[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111052-en":3,"doc-seo-111052-105":29,"detail-sidebar-cat-0-en-105":90},{"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":28},111052,1099513958607,"Jiven","https://ap-avatar.wpscdn.com/avatar/100002390cf8733938c?x-image-process=image/resize,m_fixed,w_180,h_180&k=1778829742770036399",8,"Research & Report","World Bank Governor's Statement No. 12 - Statement by the Hon. Tiofilusi Tiueti - Governor for Tonga at the 2024 Annual Meetings","Statement No. 12 by Tiofilusi Tiueti, IBRD Governor for Tonga, delivered at the 2024 Annual Meetings, reviews the global and Tonga-specific economic outlook, emphasizing near-term growth supported by investment and post-El Niño recovery while noting medium-term constraints from debt, liquidity concerns, disasters, and limited scale. It calls for a future-ready World Bank Group focused on financial capacity, operational efficiency, results measurement, country partnership alignment, and transparency with stakeholder engagement. It also supports the 2025 shareholding review process and related IFC-specific approaches.","Public Disclosure Authorized Public Disclosure Authorized  \nWorld Bank Governor's Statement No. 12  \nOctober 25, 2024  \nStatement by the Hon. TIOFILUSI TIUETI, Governor of the IBRD for TONGA  \nStatement by the Hon. Tiofilusi Tiueti,  \nGovernor of the IBRD for Tonga  \n1. Economic Outlook: Growth and its Challenges  \nGlobal economic outlook for 2024 remains uncertain, with projected growth of 3 .2% . While inflation eases and monetary policy relaxes, high debt and interest rates may hinder growth. The Southeast Asia and Pacific region show relative strength due to domestic demand and export recovery. However, debt distress and structural challenges limit growth potential for many countries. Tonga's near-term outlook is favourable, but mediumterm growth is weak due to debt, disasters, and limited scale.  \nTonga's short-term outlook is positive, with projected growth of 2.4% driven by government investment and post-El Niño agricultural recovery. However, medium-term growth is limited to 1.2% due to liquidity concerns, rising debt, natural disasters, and scale constraints.  \nThe 53rd Pacific Islands Forum Leaders Meeting (PIFLM53) and the 2024 Forum Economic Ministers' Meeting (FEMM) both prioritize building a transformative and resilient Pacific region. Both meetings emphasize the urgent need to address climate change adaptation and disaster resilience, as well as strengthen economic, financial, and fiscal systems to withstand shocks and secure a sustainable future for the Pacific people.  \n2. A Future-Ready World Bank Group  \nWe commend the World Bank Group’s effort in trying to implement several strategic measures to enhance its financial capacity, operational efficiency, and accountability in the past eight decades since its commencement. The evolvement and adaptation of its mandatory function to an expanded vision of global development that “leaves no one behind” is also welcomed. The World Bank has approved policies to accelerate project timelines and implementation, a move that Tonga fully supports.  \nWhile we acknowledged the Bank’s key initiatives in several developmental fronts, we would also like the Bank to continue its focus on enhancing areas that will help managed trade-offs effectively and become a more robust and impactful institution through its new vision that benefits the entire members, rich and poor countries alike: a world free of poverty on a livable planet.  \nTo drive meaningful change and deliver impactful results, it is imperative to focus on key strategic areas. First, we must enhance the Bank’s financial capacity to address global challenges. This requires innovative approaches to increase lending capabilities, such as purchasing hybrid capital or supporting the proposed Portfolio Guarantee Platform. Second, improving operational efficiency is critical. This involves refining the Bank’s result measurement systems to ensure robust project monitoring and evaluation, utilizing tools like Corporate Scorecards and the IDA Result Measurement System. It is also essential  \nto reassess the Country Partnership Frameworks (CPF) to confirm that they continue to guide the prioritization and selection of program objectives, aligning interventions with the specific needs and priorities of each member country.  \nFinally, the Bank must emphasize its accountability through transparency in all operations and provide regular progress reports to member countries. This includes comprehensive reporting at corporate, country, and operational levels. The Bank's accountability relies heavily on stakeholder engagement. By involving stakeholders and citizens in project and program processes, we can ensure that development goals are met, and accountability is maintained at all levels.  \n3. Technical Preparations for the 2025 Shareholding Review  \nWe firmly recognize the critical importance of conducting regular shareholding reviews every five years, as outlined in the Lima Shareholding Principles. As a member country, we understan","cbCaihU4HOX0SLiT","https://ap.wps.com/l/cbCaihU4HOX0SLiT","pdf",293639,1,6,"English","en",105,"# World Bank Governor's Statement No. 12\n## Economic Outlook: Growth and its Challenges\n## A Future-Ready World Bank Group\n## Technical Preparations for the 2025 Shareholding Review\n## From Vision to Impact: Implementing the World Bank Group Evolution","[{\"question\":\"What does the statement say about the 2024 global economic outlook and key risks?\",\"answer\":\"It describes global growth in 2024 as uncertain, with inflation easing and monetary policy becoming less restrictive. It warns that high debt levels and interest rates may still hinder growth prospects.\"},{\"question\":\"How does the statement characterize Tonga’s outlook in the short and medium term?\",\"answer\":\"It presents a positive short-term outlook driven by government investment and post–El Niño agricultural recovery. It also highlights weaker medium-term growth limited by liquidity concerns, rising debt, natural disasters, and scale constraints.\"},{\"question\":\"What positions does Tonga support regarding the 2025 shareholding review and IFC participation?\",\"answer\":\"The statement supports conducting shareholding reviews every five years and endorses implementing the 2025 review through a shareholder-led process with updated databases and improved staff capacity. It welcomes an IFC-specific formula and agrees that the IBRD formula can remain a benchmark while encouraging broader private-sector indicators.\"}]",1784488349,15,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"world-bank-governors-statement-no-12-statement-by-the-hon-tiofilusi-tiueti-governor-for-tonga-at-the-2024-annual-meetings","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/world-bank-governors-statement-no-12-statement-by-the-hon-tiofilusi-tiueti-governor-for-tonga-at-the-2024-annual-meetings/111052/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What does the statement say about the 2024 global economic outlook and key risks?","Question",{"text":74,"@type":75},"It describes global growth in 2024 as uncertain, with inflation easing and monetary policy becoming less restrictive. It warns that high debt levels and interest rates may still hinder growth prospects.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How does the statement characterize Tonga’s outlook in the short and medium term?",{"text":79,"@type":75},"It presents a positive short-term outlook driven by government investment and post–El Niño agricultural recovery. It also highlights weaker medium-term growth limited by liquidity concerns, rising debt, natural disasters, and scale constraints.",{"name":81,"@type":72,"acceptedAnswer":82},"What positions does Tonga support regarding the 2025 shareholding review and IFC participation?",{"text":83,"@type":75},"The statement supports conducting shareholding reviews every five years and endorses implementing the 2025 review through a shareholder-led process with updated databases and improved staff capacity. 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