[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111342-en":3,"doc-seo-111342-105":29,"detail-sidebar-cat-0-en-105":91},{"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":20,"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},111342,4398048949847,"Eliana","https://ap-avatar.wpscdn.com/avatar/400002536579ef2da7f?_k=1778318612642679267",8,"Research & Report","Chair’s Statement - 109th Meeting of the Development Committee - Statement by Mohamed Bin Hadi Al Hussaini","Statement delivered by Mr. Mohamed bin Hadi Al Hussaini as DC Chair following the Development Committee’s 109th meeting on April 19, 2024. The statement highlights the global macroeconomic and financial effects of wars and conflicts, including Ukraine, Gaza, and Red Sea shipping disruptions, while stressing the need for coordinated action. It addresses weak post-pandemic recovery in many developing countries, debt and constrained fiscal space, risks from climate change and biodiversity loss, and calls for accelerating finance and essential services to poor and most vulnerable members. It also reviews progress on the Evolution Roadmap, Knowledge Bank strengthening, a new Scorecard and Knowledge Compact, crisis preparedness, operational efficiency, and enhanced country diagnostics.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee of the  \nBoards of Governors ofthe Bank and the Fundon the  \nTransfer of Real Resources to Developing Countries)  \nDC/S/2024-0031  \nApril 19, 2024  \nSTATEMENT BY  \nMR. MOHAMED BIN HADI AL HUSSAINI, DC CHAIR  \nAttached for information for the Members of the Development Committee is a Statement, which reflects the views of the majority of Committee Members, from Mr. Mohamed bin Hadi Al Hussaini, DC Chair following the Committee’s one hundred and ninth meeting held on April 19, 2024.  \n*****  \nChair’s Statement: 109th Meeting of the Development Committee  \nMr. Mohamed bin Hadi Al Hussaini,  \nMinister of State for Financial Affairs, United Arab Emirates  \nThe Development Committee met today, April 19, 2024.  \nDevelopment Committee members discussed the global macroeconomic and financial impact of current wars and conflicts including the war in Ukraine, the humanitarian crisis in Gaza, as well as the shipping disruptions in the Red Sea. While recognizing the Development Committee is not the forum to resolve geopolitical and security issues and these issues will be discussed in other fora, Development Committee members acknowledged that these situations have significant impacts on the global economy. Today’s era must not be of war and conflict.  \n***  \nGlobal economic conditions in the past year were better than expected. Fears of global recession have faded, and inflation has moderated. However, global economic prospects remain subdued. In many developing countries, the post-pandemic recovery continues to be weak, aggravating economic and social stresses and inequality, negatively affecting the global economy and the most vulnerable, and further eroding hard-won development gains. Many developing countries also face heavy debt burdens and constrained fiscal space. This leaves limited resources to support basic services, such as functioning healthcare systems, food and nutrition security, quality education, social protection, and clean water and energy, and makes it harder to build resilience to global challenges like climate change, pandemics, and fragility. Climate change and biodiversity loss add pressure by exacerbating instability, shocks, forced displacement and migration, and the loss of human capital.  \nImmediate action is needed to address these multiple intertwined crises if the world is to eradicate poverty and reduce the inequality affecting many clients, including those in small states, while addressing the root causes of Fragility, Conflict and Violence (FCV) . It is imperative that the global community work together to ensure that no one is left behind in pursuit of a more sustainable, inclusive, and resilient world. The Development Committee’s commitment to ending extreme poverty and boosting shared prosperity on a livable planet in support of the Sustainable Development Goals (SDGs) remains firm. Governors urged the World Bank Group (WBG) and the International Monetary Fund (IMF) to continue to work in partnership with the development community to help bolster the delivery of finance and essential services to the poor and most vulnerable. They called on WBG management to continue to enhance the institution’s effectiveness in helping countries address the drivers and impacts ofFCV, in coordination with development and humanitarian partners.  \nThe Development Committee was encouraged by the progress made on the Evolution Roadmap since the Annual Meetings in Marrakech. Members welcomed steps taken to strengthen the Knowledge Bank—so analytics and financing both contribute to more impactful results. They also welcomed the unveiling of a new WBG Scorecard and Knowledge Compact; the start of work on  \nimpactful Global Challenge Programs (GCPs) 1 ; the ongoing work of the Private Sector Investment Lab in enhancing private sector capital mobilization; and the expanded Crisis Preparedness and Response Toolkit. 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development constraints and risks were highlighted for developing countries?\",\"answer\":\"The statement highlights weak post-pandemic recovery, debt burdens and constrained fiscal space, limited resources for basic services, and added pressure from climate change and biodiversity loss, including shocks, displacement, and 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