[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111773-en":3,"doc-seo-111773-105":28,"detail-sidebar-cat-0-en-105":88},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":11},111773,2336464648746,"Skyler","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Statement by Thomas Djiwandono - 110th Meeting of the Development Committee","Statement by Thomas Djiwandono, Vice Minister of Finance of Indonesia, representing a constituency of developing countries, addresses the Development Committee’s outlook and policy priorities. It highlights significant downside risks to the global economy, driven by weaker labor markets, financial market repricing, sovereign debt stress, geopolitical conflicts, and persistent post-COVID economic scars. The statement calls for strengthened multilateral cooperation, targeted fiscal support, debt management, stability with growth, and sustainable long-term development through structural reforms and investment in a green global economy.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND TENTH MEETING WASHINGTON, DC – OCTOBER 25, 2024  \nDC/S/2024-0062 October 25, 2024  \nStatement by  \nThomas Djiwandono  \nVice Minister of Finance  \nIndonesia  \nRepresenting the Constituency of Brunei Darussalam, Fiji, Indonesia, Lao PDR, Malaysia, Myanmar, Nepal, Singapore, Thailand, Tonga and Vietnam  \nStatement by  \nThomas Djiwandono  \nVice Minister of Finance  \nIndonesia  \nRepresenting the Constituency of Brunei Darussalam, Fiji,  \nIndonesia, Lao PDR, Malaysia, Myanmar, Nepal, Singapore,  \nThailand, Tonga and Vietnam  \n110th Meeting of the Development Committee  \nOctober 25, 2024  \nWashington, DC  \n1. Since the last Development Committee Meeting in April, the global economic outlook continue faces significant downside risks. Key contributing factors include a potential weakening of labor markets beyond expectations, risks from financial market repricing, and increasing sovereign debt stress in Emerging Markets and Developing Economies (EMDEs) . Additionally, the escalation of geopolitical conflicts, particularly in the Middle East, could further dampen growth prospects. However, there are also upside risks, including the possibility of a stronger investment recovery in advanced economies and enhanced policy support from China, which could bolster global growth.  \n2. Given the challenges and disparities that confront the international community today, we call for an action to strengthen multilateral cooperation. We must sharpen our focus on four priorities. First, we must strengthen the spirit of solidarity, multilateralism, and collaboration to pave the way for peaceful conflict resolution and economic cooperation. Second, we must provide well-targeted fiscal support and more robust debt-management mechanisms, particularly for vulnerable countries. Third, we must design policy responses that balance stability with growth. And fourth, we must ensure longterm growth sustainability through comprehensive structural reforms and investment in a green global economy.  \n3. Middle-and low-income countries face a set of global challenges. Multiple and overlapping current crises–including the global cost-of-living crisis, food insecurity, growing sovereign debt burdens, high geopolitical tensions, and the worsening climate crisis – have amplified challenges and constrained countries’ resources to address them. At the same time, their economies are still deeply scarred from the COVID-19 pandemic, and many face difficulties in accessing concessional finance. Moreover, middle-income countries are also facing the “middle-income trap”, make them especially prone to premature slowdowns in development.  \n4. We therefore welcome the creation of a Future Ready World Bank Group, an institution which is better, bolder, bigger, faster, and more ambitious to embrace the unforeseen challenges in the future and provide better service and delivery to clients. In line with support, we underscore the following:  \nFirst, while welcoming the progress made through the World Bank Group Evolution Roadmap, we urge ensuring successful implementation of the financing innovations that we had recently introduced, including the hybrid capital instrument and portfolio guarantee platform, to achieve the potential $150 billion of additional financing over the next 10 years.  \nSecond, we look forward for the full implementation of the Framework for Financial Incentives, a firstof-its-kind initiative among MDBs, to support projects that address global challenges with significant cross-border impacts. Another pillar of the FFI, the Livable Planet Fund (LPF), aim to mobilize grants from donors to provide price incentives for project that tackle global challenges, should also be materialized.  \nThird, we welcome the creation of ","cbCailtKrl7lQyoh","https://ap.wps.com/l/cbCailtKrl7lQyoh","pdf",200370,1,3,"English","en",105,"# Global Economic Outlook and Risks\n## Call for Action: Four Priorities\n# Challenges for Middle- and Low-Income Countries\n## Future Ready World Bank Group\n# Financing Innovations and Policy Requests\n## IDA21 Replenishment Support","[{\"question\":\"What major downside risks does the statement identify for the global economic outlook?\",\"answer\":\"It cites potential weakening labor markets beyond expectations, risks from financial market repricing, rising sovereign debt stress in EMDEs, and escalation of geopolitical conflicts, particularly in the Middle East, which could dampen growth prospects.