Statement by the Honourable François-Philippe Champagne - 111th Meeting of the Development Committee - Delivered on April 24, 2025

Jul 19, 2026

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Statement delivered by François-Philippe Champagne on behalf of multiple member countries at the 111th Development Committee meeting. It highlights heightened global uncertainty—trade headwinds, geopolitical tensions, climate shocks, and debt vulnerabilities—and calls for targeted, coordinated World Bank Group support. The statement emphasizes multilateralism, respect for international law, assistance to Ukraine, and the need for innovative financing (hybrid capital, guarantees, crisis toolkit, blended finance) including streamlined disaster resilience diagnostics for small states.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages3

Reading Time8 min

111th Meeting of the Development Committee

Global context and priorities

Innovative financing and crisis resilience

Support for small states and concessional windows

IDA replenishment and private sector blended finance

Gender equality and climate action

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 ELEVENTH MEETINGWASHINGTON,DC-APRIL 24,2025 DC/S/2025-0034 April 24,2025 Statement by The Honourable Francois-Philippe ChampagneMinister of Finance Canada on behalf of Antigua and Barbuda,the Bahamas,Barbados,Belize,Canada,Dominica,Grenada,Guyana,Ireland,Jamaica,Saint Kitts and Nevis,Saint Lucia,and Saint Vincent and the Grenadines Statement by The Honourable François-Philippe ChampagneMinister of Finance Canada on behalf of Antigua and Barbuda,the Bahamas,Barbados,Belize,Canada,Dominica,Grenada,Guyana,Ireland,Jamaica,Saint Kitts and Nevis,Saint Lucia,andSaint Vincent and the Grenadines # 111hMeeting of the Development Committee April 24,2025 Washington,DC In a time of heightened uncertainty,the role of the World Bank Group(WBG)in fostering resilience andsustainable development is more critical than ever.The confluence of significant trade and economicheadwinds,geopolitical tensions,climate-related shocks,debt vulnerabilities,and tightening financialconditions has placed immense pressure on economies,particularly those in developing regions.Thesechallenges underscore the urgency of targeted and coordinated interventions to sustain economic resilienceand development impact.Against this backdrop,Canada,Ireland,and the Caribbean constituents recognizethe WBG's indispensable role in supporting member countries to navigate these challenges and advanceinclusive economic growth. As conflict and insecurity continue to impede peace and prosperity globally,we uphold our strongcommitment to multilateralism and stand for respect of international law—in Ukraine,in the Middle East,and beyond—which is integral to our collective peace and prosperity.We commend the WBG's sustainedefforts to support Ukraine in the face of Russia's unprovoked and unjustified war of aggression againstUkraine.This year the WBG will develop a new fragility,conflict and violence strategy and we urge it toreaffirm its critical support to countries affected by fragility,conflict and violence,working closely withthe UN and Civil Society Organizations(CSOs) Innovative financing instruments play a crucial role in mobilizing additional resources to address complexglobal challenges.Our constituency supports the WBG's efforts to enhance financial innovation,includingthrough hybrid capital,guarantee mechanisms,the crisis response toolkit,and blended finance approachesthat crowd in private sector investment.We also commend the Bank's efforts to assist clients in navigatingcontingent financing architecture and help them in their selection of tailored crisis resilience and responsefinancing instruments.Our constituency remains committed to working with the WBG and partners toadvance and scale up innovative financing solutions that drive long-term prosperity and support small statesin the face of increasing vulnerability due to climate change.We encourage the WBG to expand its effortsto provide streamlined disaster resilience diagnostics to small states and assist clients in navigating thecomplex and layered contingent financing architecture. Our small and island Caribbean states stand at a crossroads of immense potential and pressing challenges.Challenges related to productivity,investment in human capital,social disparities,limited fiscal space andclimate vulnerabilities,have hindered development and demands for resolute action.Now is the opportunemoment for the WBG to harness its comparative advantage to address the most pressing challenges of smallstates.A Small States strategy,tailored country-centric approach offers several key benefits and is crucialfor driving effective development.It is imperative to strategically leverage and expand upon existinginitiatives,thereby allocating resources more effecti

FAQs

What global challenges does the statement emphasize for developing economies?

It highlights trade and economic headwinds, geopolitical tensions, climate-related shocks, debt vulnerabilities, and tightening financial conditions, especially affecting developing regions.

Which financing approaches does the statement recommend the World Bank Group to strengthen?

It supports enhancing financial innovation, including hybrid capital, guarantee mechanisms, the crisis response toolkit, and blended finance approaches that mobilize private investment.

How does the statement describe the importance of IDA and its replenishment?

It notes IDA as a key source of concessional finance for the poorest and most vulnerable countries, referencing a largest-ever replenishment and urging support for IDA-21’s policy package.

Jul 19, 2026

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