in two decades, and on track for just 4 percent over the next 7 years. With each lost percent, 100 million people are pulled into poverty and another 50 million people are pushed into extreme poverty. Dig deeper and you’ll find people struggling to provide for themselves and their families as incomes have stagnated. In Sub-Saharan Africa per capita income is the same as it was 14 years ago. Meanwhile, debt has increased throughout emerging markets – doubling in Africa – shackling countries to the ground just as they’re trying to rise. We are living in a world with alarming challenges but at a time of intensifying polarization and extremes. Beneath the surface, a growing mistrust is pulling the Global North and South apart, complicating the prospect of progress. The Global South’s frustration is understandable. In many ways they are paying the price for the prosperity of others. When they should be ascendant, they’re concerned promised resources will never manifest, they feel energy rules aren’t applied universally, and they’re worried a burgeoning generation will be locked into a prison of poverty. But the truth is: We cannot endure another period of emission heavy growth. We must find a way to finance a different world where our climate is protected, pandemics are manageable – if not preventable – food is abundant, and fragility and poverty are defeated. Our task is great. Looking across the world it is easy to be consumed by a sense of despair. Yet – in all corners of the globe, people are eager to go to work, and to create with their own hands. They want a better life for their children and grandchildren. I have felt that yearning among entrepreneurs in Nigeria, seen it in the proud eyes of artists in Indonesia, and touched it on the worn hands of farmers in Jamaica. The Bank has an obligation – a duty – to match their energy with a fierce determination. We must be the hand on the back – moving people forward. We must be an institution that exports optimism and impact. But we must change to make good on that promise and deliver on what is being demanded. The World Bank is turning to face the wind. That evolution began months ago, and today there is a new vision and mission for the World Bank. To create a world free of poverty – on a livable planet. But time is of the essence. This urgency motivated us to write a new playbook – a new mission. One that will drive impactful development and le

FAQs

What major global problems does the address emphasize?

The address emphasizes declining progress against poverty, the climate crisis, food insecurity, fragility, pandemic recovery challenges, and conflicts, alongside rising debt and deepening inequality.

What core change does the speech call for regarding development and financing?

It calls for financing a different world—climate-protecting and health- and food-secure—supported by a new World Bank mission and an aggressive, comprehensive response to interconnected challenges.

Why does the speech stress women and young people at the center of the Bank’s approach?

It argues that focusing on both women and youth is essential to defeat poverty and unlock long-term growth, because women’s labor participation and pay equity remain poor and youth need quality of life and jobs to prevent despair and social harm.

Jul 19, 2026

Upload by Ophelia