[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111676-en":3,"doc-seo-111676-105":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},111676,1374391975076,"Riley","https://ap-avatar.wpscdn.com/avatar/14000253ca4ec9f6853?x-image-process=image/resize,m_fixed,w_180,h_180&k=1783305029341752051",8,"Research & Report","Statement by Alexey Overchuk - 108th Meeting of the Development Committee - October 12, 2023","Statement by Alexey Overchuk for the 108th Development Committee meeting addresses current global economic conditions, especially food and energy market volatility and the persistent drivers of the food and energy crises affecting vulnerable populations. It highlights downside risks from macroeconomic uncertainty, higher global interest rates, currency depreciation, and mounting debt pressures on developing countries. The statement also comments on stalling progress toward the Sustainable Development Goals, the SDG funding gap, and geofragmentation risks, urging effective multilateral action and justification for World Bank Group reforms.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND EIGHTH MEETING MARRAKECH, MOROCCO – OCTOBER 12, 2023  \nDC/S/2023-0039 October 12, 2023  \nStatement by  \nAlexey Overchuk Deputy Prime Minister  \nof the Russian Federation  \nStatement by  \nAlexey Overchuk  \nDeputy Prime Minister  \nof the Russian Federation  \n108th Meeting of the Development Committee  \nOctober 12, 2023  \nMarrakech, Morocco  \nSince our last meeting, the World Bank Group has had a new President. It is hoped that with his extensive experience and expertise, Mr. Banga will bring forth innovative solutions urgently needed to address the challenges faced by the World Bank Group. We wish him every success in his endeavors during this critical time and look forward to witnessing the positive impact he will make on the institution and the global development landscape.  \n1. Global economy  \nIn 2023, the situation in the food and energy markets has improved. Notably, the FAO Food Price Index has decreased by 24% from its peak in March 2022. The unilaterally imposed coercive measures on Russian exports had both direct and indirect repercussions – via the financial sector and transportation – on the markets, causing increased volatility. Nevertheless, Russia remains a reliable supplier and contributes to food and energy security through various channels, including free grain and fertilizer supplies to African countries. Furthermore, Russia was able to buffer the impact of sanctions and efficiently handle domestic market repercussions through trade rerouting and enhanced focus on domestic production. Economic growth arising in many neighboring countries due to the spillovers from economic activity in Russia is also noteworthy.  \nNevertheless, the root causes of the energy and food crises, identified long before the pandemic, persist, affecting the most vulnerable population globally. Moreover, key risks remain tilted to the downside, fueled by macroeconomic uncertainty and the monetary policies adopted in advanced economies. Implementing these strategies, which sprouted from the prior era of ultra-loose monetary policies during the COVID-19 crisis, has led to a substantial increase in interest rates globally. Currency depreciation adversely affected current account balances, narrowing an already limited fiscal space in developing countries. Additionally, mounting debt and increased debt service costs have further exacerbated the development landscape.  \nAlarming still is the anticipated continuation of this slowdown throughout the 2020s at a critical intersection of international development, with the world halfway through the execution of the Sustainable Development Goals (SDGs) . For the World Bank Group, 2030 will be a major milestone in assessing our efforts to reach the Twin Goals, which are currently distant from becoming a reality.  \nThe latest UN report paints a sobering picture of the stalling progress toward SDGs, with only 15% of them on track for fulfillment. In comparison, 37% are either stagnant or showing signs of regression, and the funding gap reached a record 4.2 trillion USD. During this pivotal period that calls for multilateralism to address the mounting global challenges, we are witnessing an unsettling trend of geofragmentation that only exacerbates an already critical situation, as highlighted in a recent report by the International Monetary Fund (IMF) .  \nThese conditions create a greater demand for concessional resources, placing pressure on the WBG, which, as a unique global development institution, has a primary mandate to alleviate poverty and support economic growth and prosperity universally. With the external conditions evolving and becoming more complex, it became apparent that there is still room for improvement in the institution’s approach to  \nd","cbCaiaGLZvBYLOrq","https://ap.wps.com/l/cbCaiaGLZvBYLOrq","pdf",173158,1,6,"English","en",105,"# Global economy\n## Food and energy markets\n## SDG progress and multilateralism\n# Vision and mission\n## Added value and ambition of WBG updates\n## Environmental scope and engagement tools","[{\"question\":\"What does the statement say about changes in food and energy markets in 2023?\",\"answer\":\"It notes improvement in 2023, including a 24% decline in the FAO Food Price Index from its March 2022 peak, while also pointing to volatility linked to impacts on exports, the financial sector, and transportation.\"},{\"question\":\"What risks and challenges are highlighted for developing countries?\",\"answer\":\"The statement emphasizes persistent roots of the food and energy crises, macroeconomic uncertainty, higher interest rates, currency depreciation, limited fiscal space, and rising debt service costs that worsen development conditions.\"},{\"question\":\"How does the statement frame progress toward the Sustainable Development Goals?\",\"answer\":\"It cites an UN assessment that only 15% of SDGs are on track, notes regression and stagnation for others, and highlights a record SDG funding gap of 4.2 trillion USD, alongside risks from geofragmentation.\"}]",1784491197,15,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":27},"statement-by-alexey-overchuk-108th-meeting-of-the-development-committee-october-12-2023","",{"@graph":35,"@context":85},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/statement-by-alexey-overchuk-108th-meeting-of-the-development-committee-october-12-2023/111676/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-20","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What 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