[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111978-en":3,"doc-seo-111978-105":28,"detail-sidebar-cat-0-en-105":89},{"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":20,"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},111978,1099514068365,"Aurelia","https://ap-avatar.wpscdn.com/avatar/10000253d8d9f28188e?_k=1776742907772140068",8,"Research & Report","World Bank Governor's Statement No. 11 - Statement by the Hon. Edward Scicluna, Alternate Governor for Malta - Annual Meetings 2025","Statement No. 11 presents the Hon. Edward Scicluna’s message to the IMF and World Bank Group Annual Meetings, reflecting on global economic uncertainty following the COVID-19 pandemic. It highlights the economic drag from trade tensions, protectionism, supply-chain disruptions, and persistent policy uncertainty, alongside elevated public debt and uneven fiscal burdens on emerging and developing economies. The statement calls for action on debt pauses and swaps, reforms to the international financial architecture, and strengthening the IMF’s resources through the 16th General Review of Quotas.","Public Disclosure Authorized Public Disclosure Authorized  \nWorld Bank Governor's Statement No. 11  \nOctober 17, 2025  \nStatement by the Hon. EDWARD SCICLUNA, Alternate Governor of the IBRD for MALTA  \nStatement by the Hon. Edward Scicluna,  \nAlternate Governor of the IBRD for Malta  \nIt is once again my pleasure and privilege to address the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) . I extend my thanks to both institutions’ staff, as well as to everyone else involved, for their hard work in making this meeting possible.  \nHalf a decade on from the COVID-19 pandemic, the global economy remains highly uncertain. Several factors are at play; heightened trade tensions and protectionism, elevated policy uncertainty, market instability, ongoing armed conflicts and rising public debt have all played their part in leaving markets in turmoil and adversely affecting businesses and consumers alike. While the global economy has proven to be resilient so far, this in large part reflects temporary factors – notably the front-loading of investment and trade in the first six months of the year – rather than indicating any particularly firm foundations or inherent stability. With these transitory effects now having mostly run their course, a moderate slowdown now appears to be on the cards in an outlook that is mainly dominated by downside risks.  \nTariffs, other protectionist measures and the absence of clear and durable trade agreements will impact the international economy both directly and indirectly. While inflationary effects have been muted in some countries, in others inflation is stabilising above central bank targets. Reductions in trade flows have also started to result in lower employment and stifled growth. In turn, the upsetting of tried and tested supply chains will lead to suboptimal reallocation of productive resources and loss in production efficiencies. One potential upside to the latter is that, in embarking on a mission to form new trading partnerships or bolster existing ones, in the long run some countries and firms might unearth new efficiency gains. As equally damaging as the active effects of protectionism is the high level of persistent uncertainty. Policymakers face the substantial challenge of adapting to a rapidly fluctuating environment in which little can be anticipated. The same applies to businesses and individuals, leading to a scaling back or entire postponement of investment and spending decisions.  \nElsewhere, global debt, while having declined from 258% of gross domestic product in 2020 to 235% in 2024, remains excessively elevated. A lessening in the amount of private sector lending has been offset by greater borrowing by governments, with global public debt standing at 93% . Nor does this tell the full story; the burden of public debt is not distributed evenly across the world’s countries. Over half of the world’s emerging and developing economies – the majority located in the global south – are deemed to be at high or significant risk of debt distress. In 2023 54 nations with a collective population of 3.3 billion spent over 10% of government revenue on servicing debt payments – a figure higher than that dedicated to health or education. The situation has resulted in countries facing constrained fiscal space precisely when increased spending is required to maintain development.  \nAlthough initiatives such as the Global Sovereign Debt Roundtable and other initiatives undertaken by the IMF, WBG and multilateral development banks have encouraged collaboration and debt restructuring, more action is needed. In this regard I am pleased to see the plan for action reached at this year’s 4th International Conference on Financing for Development in Seville. Debt pauses and swaps will give indebted countries breathing room, while reforming the international financial architecture, efficient allocation of resources and promoting information sharing and transparency re","cbCaieNXStNPiqFF","https://ap.wps.com/l/cbCaieNXStNPiqFF","pdf",232414,1,3,"English","en",105,"# World Bank Governor's Statement No. 11\n## Economic uncertainty and downside risks\n## Protectionism, inflation, and supply chains\n## Debt distress and constrained fiscal space\n## Financing for Development and debt restructuring\n## Strengthening IMF resources and quotas","[{\"question\":\"What global challenges does the statement emphasize for the post-COVID period?\",\"answer\":\"It emphasizes heightened trade tensions and protectionism, policy uncertainty, market instability, ongoing armed conflicts, and rising public debt that are disrupting businesses and consumers.\"},{\"question\":\"How does the statement describe the impact of protectionism on the international economy?\",\"answer\":\"It notes that tariffs and protectionist measures affect trade directly and indirectly, reduce employment and growth, and disrupt supply chains, leading to inefficient reallocation of productive resources.\"},{\"question\":\"What actions does the statement call for to address debt crises?\",\"answer\":\"It supports debt pauses and swaps and urges reform of the international financial architecture, alongside efficient resource allocation and improved information sharing and 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