Statement by H.E. Rogelio Eduardo Ramirez De La O - On behalf of Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and The Kingdom of Spain - 110th Meeting of the Development Committee

Jul 19, 2026

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Statement delivered by H.E. Rogelio Eduardo Ramirez De La O, Minister of Finance and Public Credit of Mexico, on behalf of Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and the Kingdom of Spain at the 110th Development Committee meeting. It highlights progress by the World Bank Group toward a more impactful role, key initiatives under the new strategic framework, and priorities across results orientation, project preparation, crisis preparedness, and financing model strengthening. The statement addresses climate-related allocation targets, eligibility expansion for climate-resilient debt clauses, financial incentives, and actions to address root causes of gender-based violence. It also discusses global economic conditions and development challenges, including constrained fiscal space, persistent inflation, migration pressures, and the middle-income trap in Latin America.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages3

Reading Time8 min

Development Committee Statement

Strategic framework and institutional progress

Financing model and key initiatives

Climate targets and global challenges

Gender-based violence and institutional reforms

Global economic outlook and development risks

Migration drivers and regional impacts

Poverty, inequality, and the middle-income trap

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committeeof the Boards of Governors of the Bank and the Fundon theTransfer of Real Resources to Developing Countries) ONE HUNDRED AND TENTH MEETINGWASHINGTON,DC-OCTOBER 25,2024 DC/S/2024-0052 October 25,2024 Statement by H.E.Rogelio Eduardo Ramirez De La OMinister of Finance and Public Credit Mexico On behalf of Costa Rica,EI Salvador,Guatemala,Honduras,Mexico,Nicaragua,and The Kingdom of Spain Statement by H.E.Rogelio Eduardo Ramirez De La OMinister of Finance and Public Credit Mexico On behalf of Costa Rica,EI Salvador,Guatemala,Honduras,Mexico,Nicaragua,and The Kingdom of Spain # 110hMeeting of the Development Committee October 25,2024 Washington,DC We commend the World Bank Group(WBG)for its substantial progress in evolving into a more impactful,efficient,and bigger institution.During the 2023 Annual Meetings in Marrakech,Governors endorsed anew vision aimed at eradicating poverty and promoting prosperity on a livable planet,alongside theevolution roadmap. We welcome WBG's ongoing efforts under its new strategic framework,which prioritize delivering greaterimpact,speed,efficiency,knowledge sharing,and building institutional capacity for client countries.Keyinitiatives include a stronger focus on results orientation,expedited project preparation,enhancedimplementation of the Environmental and Social Framework(ESF),and the introduction of new crisispreparedness tools and Global Challenge Programs(GCPs).We also appreciate the efforts to strengthen thefinancing model,particularly the measures aimed at optimizing and expanding financial capacity.Thisincludes fundraising for the IDA Crisis Facility and the introduction of innovative mechanisms to bolsterIBRD resources,scaling up investments in IFC and MIGA through private capital mobilization,and thelaunch of the Portfolio Guarantee Platform.We encourage strengthening the impact of IFC and MIGA,especially in our constituency. We support the WBG's commitment to allocate 45%of its annual financing to climate-related projects,aiming at equally dividing efforts between adaptation and mitigation.These projects are critical toenhancing resilience,safeguarding ecosystems,and protecting biodiversity.We further encourage the WBGto extend the eligibility criteria for Climate Resilient Debt Clauses(CRDCs)to Central America,wherecountries are particularly vulnerable to increasingly frequent extreme weather events.We also welcome thenew Framework for Financial Incentives(FFI)for projects that support Global Challenges with cross-border externalities,which will provide IBRD with additional lending capacity while creating the rightincentives for clients to undertake these projects at scale.We urge the WBG to emphasis and make morevisible the root causes of gender-based violence,helping client countries in promoting legal and institutionalreforms that could lead to eradicate these criminal patterns. According to the June 2024 edition of the Global Economic Prospects,global economic growth is projectedto rise marginally,from 2.6%in 2024 to 2.7%in 2025-26,remaining subdued by historical standards.Theseprojections are nearly half a percentage point below the average global growth rate of 2010-2019,with 60%of economies underperforming relative to that decade,accounting for over 80%of global output andpopulation.Inflation is forecasted to moderate,averaging 3.5%this year,though at a slower pace thanpreviously anticipated.As a result,central banks are expected to maintain cautious monetary policies,withinterest rates likely to remain approximately twice the average of2000-2019.The global outlook is skewedto the downside,with geopolitical tensions and trade fragmentation posing significant challenges. Additional risks include volatility in commodity prices,climate-related disasters,and domestic challengesin major economies. Developing countries face particul

FAQs

Who delivered the statement and in what capacity?

H.E. Rogelio Eduardo Ramirez De La O, Minister of Finance and Public Credit of Mexico, delivered the statement on behalf of Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and the Kingdom of Spain.

What key World Bank Group priorities are emphasized?

The statement emphasizes delivering greater impact, speed, efficiency, knowledge sharing, and institutional capacity building, including results orientation, expedited project preparation, strengthened implementation of the Environmental and Social Framework, and new crisis preparedness tools.

Which climate and social actions does the statement call for?

It calls for allocating 45% of annual financing to climate-related projects with balanced adaptation and mitigation, expanding eligibility for Climate Resilient Debt Clauses to Central America, and making root causes of gender-based violence more visible through legal and institutional reforms.

Jul 19, 2026

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