Development Committee - 109th Meeting - Statement by Fabio Panetta (April 19, 2024) - Economic outlook and World Bank Group priorities

Jul 19, 2026

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Statement by Fabio Panetta, Governor of the Bank of Italy, to the 109th Meeting of the Development Committee on April 19, 2024 in Washington, DC. The statement highlights resilient global conditions alongside subdued medium-term growth, emphasizing risks from fragmentation and the need for timely, decisive interventions by the multilateral system. It outlines priorities for the World Bank Group, including advancing the Evolution agenda, strengthening crisis preparedness, improving measurement of outcomes through impact evaluations, and supporting knowledge sharing and technical cooperation.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages3

Reading Time8 min

Global economic outlook and risks

World Bank Group Evolution and operational modernization

Crisis preparedness, prevention, and health vulnerability assessment

Knowledge bank, partnerships, and payments infrastructure

Capital adequacy, financial incentives, and private capital

Climate and environmental funds and MDB leverage

IDA21 replenishment and fragility conflict focus

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fund on the Transfer of Real Resources to Developing Countries) ONE HUNDRED AND NINTH MEETING WASHINGTON, DC – APRIL 19, 2024 DC/S/2024-0014 April 19, 2024 Statement by Fabio Panetta Governor of the Bank of Italy Constituency of Albania, Greece, Italy, Malta, Portugal, San Marino, and Timor-Leste Statement by Fabio Panetta Governor of the Bank of Italy Constituency of Albania, Greece, Italy, Malta, Portugal, San Marino, and Timor-Leste 109th Meeting of the Development Committee April 19, 2024 Washington, DC The global economy has shown remarkable resilience in the face of numerous challenges. Thanks to progress made in the battle against inflation, risks to the outlook are more balanced, and a soft landing is now more likely. However, growth prospects over the medium term remain subdued. An imbalanced recovery and the rise of economic and political fragmentation could worsen the gap between and within nations, hampering income convergence and the welfare of the poorest and most vulnerable economies. Against this backdrop, it is of paramount importance that the multilateral system and international financial institutions make timely and decisive interventions. Opportunities and risks associated with climate change, new technologies, demographic trends, migratory pressures – combined with the need to preserve peace – are global in nature and no country can cope with them alone. The World Bank Group (WBG) is expected to contribute by establishing a new multilateral approach to development. We acknowledge the work done under the WBG Evolution launched in October 2022, and the progress made as described in the Development Committee Paper “From Vision to Impact. Implementing the World Bank Group Evolution.” We agree that it is time to work on the Evolution agenda’s implementation, focusing on modernizing the operational approach, striving to act as a one WBG, and strengthening the WBG’s capacity to measure outcomes, including integrating impact evaluations into projects and programs. Under the recently approved Crisis Preparedness and Response toolkit, we welcome the enhancement of the set of instruments designed to help countries plan in advance and make funds ready for rapid deployment when crises occur. At the same time, we urge the WBG to emphasize the benefits of investing in crisis preparedness and prevention, recognizing that risk mitigation leads to future savings. Likewise, we call on the Bank to continue supporting the analytical work of the G20 Joint Finance Health Task Force (JFHTF), in close cooperation with the WHO, to improve the assessment of social, economic, and health vulnerabilities and risks arising from pandemics, as well as the mapping of financing gaps. We support the WBG’s renewed resolve to be a Knowledge Bank, one that is data driven. We highly value knowledge sharing and peer learning and suggest leveraging existing WBG knowledge hubs and building strong strategic partnerships. We reaffirm our commitment to this agenda, recognizing the compelling need to narrow inequities in access to knowledge and new technologies, particularly in Africa. Technical cooperation is fundamental to helping countries build institutions and infrastructures as a pre-condition for sustainable development. In this vein, Central Banks also play a role. One such infrastructure is a fast payments system (FPS) that measures up to international technical and regulatory standards and is ready tobe interlinked with FPS in other jurisdictions. We commend management for the results achieved so far in implementing the G20 Capital Adequacy Framework (CAF) Review, launched under the Italian G20 Presidency, and confirm our commitment to a full and effective adoption of the CAF recommendations. It has already brought an increase in the IBRD’s l

FAQs

What is the main theme of Fabio Panetta’s statement to the Development Committee?

The statement addresses the global economic outlook and calls for timely multilateral actions, while setting priorities for the World Bank Group’s development approach.

What does the statement say about advancing the World Bank Group Evolution agenda?

It supports implementing the Evolution agenda by modernizing the operational approach, acting as “one WBG,” and strengthening the ability to measure outcomes through integrated impact evaluations.

Which initiatives does the statement highlight under crisis preparedness and health vulnerability work?

It welcomes enhancements to the Crisis Preparedness and Response toolkit, urges investment in preparedness and prevention, and calls for analytical support for assessing social, economic, and health vulnerabilities linked to pandemics.

Jul 19, 2026

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