[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-112008-en":3,"doc-seo-112008-105":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":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":11,"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},112008,13056703020460,"Valentina","https://ap-avatar.wpscdn.com/avatar/be000253dac470eee5d?_k=1778207105932848923",8,"Research & Report","World Bank Governor's Statement No. 13 - Statement by the Hon. Shunichi Suzuki","Japan delivers condolences to Morocco, Afghanistan, and Libya following earthquake and flooding, and thanks Morocco and Marrakech for hospitality. It condemns Russia’s illegal war against Ukraine and calls for an immediate end to stabilize global conditions. The statement reviews global and Japanese economic conditions, stresses fiscal sustainability and financial-market stability, and highlights resilience in cross-border activities.","Public Disclosure Authorized Public Disclosure Authorized  \nWorld Bank Governor's Statement No. 13  \nOctober 13, 2023  \nStatement by the Hon. SHUNICHI SUZUKI, Governor of the IBRD for JAPAN  \nStatement by the Hon. Shunichi Suzuki,  \nGovernor of the IBRD for Japan  \nJapan conveys its deepest condolences to the victims and their families severely affected by the earthquake in the central part of the Kingdom of Morocco and western Afghanistan as well as the floods in the eastern part of the State of Libya. Japan also expresses its sincere gratitude to the Government of Morocco and the people of Marrakech for their warm hospitality in the immediate aftermath of the earthquake.  \nWe continue to condemn Russia’s illegal, unjustifiable, and unprovoked war of aggression against Ukraine. Russia’s war has caused tragic loss of life, destruction of property and infrastructure, and exacerbated global economic challenges. We call for an immediate end of Russia’s illegal war against Ukraine, which would address one of the largest uncertainties over the global economic outlook.  \nI. THE GLOBAL ECONOMY AND THE JAPANESE ECONOMY  \nThe global recovery remains slow due to Russia’s war and energy and food insecurity. In addition, inflation has peaked but is persistently high. As many countries continue to tighten monetary policies to address inflation, the debt situation in low-and middle-income countries has become more severe.  \nIn this context, we need to ensure fiscal sustainability by normalizing fiscal support while our support to vulnerable groups should be temporary and targeted.  \nAmid the continued global monetary tightening, we should note the risk of heightened volatility in financial markets, including the foreign exchange market. It is important that exchange rates move stably, reflecting fundamentals, and the excessive volatility is not desirable. We may need to take appropriate actions, depending on the circumstances.  \nRecent developments in global economy, including the repercussions of the COVID-19 pandemic and Russia’s war, highlighted importance of achieving both economic efficiency and resilience in cross-border economic activities. The IMF’s future analysis should properly take into account these new factors.  \nAmid the improving environment for employment and income, the Japanese economy is expected to continue to recover moderately, reflecting the effects of various policies. However, we need to pay close attention to the risk of a downturn in overseas economies putting downward pressure on the Japanese economy, and the effects of rising prices and fluctuations in financial and capital markets. Under these circumstances, Japan is formulating a package of comprehensive economic measures to further strengthen its economy, including through addressing the recent price hikes, sustaining wage increases and promoting domestic investments.  \nII. EXPECTATIONS FOR THE IMF AND THE WBG  \nNow, let me express Japan’s expectations for both organizations.  \nDebt vulnerability is rising in low-income countries ( LICs) and middle-income countries ( MICs) alike. Restoration of debt sustainability is urgently needed, so that developing countries can free up their resources for addressing various development challenges in the medium to long term.  \nFor LICs, swift and predictable debt restructuring processes must be ensured through the official creditor committees under the G20/Paris Club Common Framework. On the other hand, for MICs, we welcome that the significant progress has been made towards an agreement on debt treatment for Sri Lanka in the past half year since the launch of the creditor committee. We look forward to its swift resolution.  \nIn order to prevent future debt crises, debt transparency and accuracy needs to be enhanced. Japan has led the Data Sharing Exercise, in collaboration with the WBG, in which creditor countries shared their granular lending data with the WBG. We commend the WBG’s efforts on this exercise and encourag","cbCaivNZiPL6H38r","https://ap.wps.com/l/cbCaivNZiPL6H38r","pdf",375100,2,1,"English","en",105,"# The global economy and the Japanese economy\n## Expectations for the IMF and the WBG","[{\"question\":\"What international developments does Japan cite as worsening global conditions?\",\"answer\":\"Japan points to Russia’s war against Ukraine, energy and food insecurity, and slow global recovery, along with persistently high inflation and tighter monetary policies.\"},{\"question\":\"What does Japan emphasize about debt problems in low- and middle-income countries?\",\"answer\":\"Japan stresses rising debt vulnerability, urgent restoration of debt sustainability, and the need for swift, predictable restructuring for LICs and a faster resolution for MICs.\"},{\"question\":\"What expectations does Japan have for the IMF and the World Bank regarding debt transparency?\",\"answer\":\"Japan calls for enhanced debt transparency and accuracy, supports the WBG-led Data Sharing Exercise, and urges the IMF and WBG to strengthen analysis and provide capacity-building support, including coordination on debt sustainability 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