Development Committee 107th Meeting Statement by Alexey Overchuk - April 12, 2023 - World Bank Group

Jul 19, 2026

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Statement by Alexey Overchuk, Deputy Prime Minister of the Russian Federation, presented to the Development Committee at the 107th meeting on April 12, 2023. The statement thanks the World Bank Group leadership, expresses concern over resignations and politicized language, and urges adherence to the Articles of Agreement. It discusses the slow world-economy recovery, inflation and capital outflows, rising debt risks, and the food-energy crisis amid climate change, advocating policy analysis, technology transfer, and support for financing and cooperation priorities.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

AccessFree to download

World Economy

Sustainable development and commitments

Inflation, capital outflows, and debt risks

Food and energy crises

Climate change and “Loss and Damage”

Geoeconomic fragmentation and trade barriers

African industrial development and energy access

Syria earthquake and IDA support

Evolution Roadmap

Shareholder support and timeline considerations

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committeeof the Boards of Governors of the Bank and the Fundon theTransfer of Real Resources to Developing Countries) ONE HUNDRED AND SEVENTHMEETINGWASHINGTON,DC-APRIL12,2023 Statement by Alexey OverchukDeputy Prime Minister of the Russian Federation DC/S/2023-0011 April 12,2023 Statement by Alexey OverchukDeputy Prime Minister of the Russian Federation 107Meeting of the Development Committee April 12,2023 Washington,DC We thank David Malpass for his leadership of the World Bank Group during a challenging period thatincluded the pandemic and economic crisis.We find it unfortunate that,yet again,a WBG President had toresign early before completing the term. We believe that in the future,the procedure of presidential elections should include nominees from acrossthe world,including middle and low-income economies.We hope the new president remains balanced andwill be able to consolidate efforts to address global challenges. Increasing incidents of politicized language in WBG documents and Management's public statements giverise to concerns.The WBG Management should adhere to the Articles of Agreement and ensure its mandateis fulfilled in the spirit of evenhandedness and multilateralism,with all voices heard and all opinionswelcomed.These principles were the cornerstones of the WBG for almost 80 years and should not beabandoned now. # World Economy The world economy is experiencing a slow recovery after the shock caused by the COVID-19 pandemic.The progress on sustainable development goals is seriously undermined,making them unachievable by2030 ifurgent measures are not undertaken.We should bear in mind that in FY 2022,WBG's commitmentsamounted to only 0.1%of global GDP and prioritize the project that would bring tangible results. The current monetary policy of the advanced economies aimed at tackling inflation led to a massive capitaloutflow from low-income(LICs)and middle-income countries (MICs).The consequences of the pandemic,including disruptions of trade flows and increased transportation costs,in combination with currencydepreciation,weaken demand in emerging markets.The debt crisis risks are rising,and interest rates ongovernment bonds have reached their 10-15 year maximum,threatening fiscal stability.We urge the WBGto provide its shareholders with a comprehensive analysis,incorporating the consequences of such policiesfor the global economy and policy actions needed to cushion them. Global inflation,spurred by massive spending during the pandemic,is particularly perilous for developingeconomies.Containment policy against the Russian economy caused collateral damage across sectors,putting additional stress on already bleak growth prospects,and exacerbating the already looming food andenergy crises.Russia remains a reliable supplier of various goods and services,fulfilling its contractobligations.In 2022-2023 Russia pledged to export 50 million tons of grains to prevent food shortages andis on track to meet this goal.Our commitment to Black Sea Grain Initiative supported a downward pressureon food prices.We expect our counterparts to be equally committed to it by ensuring Russian food andfertilizer exports'access to the global markets. We are concerned about the consequences of global climate change,particularly for the most vulnerablecountries.In this regard,we welcome the “Loss and Damage”Fund and call on advanced economies toallow the transfer of sustainable technologies to emerging markets.In our view,it is essential to recognizethat there are many pathways to the‘green'future,and each country is free to choose its own.We encourage the WBG to extend its support to the natural gas sector,nuclear energy,carbon capture and storage,andgas flaring reduction,which are of utmost importance to the green agenda. Another important issue impeding global economic development and weaken

FAQs

Why does Alexey Overchuk express concern about politicized language in WBG documents?

The statement says increasing incidents of politicized language raise concerns and urges WBG Management to adhere to the Articles of Agreement to fulfill its mandate in the spirit of evenhandedness and multilateralism.

What economic risks does the statement highlight for developing economies?

It points to slow recovery after COVID-19, undermined sustainable development goals, massive capital outflows caused by advanced-economy monetary policy, rising debt crisis risks, and weakening demand in emerging markets.

How does the statement address food and energy crises, including Russia’s role?

It references commitments related to grain exports and the Black Sea Grain Initiative, and calls for counterparts to remain equally committed to support downward pressure on food prices. It also stresses collateral damage from policies affecting the Russian economy across sectors.

Jul 19, 2026

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