Statement by H.E. Jim Chalmers, MP - On behalf of the constituency at the 106th Development Committee Meeting

Jul 19, 2026

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Statement by H.E. Jim Chalmers, MP, Treasurer of Australia, delivered on behalf of a multi-country constituency at the 106th Development Committee meeting in Washington, DC, on October 14, 2022. The statement expresses solidarity with Ukraine, urges diplomatic resolution, and highlights escalating global uncertainty driven by the invasion of Ukraine and compounding crises. It describes impacts on development, poverty, learning, and inequality, then welcomes the World Bank Group’s crisis response and calls for continued support for vulnerable countries, including small island states, through flexible financing, innovation, and IDA20 implementation.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

106th Meeting - Statement (October 14, 2022)

Ukraine, peace, and international cooperation

The development crisis and global risks

The Bank’s crisis response

Small island states and financing needs

Development finance and IDA20 replenishment

Fragility, conflict, and violence (FCV)

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 SIXTH MEETING WASHINGTON, DC – OCTOBER 14, 2022 DC/S/2022-0065 October 14, 2022 Statement by H.E. Jim Chalmers, MP Treasurer of Australia Australia On behalf of the constituency comprising Australia, Cambodia, Kiribati, Korea (Republic of), the Marshall Islands, Federated States of Micronesia, Mongolia, Nauru, New Zealand, Palau, Papua New Guinea, Samoa, Solomon Islands, Tuvalu, and Vanuatu Statement by H.E. Jim Chalmers, MP Treasurer of Australia Australia On behalf of the constituency comprising Australia, Cambodia, Kiribati, Korea (Republic of), the Marshall Islands, Federated States of Micronesia, Mongolia, Nauru, New Zealand, Palau, Papua New Guinea, Samoa, Solomon Islands, Tuvalu, and Vanuatu 106th Meeting of the Development Committee October 14, 2022 Washington, DC Russia’s invasion of Ukraine continues to take a massive humanitarian toll and adversely impact the global economy. We express our sympathy for the loss of life from this unprovoked and unjustified war and full solidarity with the people of Ukraine. We reiterate our call for a speedy and peaceful resolution through diplomatic channels and for greater international cooperation and strengthened multilateralism to prevent fragmentation and safeguard global peace and prosperity. In an era of multiple compounding and converging crises, we face an increasingly uncertain and gloomy outlook as risks materialize, growth decelerates and the risks of a global recession rise. The rebound in 2021 has been followed by one of the largest shocks to global food and energy markets in decades, exacerbated by Russia’s invasion of Ukraine, hitting a world economy already weakened by the pandemic and facing pre-existing challenges such as climate change, biodiversity loss, and geopolitical fragmentation that threatens global trade and co-operation. Inflation in advanced economies is at five-decade highs; debt burdens are heavy; trade in goods is weak and financial conditions are tightening sharply. The risks are very much to the downside. A crisis in development has been precipitated by multiple shocks, as we witness growing fragility and conflict across the globe. The biggest effects have been felt by the most vulnerable countries and populations, particularly women and girls, through adverse impacts on poverty, human capital formation and productivity. The Bank’s crisis response We welcome the scale and speed ofthe WBG’s unprecedented crisis response efforts since the onset of the pandemic, and its recent response to the interlinked shocks to food and energy markets--including $30 billion to address food insecurity, improve the efficiency of production and consumption in food value chains and bolster nutrition-sensitive social safety net systems. We are pleased to see greater cooperation on food security and nutrition among key international organizations, including FAO, IFAD, IMF, WFP and WTO. The crisis in development We are gravely concerned by the serious setbacks to poverty reduction efforts and rising inequality, with an estimated 100 million more people in extreme poverty as a result of the combined impacts of the pandemic and subsequent shocks, and the first decline in the global median income since measurement began in 1990. The SDGs seem ever more elusive. We are deeply concerned that school closures during the pandemic have led to huge learning losses, deepening the global skills and learning crises, and resulting in less productive workforces, more unequal societies and increased risks of social unrest. We commend the Bank’s work with governments to reverse these trends through quick and decisive policy actions, including targeted financial support for health, education, social pro

FAQs

What is the main purpose of Jim Chalmers’ statement at the 106th Development Committee meeting?

It communicates the constituency’s assessment of global conditions and development challenges, recognizes the World Bank Group’s crisis response, and calls for strengthened cooperation and appropriate financing approaches for vulnerable countries.

How does the statement link Russia’s invasion of Ukraine to development outcomes?

It highlights humanitarian impacts and adverse effects on the global economy, which worsen risks such as food and energy market shocks, slow growth, higher inflation, and broader pressures that deepen poverty and inequality.

What does the statement say about small island states’ vulnerabilities?

It notes structural vulnerabilities revealed by the pandemic and that geographic isolation did not prevent subsequent food and energy shocks, leaving many countries in prolonged economic stress with growing debt constraints.

Which financial initiative does the statement look forward to implementing?

It expresses support for implementing the $93 billion IDA20 replenishment and emphasizes the importance of concessional finance and the IDA20 policy framework’s human capital theme.

Jul 19, 2026

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