\"},{\"question\":\"What four priorities does the statement call for to strengthen multilateral cooperation?\",\"answer\":\"It urges solidarity and multilateral collaboration for peaceful conflict resolution and economic cooperation; well-targeted fiscal support and stronger debt-management mechanisms; policy responses that balance stability with growth; and long-term growth sustainability through structural reforms and investment in a green global economy.\"},{\"question\":\"Which World Bank Group initiatives and financing mechanisms does the statement highlight?\",\"answer\":\"It welcomes the Future Ready World Bank Group and specifically references the World Bank Group Evolution Roadmap, hybrid capital instrument and portfolio guarantee platform, the Framework for Financial Incentives (including the Livable Planet Fund), and the IBRD Enhanced Callable Capital instrument, along with requests regarding implementation and monitoring.\"}]",1784491652,{"code":4,"msg":29,"data":30},"ok",{"site_id":24,"language":23,"slug":31,"title":13,"keywords":32,"description":14,"schema_data":33,"social_meta":83,"head_meta":85,"extra_data":87,"updated_unix":27},"statement-by-thomas-djiwandono-110th-meeting-of-the-development-committee","",{"@graph":34,"@context":82},[35,51,65],{"@type":36,"itemListElement":37},"BreadcrumbList",[38,42,46,48],{"item":39,"name":40,"@type":41,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":43,"name":44,"@type":41,"position":45},"https://docshare.wps.com/document/","Document",2,{"item":47,"name":12,"@type":41,"position":21},"https://docshare.wps.com/document/research-report/",{"item":49,"name":13,"@type":41,"position":50},"https://docshare.wps.com/document/statement-by-thomas-djiwandono-110th-meeting-of-the-development-committee/111773/",4,{"url":49,"name":13,"@type":52,"author":53,"headline":13,"publisher":55,"fileFormat":58,"inLanguage":23,"description":14,"dateModified":59,"datePublished":59,"encodingFormat":58,"isAccessibleForFree":60,"interactionStatistic":61},"DigitalDocument",{"name":9,"@type":54},"Person",{"url":39,"name":56,"@type":57},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":62,"interactionType":63,"userInteractionCount":4},"InteractionCounter",{"@type":64},"ViewAction",{"@type":66,"mainEntity":67},"FAQPage",[68,74,78],{"name":69,"@type":70,"acceptedAnswer":71},"What major downside risks does the statement identify for the global economic outlook?","Question",{"text":72,"@type":73},"It cites potential weakening labor markets beyond expectations, risks from financial market repricing, rising sovereign debt stress in EMDEs, and escalation of geopolitical conflicts, particularly in the Middle East, which could dampen growth prospects.","Answer",{"name":75,"@type":70,"acceptedAnswer":76},"What four priorities does the statement call for to strengthen multilateral cooperation?",{"text":77,"@type":73},"It urges solidarity and multilateral collaboration for peaceful conflict resolution and economic cooperation; well-targeted fiscal support and stronger debt-management mechanisms; policy responses that balance stability with growth; and long-term growth sustainability through structural reforms and investment in a green global economy.",{"name":79,"@type":70,"acceptedAnswer":80},"Which World Bank Group initiatives and financing mechanisms does the statement highlight?",{"text":81,"@type":73},"It welcomes the Future Ready World Bank Group and specifically references the World Bank Group Evolution Roadmap, hybrid capital instrument and portfolio guarantee platform, the Framework for Financial Incentives (including the Livable Planet Fund), and the IBRD Enhanced Callable Capital instrument, along with requests regarding implementation and monitoring.","https://schema.org",{"og:url":49,"og:type":84,"og:title":13,"og:site_name":56,"og:description":14},"article",{"robots":86,"canonical":49},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":89},[90,94,98,102,107,112,117,120,125,128,132],{"id":20,"doc_module":4,"doc_module_name":44,"category_name":91,"show_sort_weight":92,"slug":93},"Story & Novel",90,"story-novel",{"id":45,"doc_module":4,"doc_module_name":44,"category_name":95,"show_sort_weight":96,"slug":97},"Literature",80,"literature",{"id":50,"doc_module":4,"doc_module_name":44,"category_name":99,"show_sort_weight":100,"slug":101},"Exam",70,"exam",{"id":103,"doc_module":4,"doc_module_name":44,"category_name":104,"show_sort_weight":105,"slug":106},5,"Comic",60,"comic",{"id":108,"doc_module":4,"doc_module_name":44,"category_name":109,"show_sort_weight":110,"slug":111},6,"Technology",50,"technology",{"id":113,"doc_module":4,"doc_module_name":44,"category_name":114,"show_sort_weight":115,"slug":116},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":44,"category_name":12,"show_sort_weight":118,"slug":119},30,"research-report",{"id":121,"doc_module":4,"doc_module_name":44,"category_name":122,"show_sort_weight":123,"slug":124},9,"Religion & Spirituality",20,"religion-spirituality",{"id":123,"doc_module":4,"doc_module_name":44,"category_name":126,"show_sort_weight":123,"slug":127},"World Cup","world-cup",{"id":129,"doc_module":4,"doc_module_name":44,"category_name":130,"show_sort_weight":129,"slug":131},10,"Lifestyle","lifestyle",{"id":133,"doc_module":4,"doc_module_name":44,"category_name":134,"show_sort_weight":103,"slug":135},19,"General","general"]