Statement by Rt. Hon. Andrew Mitchell,MP and Rt. Hon. Jeremy Hunt,MP - 109th Meeting of the Development Committee

Jul 19, 2026

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Statement by Rt. Hon. Andrew Mitchell, MP, Deputy Foreign Secretary, and Rt. Hon. Jeremy Hunt, MP, Chancellor of the Exchequer, delivered at the 109th Meeting of the Development Committee. The statement stresses the urgency of global development amid stalled poverty progress, growing debt distress, worsening hunger, and rising humanitarian needs. It calls for delivering an ambitious IDA21, scaling PRGT and IBRD support, mobilizing private finance, backing Ukraine financing, and enabling bold reconstruction efforts for West Bank and Gaza. It also highlights MDB reform, crisis toolkit measures, climate-related financing targets, evaluation, process simplification, and increased adaptation funding.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

Statement by

Key global development challenges

Financing priorities and reforms

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 NINTH MEETINGWASHINGTON,DC-APRIL 19,2024 Statement by Rt.Hon.Andrew Mitchell,MPDeputy Foreign Secretary and Rt.Hon.Jeremy Hunt,MPChancellor of the Exchequer United Kingdom of Great Britainand Northern Ireland DC/S/2024-0010 April 19,2024 # Statement by ## Rt.Hon.Andrew Mitchell,MPDeputy Foreign Secretary and # Rt.Hon.Jeremy Hunt,MPChancellor of the Exchequer ## United Kingdom of Great Britainand Northern Ireland # 109ᵗhMeeting of the Development Committee ## April 19,2024 # Washington,DC Global development co-operation has never been more difficult,nor more important,than it is now.As theUK's White Paper on International Development set out,the IFIs and particularly the World Bank Group,play a central role in putting us back on track to the SDGs in 2030,and tackling the most pressing globalchallenges we face. It is clear that progress on poverty has stalled and risks continue to grow.Over half oflow-income countriesare in or at high risk of debt distress and are unable to access affordable finance to grow their economies.Global hunger has worsened since the pandemic and is set to increase significantly in Africa by 2030.Thenumber of people in need of humanitarian assistance has doubled since 2018.That makes it even moreimportant that we take steps now to deliver an ambitious IDA21,a bigger PRGT,a bigger IBRD and getmuch more private finance flowing.With all of this underpinned by a reformed WBG that is more effectiveand more focused on impact. We must also do so in the face of an increasingly contested and volatile world,with fragility and conflictincreasing in many parts of the globe,and with Russia's illegal invasion of Ukraine and the conflict in Gazaat the front ofour minds.Our guarantees partnership with the Bank will unlock $3bn ofadditional financingfor Ukraine to support essential public services,building on the $2bn already disbursed,ensuring theauthorities have the domestic resources sitting alongside their support to the armed forces.We welcome theBank's recently approved Growth Foundations Development Policy Loan,which we jointly guaranteedwith Japan. We welcome the Bank's leadership on the needs assessment for Gaza.The reconstruction costs arestaggering-an estimated $18.5bn,which was 97%of the GDP of the West Bank and Gaza in 2022.TheBank will need to play a central role in those efforts and will need to act boldly and creatively when thattime comes.We call on management to explore all options for scaling up its support to the West Bank andGaza. Yet in this 80th year of the Bretton Woods institutions we must acknowledge the critical role that the Bankand the IFI system is playing-and recognise good progress when we see it.From the completion ofZambia's debt restructuring under the Common Framework to countries taking tough decisions oneconomic reforms from Nigeria to Egypt.With humanitarian risks only continuing to grow,particularly inSudan and Ethiopia,we allmust step up.We welcome the Bank's significantly increased commitments toEthiopia this year and the UK is playing its part too-including through the pledging conference for Ethiopiathat we co-hosted this week.We welcome the focus on MDB reform in both the Brazilian and ItalianPresidencies,and we have high ambitions for the Summit of the Future later this year. We welcome the impressive progress made under Ajay Banga's leadership to progress the ‘better'Bankagenda,in the face of these global challenges and compound crises.Since Marrakech,the Bank haslaunched a new crisis toolkit(including Climate Resilient Debt Clauses that the UK has championed).Ithas committed to allocate 45%of its annual financing to climate related projects by 2025 and has alsocommitted to host the Loss and Damage

FAQs

What major global challenges are highlighted in the statement?

The statement emphasizes stalled poverty progress, rising debt distress in low-income countries, worsening hunger, and doubled humanitarian needs since 2018.

What funding and reform actions does the statement call for?

It calls for delivering an ambitious IDA21, expanding PRGT and IBRD, reforming the World Bank Group to be more effective and impact-focused, and mobilizing much more private finance.

How does the statement address crises and climate-related initiatives?

It welcomes a reformed crisis toolkit, climate-related financing targets, and incentives for global public goods, while urging evaluation, learning, and scaling adaptation finance.

Jul 19, 2026

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