[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111764-en":3,"doc-seo-111764-105":29,"detail-sidebar-cat-0-en-105":90},{"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},111764,687197207057,"Sage","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Statement by Fabio Panetta at the 110th Meeting of the Development Committee - October 25, 2024","Statement by Fabio Panetta, Governor of the Bank of Italy, for the 110th meeting of the Development Committee on October 25, 2024 in Washington, DC. The statement highlights the 80th anniversary of Bretton Woods institutions and calls for cooperative action among the World Bank Group, IMF, and multilateral development banks to foster growth, jobs, stability, resilience, poverty reduction, and inequality reduction amid climate, fragility, migration, pandemics, and technology risks. It emphasizes improved monitoring and data, knowledge initiatives, capital adequacy and restoration measures, callable capital integration, cautious IBRD pricing reform analysis, partnerships with vertical climate funds, and approaches to mobilize private capital.","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 TENTH MEETING WASHINGTON, DC – OCTOBER 25, 2024  \nDC/S/2024-0049 October 25, 2024  \nStatement by  \nFabio Panetta Governor of the Bank of Italy  \nConstituency of Albania, Greece, Italy, Malta, Portugal, San Marino, and Timor-Leste  \nStatement by  \nFabio Panetta  \nGovernor of the Bank of Italy  \nConstituency of Albania, Greece, Italy, Malta, Portugal, San Marino, and Timor-Leste 110th Meeting of the Development Committee  \nOctober 25, 2024  \nWashington, DC  \nThis year marks the 80th anniversary of the Bretton Woods institutions. In this turbulent time, their mission is more important than ever. Together they must foster growth, create jobs, increase stability, build resilience, fight poverty, and reduce inequalities, all while facing massive global challenges – climate change, fragility, mass migration, pandemics, and the risks stemming from new technologies and demographic trends.  \nWe believe that the World Bank Group (WBG), the International Monetary Fund (IMF), and the wider system of multilateral development banks (MDBs) should pursue this complex mission cooperatively, leveraging their respective comparative advantages. In this regard, we greatly appreciate the Development Committee Paper,“A Future-Ready World Bank Group,” for its comprehensive report on what has been accomplished under the WBG Evolution, launched in October 2022.  \nWe commend the WBG for progress made in improving its operational and financial model to better serve all its clients, with particular attention to the poorest and the most vulnerable. It demonstrates an impressive amount of work that is reshaping and revamping the organization with an eye to strengthening partnership and collaboration within the WBG and with other MDBs.  \nOur constituency continues to advocate for improved monitoring and reporting of the impact of WBG operations, by incorporating better data, impact evaluation, and lessons learned from past experiences. We will continue to ensure that impact and accountability anchor any reforms to operational efficiency and effectiveness. Improved measurement standards in the 22 indicators of the new WBG Scorecard are particularly welcome, and we look forward to further improvements.  \nOne of the most important tools the WBG can provide is knowledge. It benefits all countries and is necessary to raise the impact of financial flows on development. To this end, we strongly support the newly envisioned Knowledge Compact and the new Knowledge Hubs, designed to favor the flow of expertise and lessons learned around the globe.  \nWe commend management for further achievement in implementing the G20 Capital Adequacy Framework (CAF) Review, launched under the Italian G20 Presidency, which has increased the IBRD’s financing capacity by up to $150 billion over the next decade. We congratulate the Bank for the newly adopted IBRD Framework of Restoration Measures, while calling for rapid approval of remaining reforms to ensure its full functionality and alignment with major regional MDBs.  \nWe also applaud the work that the MDBs are jointly making to better recognize the value of existing callable capital. While continuing the dialogue with credit rating agencies, we urge management to integrate a part of callable capital into the WB’s capital adequacy metrics. We also appreciate the newly established enhanced callable capital, and we call for the most inclusive approach in recognizing the financial leverage of shareholders’ voluntary contributions in a way that is consistent with the credit rating agencies’ practice.  \nWe should be very cautious in designing any reform of IBRD pricing which may have negative impacts on IBRD and IDA financial capacity, which we have been striving to expand. Moreover, we should ","cbCaieBbbeWB0Sgg","https://ap.wps.com/l/cbCaieBbbeWB0Sgg","pdf",162020,1,4,"English","en",105,"# Opening context and Bretton Woods anniversary\n## Mission priorities and global challenges\n# World Bank Group cooperation and progress\n## Operational and financial model improvements\n## Monitoring, reporting, and impact evaluation\n# Knowledge initiatives and capacity support\n## Knowledge Compact and Knowledge Hubs\n# Capital adequacy, restoration measures, and pricing considerations\n## G20 Capital Adequacy Framework review\n## IBRD Framework of Restoration Measures\n## Callable capital and financial leverage\n## IBRD pricing and incentive frameworks\n# Climate finance partnerships and vertical funds\n## Access, scale, and predictability of resources\n## Vertical climate and environmental funds review\n# Mobilizing private capital and project enablement\n## Diagnostics, dialogue, guarantees, and product design\n## Standardization, securitization, and 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capital adequacy metrics while analyzing potential side effects of IBRD pricing 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