[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111143-en":3,"doc-seo-111143-105":28,"detail-sidebar-cat-0-en-105":89},{"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":11},111143,549758146520,"Patrick","https://ap-avatar.wpscdn.com/avatar/80002397d8c0411e94?_k=1775819394049821470",8,"Research & Report","Opening Address by the Chairman of the Boards of Governors - Hon. Ahmed Munawar - Maldives - October 25, 2024","Opening remarks delivered by Hon. Ahmed Munawar for the Maldives at the Joint Annual Discussion of the International Monetary Fund (IMF) and the World Bank Group during the 2024 Annual Meetings, held on October 25, 2024. The address welcomes key leadership, marks the 80th anniversary of the Bretton Woods Institutions, and reviews global economic conditions while emphasizing resilience. It highlights three priorities—climate change, debt sustainability, and structural reforms—while calling for multilateral cooperation and inclusive, well-resourced support for vulnerable members, especially small island developing states.","Public Disclosure Authorized Public Disclosure Authorized  \nOctober 25, 2024  \nOpening Address by the Chairman of the Boards of Governors, the Hon. AHMED MUNAWAR, Governor of the IMF and the World Bank for MALDIVES at the Joint Annual Discussion  \n2024 Annual Meetings  \nAddress by the Chair of the Boards of Governors  \nHon. Ahmed Munawar  \nGovernor of Maldives  \nOctober 25, 2024  \nﺑﺳم ﷲ اﻟرّ ﺣﻣن اﻟرّ ﺣﯾم  \nAs-alam-alaikum and a very good morning  \nIt is a great honor to welcome you to the 2024 Plenary of the Boards of Governors of the International Monetary Fund and the World Bank Group.  \nA warm welcome to the Managing Director of the IMF Kristalina Georgieva and the President of the World Bank Group Ajay Banga. Congratulations Ms. Georgieva, on commencing your second term as the MD.  \nThis year is special. We are celebrating the 80th anniversary of the Bretton Woods Institutions—a major milestone in the history of global economic governance. I would like to reflect on the words of the first Annual Meetings Chair of the Boards of Governors, U.S. Treasury Secretary, John W. Snyder: “In joining the Fund and Bank, our respective governments have not only invested large sums of money, but they have in a considerable measure staked their economic destinies on the success of these institutions. We must not fail our governments and, above all, the hopeful people we represent.”  \nThese words hold true today, as they did 80 years ago. For 80 years , the IMF and World Bank have remained beacons of hope, managing global crises from wars to pandemics. Even in tough times, we find resilience. Chairing the Board of Governors in this historic meeting by a small state like mine is a sign of the inclusivity of these institutions.  \nDespite tighter financial conditions and rising geopolitical tensions, the global economy is showing remarkable strength. A soft landing is within reach. Inflation is moderating. Yet, we cannot become complacent. Uncertainty remains high. Ongoing conflicts and upheavals in many parts of the world cast a shadow over our progress, and further escalations would have a much larger impact on vulnerable economies, including through higher commodity prices.  \nIt is true that significant challenges remain, and I would like to highlight three such challenges.  \nFirstly, climate change. Small countries like the Maldives, are on the front lines of climate change. The Maldives aims to have 33% of its electricity from renewable sources by 2028. This transition will build climate resilience and deliver significant fiscal and foreign exchange savings. Achieving the target requires around 1.3 billion dollars to upgrade power infrastructure, of which only 13% has been pledged by donors so far. Small Island Developing States (SIDS) like the Maldives call on international financial institutions to provide easier and affordable climate finance for adaptation and mitigation on the principles of a just energy transition. While the IMF’s Resilience and Sustainability Fund and the World Bank’s record 42.6 billion dollars in fiscal year 2024 in climate finance are commendable. More is needed, especially for climate vulnerable SIDS.  \nAdditionally, we must innovatively rethink and implement strategies to mobilize private sector investments.  \nSecondly, debt sustainability. Over two-thirds of emerging markets and developing economies are at high risk of debt distress. While the Global Sovereign Debt Roundtable has encouraged collaboration, more action is needed. Debt sustainability analysis must better account for country context, and the ongoing review of the Debt Sustainability Framework for Low-Income Countries should look at the specific needs of SIDS. The IMF, World Bank, and MDBs should take bold steps to support countries in debt distress. MDBs can also create tools like debt-for-climate swaps, exchanging debt relief for climate adaptation investments.  \nFinally, structural reforms. We must strengthen the productive and state capaciti","cbCaiaZ9INxnow8P","https://ap.wps.com/l/cbCaiaZ9INxnow8P","pdf",351980,1,3,"English","en",105,"# Opening Address by the Chair of the Boards of Governors\n## Welcome and 80th Anniversary Context\n## Global Economic Conditions and Key Risks\n## Three Challenges: Climate Change, Debt Sustainability, Structural Reforms\n## Recent Initiatives and Need for Multilateral Cooperation","[{\"question\":\"What event and date is the opening address for?\",\"answer\":\"It is delivered for the Maldives at the Joint Annual Discussion of the IMF and World Bank Group during the 2024 Annual Meetings on October 25, 2024.\"},{\"question\":\"Which three main challenges does the speaker highlight?\",\"answer\":\"The address highlights climate change, debt sustainability, and structural reforms for emerging and developing economies.\"},{\"question\":\"What does the speaker call for regarding multilateral cooperation?\",\"answer\":\"He emphasizes that 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