Statement by H.E. Mehmet Şimşek - 110th Meeting of the Development Committee - statement

Jul 19, 2026

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Statement by H.E. Mehmet Şimşek, Minister of Treasury and Finance of Türkiye, delivered on behalf of multiple participating countries at the 110th Development Committee Meeting in Washington, DC (October 25, 2024). The statement highlights global uncertainty, modest growth, persistent financial stress, geopolitical tensions, and climate risks, emphasizing stalled poverty reduction for low-income countries. It underscores support for Ukraine, concern over Gaza’s humanitarian and development impact, and commitment to humanitarian relief and long-term recovery. It also calls for continued focus on fragile settings, climate finance and Paris alignment, gender equality, and reforms toward a future-ready, results-focused World Bank Group.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

AccessFree to download

Overview of global economic and development challenges

Poverty, vulnerability, and climate risks

Geopolitical tensions and humanitarian priorities

Support for Ukraine and response to Gaza

World Bank Group priorities and institutional reforms

One WBG approach and financing for fragile settings

Climate Change Action Plan follow-up and Paris alignment

Gender Strategy and reporting on measurable results

Building a better Bank for tomorrow

Corporate Scorecard and results reporting

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 TENTH MEETING WASHINGTON, DC – OCTOBER 25, 2024 DC/S/2024-0056 October 25, 2024 Statement by H.E. Mehmet Şimşek Minister of Treasury and Finance Türkiye On behalf of Austria, Belgium, Czech Republic, Hungary, Kosovo, Luxembourg, Slovak Republic, Slovenia, and Türkiye Statement by H.E. Mehmet Şimşek Minister of Treasury and Finance Türkiye On behalf of Austria, Belgium, Czech Republic, Hungary, Kosovo, Luxembourg, Slovak Republic, Slovenia, and Türkiye 110th Meeting of the Development Committee October 25, 2024 Washington, DC The global economic landscape is characterized by uncertainty. Growth prospects remain modest despite easing monetary policies, tight financial conditions continue to strain economies, escalating geopolitical volatilities add layers of uncertainty and climate risks magnify existing vulnerabilities. For lower income countries, debt vulnerabilities constrain the ability to address these challenges and divert spending away from basic needs. Progress in the fight against poverty has stalled in particular in low- income countries, leaving nearly 700 million people worldwide still trapped in extreme poverty. Record greenhouse gas emissions will lead to more frequent and more intense extreme weather events, negatively impacting welfare and wellbeing, especially for the most vulnerable. As recovery remains uneven, especially in SubSaharan Africa, home to two-thirds of the world’s extreme poor, strengthened and coordinated action by the international community is more crucial than ever. As the Bretton Woods institutions turn eighty, we welcome the World Bank Group’s (WBG) efforts to become bolder, more ambitious and future-ready to address the complex, intertwined challenges of development. The international communities’ efforts to address these challenges remain undermined by geopolitical turmoil. Russia’s unprovoked and unjustified war of aggression against Ukraine is not just an assault on the lives and livelihoods ofthe Ukrainian people, but its economic spillovers also constrain global development prospects. We stand united in our unwavering support to Ukraine and support a comprehensive, just, and durable peace in Ukraine in line with the UN Charter. Beyond Ukraine, we are appalled by the loss of lives, humanitarian tragedy and development setbacks caused by the war in Gaza, which risks to spill-over into the broader region. As we call for an end to all hostilities, we express our strong appreciation for the WBG’s tireless efforts to remain engaged, alleviating suffering through humanitarian support in partnership with UN and other international agencies and paving the way for long-term recovery and reconstruction. Against this background, the WBG continues its journey to evolve into an institution that is more focused on development impact and results, and is more strongly committed to making every invested dollar count through maximizing effectiveness and efficiency and better integrated through its One WBG approach. Weare encouraged by the Group’s strong delivery over the past Fiscal Year. We particularly welcome the high share of financing to Fragile and Conflict-Affected Settings (FCS) and expect the WBG to continue prioritizing its engagement as over 60% of the world’s extreme poor is projected to be living in FCS by 2030. We look forward to the new FCV strategy to respond even better to increasing challenges and expect strong incentives throughout the WBG to prevent fragility and work towards better impact and results in fragile settings with a clear line of sight towards long-term structural development. Our constituency supports IEG’s recommendations and stands ready to engage with Management to ensure ambitious outcomes.

FAQs

What major global development challenges does the statement emphasize?

It stresses uncertainty in the global economy, modest growth prospects, tight financial conditions, escalating geopolitical volatility, and climate risks. It also highlights debt vulnerabilities and the stagnation of poverty reduction in low-income countries.

How does the statement address geopolitical conflicts and humanitarian concerns?

It reaffirms support for Ukraine and calls for a comprehensive, just, and durable peace aligned with the UN Charter. It also expresses concern about the loss of lives and development setbacks caused by the war in Gaza and highlights the need for an end to hostilities and humanitarian engagement.

Which World Bank Group priorities and reforms does the statement call for?

It calls for stronger development impact and results, continued prioritization of engagement in fragile and conflict-affected settings, and momentum on climate action including a successor to CCAP 2.0 and Paris alignment. It also supports accelerating gender equality under the new WBG Gender Strategy and introducing reforms such as a new Corporate Scorecard focused on outcomes.

Jul 19, 2026

Uploaded by Sage