Statement by H.E. Nadia Calviño Santamaría - Development Committee 106th Meeting - October 14, 2022 - Address on food, energy and climate financing

Jul 19, 2026

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Statement presented to the Development Committee at its 106th meeting in Washington, DC on October 14, 2022. The speaker describes how the 2022 global recovery is undermined by inflation, weaker growth, the war against Ukraine, trade constraints, and tighter financing conditions. Particular concern is raised for low- and middle-income clients facing COVID scarring, food and energy insecurity, climate impacts, constrained fiscal space, and high debt. The statement calls for coordinated multilateral action, urgent debt treatment under the Common Framework, and attention to climate and sustainable food systems, with the World Bank Group leading coherent financing solutions.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages3

Reading Time8 min

Development context and key challenges

Food and energy crisis: weathering the storm

Climate and development: the financing question

Coordination, debt and long-term solutions

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/2022-0048 October 14, 2022 Statement by H.E. Nadia Calviño Santamaría First Vice President and Minister for Economy and Digitalization Spain On behalf of Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and The Kingdom of Spain Statement by H.E. Nadia Calviño Santamaría First Vice President and Minister for Economy and Digitalization Spain On behalf of Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and The Kingdom of Spain 106th Meeting of the Development Committee October 14, 2022 Washington, DC The global recovery that initiated a year ago has been challenged in 2022 by rising inflation, slower than expected growth in most economies, the war against Ukraine, persisting constraints to trade and a simultaneous global withdrawal of policies that have so far supported growth worldwide, with financing conditions tightening markedly in many regions. Growth prospects differ among countries but all of them face much more uncertainty and risks than a year ago. The situation is particularly dire among many of the World Bank’s clients, both LICs and MICs. In addition to a still very visible scarring from the COVID pandemic– particularly in human capital losses and higher poverty rates – the current context puts new strains on the world’s poorest countries and peoples, and generates serious food security and energy risks, which have been exacerbated by the war against Ukraine. These countries are also, in many cases, deeply affected by the consequences of climate change which further hinder their development opportunities. These compounding crises and challenges make the achievement of the Sustainable Development Goals and ofour twin goals an increasingly difficult endeavor. In addition, many of the Low-and Middle-Income Countries face these challenges with a constrained fiscal space and, in some cases, high debt levels. In this context, decisive and coordinated multilateral action is more important than ever. The World Bank has responded to the most recent crises in a very agile and sizeable manner. It assisted client countries with the economic, health and social consequences of the COVID crisis, by mobilizing an unprecedented level of financial support, and now is mobilizing and redirecting resources to support those affected the most by the food and energy crises and the war against Ukraine. This is very positive but, given the magnitude of the challenges and their compounding effects, more needs to be done. Critical areas are those included in the Development Committee’s agenda: the “Food and energy crisis: Weathering the Storm” and “Achieving Climate and Development Goals: The financing question”. In both, the World Bank Group has a central and leading role to play and in both, it has a responsibility to respond in a manner that fully incorporates the long-term perspective, so that the immediate response becomes part of the solution. On the Food and Energy crisis, let me note that, while food and energy are two different sectors, they are deeply linked and “weathering the storm” will require fully taking their nexus into account. The compounding effects of both shocks are affecting particularly vulnerable people, both in LICs and MICs, and very much aggravating the food insecurity situation. In my view, the right response requires that action is taken both in the short term (thus, alleviating the most acute effects on the vulnerable people, making sure that no one is left behind), but with a view on long term sustainable solutions. In this sense, special attention should be put into Sustainable Food Systems which have a very important impact on access, pro

FAQs

What major factors are cited as challenging the global recovery in 2022?

Rising inflation, slower-than-expected growth, the war against Ukraine, persisting constraints to trade, and tighter financing conditions across many regions.

Why does the statement emphasize the food and energy nexus?

Food and energy are presented as deeply linked, and their combined effects intensify insecurity for vulnerable populations in both low- and middle-income countries.

What is proposed to address urgent needs alongside debt concerns?

Countries with unsustainable debt should apply for debt treatment under the Common Framework promptly, while partners assess requests without delay and collectively consider immediate food needs during negotiations.

Jul 19, 2026

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