[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110382-en":3,"doc-seo-110382-105":28,"detail-sidebar-cat-0-en-105":88},{"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":4,"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},110382,137441390410,"Hazel","https://ap-avatar.wpscdn.com/avatar/2000252f4ab5702993?_k=1776741390130283984",8,"Research & Report","Statement by Datuk Seri Asri Hamidon - 106th Meeting of the Development Committee - October 14, 2022","Statement by Datuk Seri Asri Hamidon, Treasury Secretary General of Malaysia, representing Brunei Darussalam, Fiji, Indonesia, Lao PDR, Malaysia, Myanmar, Nepal, Singapore, Thailand, Tonga, and Vietnam at the 106th Meeting of the Development Committee. The statement assesses worsening global conditions, highlights the need for coordinated responses to the food and energy crisis, and urges leadership on climate financing. It emphasizes financing affordability, access, and long-term sustainability, supports WBG crisis initiatives, and calls for stronger approaches to private capital mobilization and global public goods.","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 SIXTH MEETING WASHINGTON, DC – OCTOBER 14, 2022  \nDC/S/2022-0050 October 14, 2022  \nStatement by  \nHonourable Datuk Seri Asri Hamidon  \nTreasury Secretary General  \nMalaysia  \nRepresenting the Constituency of Brunei Darussalam, Fiji, Indonesia, Lao PDR, Malaysia, Myanmar, Nepal, Singapore, Thailand, Tonga and  \nVietnam  \nStatement by  \nHonourable Datuk Seri Asri Hamidon  \nTreasury Secretary General  \nMalaysia  \nRepresenting the Constituency of Brunei Darussalam, Fiji, Indonesia, Lao PDR, Malaysia, Myanmar, Nepal, Singapore, Thailand, Tonga and Vietnam  \n106th Meeting of the Development Committee  \nOctober 14, 2022  \nWashington, DC  \nGlobal Economy Outlook  \nThe global economic outlook continues to be adversely impacted by multiple compounding crises, despite the COVID-19 pandemic starting to abate. Downside risks to growth prospects have risen, and concerns about the possibility of a global recession persist. High inflation, depreciating exchange rates, a spike in food and energy prices, rising debt, and supply chain disruptions, together with the longer-term climate challenge, pose a grave crisis for the global community. In light of these challenges and limited space for monetary and fiscal policy, policymakers in low-and middle-income countries, especially those in Small States, face very difficult trade-offs between helping societies weather the immediate storms and investing for future growth.  \nIn this context, we commend the WBG for its Global Crisis Response Package of $170 billion through June 2023, to support developing countries as they navigate these multiple crises. We recognize the work of the WBG and IMF to help policy makers develop a strong policy response and provide adequately sized financing programs which focus on reducing poverty, strengthening domestic institutions, and promoting inclusive economic growth.  \nBeyond policy advisory and own-account financing, we expect the Bank and Fund to play a leadership role in two areas, namely private capital mobilization (PCM) and the global public goods (GPGs) agenda. In regard to PCM, the Bank and Fund must go beyond their balance sheets, by leveraging on its convening power to bring the private sector and other development partners together to provide financing, knowledge and technological solutions that are critically needed by MICs and LICs. Besides PCM, we also urge the Bank to look fundamentally at how to expand its own balance sheet and business model in light of the findings ofthe recent Capital Adequacy Review. In regard to GPGs, we welcome the establishment of the Financial Intermediary Fund (FIF) for Pandemic, Prevention, Preparedness and Response (PPR) to prevent future pandemics, and we hope to see similar leadership and innovation by the Bank and Fund in the other challenges the world faces.  \nLet me now turn to the two issues on our agenda, the Food and Energy Crisis and the Question of Climate Financing. We welcome the thorough papers prepared on these important topics.  \nThe Food and Energy Crisis – Weathering the Storm  \nThe ongoing food and energy crisis are a real threat to our goals to end extreme poverty and improve shared prosperity. The Bank and Fund must act swiftly and boldly to preserve and rebuild secure and affordable access to food and electricity, intervening both to keep supply chains open and to boost production upstream. In this regard, we welcome the Bank’s US$30 billion response to the ongoing food crisis, IFC’s US$6 billion Global Food Security Platform, and the Fund’s new food shock window. On energy, we take  \nnote of the US$700 million committed to projects related to energy security and ask the Bank to do more in this regard.  \nOn both food and energy, it is critical that the fina","cbCaiaYh0c2qiXWV","https://ap.wps.com/l/cbCaiaYh0c2qiXWV","pdf",144109,1,3,"English","en",105,"# Global Economy Outlook\n## WBG support and policy trade-offs\n# Private capital mobilization and global public goods\n## Leadership expectations for the Bank and Fund\n# Food and Energy Crisis – Weathering the Storm\n## Financing priorities: affordability, access, sustainability\n# Achieving Climate and Development Goals – The Financing Question\n## Climate finance gap and innovative solutions","[{\"question\":\"What global risks does the statement highlight for economic growth?\",\"answer\":\"It notes increased downside risks, persistent concern about recession, high inflation, currency depreciation, spikes in food and energy prices, rising debt, and supply chain disruptions, alongside the longer-term climate challenge.\"},{\"question\":\"How should the Bank and Fund respond to the food and energy crisis?\",\"answer\":\"The statement urges swift, bold action to preserve and rebuild affordable access to food and electricity, keeping supply chains open and boosting upstream production, while ensuring financing addresses affordability, access, and long-term sustainability.\"},{\"question\":\"What is the statement’s position on climate financing?\",\"answer\":\"It stresses a large climate finance gap and calls for innovative solutions to crowd in private finance, particularly through carbon markets and blended finance, alongside global leadership to harmonize policy and define transition 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global risks does the statement highlight for economic growth?","Question",{"text":72,"@type":73},"It notes increased downside risks, persistent concern about recession, high inflation, currency depreciation, spikes in food and energy prices, rising debt, and supply chain disruptions, alongside the longer-term climate challenge.","Answer",{"name":75,"@type":70,"acceptedAnswer":76},"How should the Bank and Fund respond to the food and energy crisis?",{"text":77,"@type":73},"The statement urges swift, bold action to preserve and rebuild affordable access to food and electricity, keeping supply chains open and boosting upstream production, while ensuring financing addresses affordability, access, and long-term sustainability.",{"name":79,"@type":70,"acceptedAnswer":80},"What is the statement’s position on climate financing?",{"text":81,"@type":73},"It stresses a large climate finance gap and calls for innovative solutions to crowd in private finance, particularly through carbon markets 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