[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111983-en":3,"doc-seo-111983-105":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},111983,1099514068365,"Aurelia","https://ap-avatar.wpscdn.com/avatar/10000253d8d9f28188e?_k=1776742907772140068",8,"Research & Report","World Bank Governor's Statement No. 4 - Statement by Alexander Demarco, Governor of the IBRD for Malta - October 25, 2024","Statement by the Hon. Alexander Demarco, Governor of the IBRD for Malta, presented at the 2024 Annual Meetings of the IMF and World Bank Group. The statement extends condolences for hurricanes, conflicts, and disasters, stressing coordinated action to relieve crises and build resilience. It assesses mixed global economic conditions, highlights risks to growth and inflation across economies, and calls for a strong, adequately resourced quota-based IMF. It also addresses public debt, fiscal governance, debt data transparency, poverty reduction financing, debt treatment coordination, and the urgency of a green transition to limit climate-change costs.","Public Disclosure Authorized Public Disclosure Authorized  \nWorld Bank Governor's Statement No. 4  \nOctober 25, 2024  \nStatement by the Hon. ALEXANDER DEMARCO, Governor of the IBRD for MALTA  \nStatement by the Hon. Alexander Demarco,  \nGovernor of the IBRD for Malta  \nIt is my pleasure to participate in the 2024 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group (WBG) . My congratulations and thanks go out to all staff and organisers for their excellent organisational efforts.  \nOn behalf of Malta I wish to commence by extending my sympathy and solidarity with the citizens of the United States in the wake of the recent hurricanes, which have tragically claimed hundreds of lives and inflicted severe material loss upon many others. My heartfelt condolences also go out to all the victims of military conflicts and natural disasters around the world, who are forced to confront life-threatening risks and deprivation on a daily basis. It is of critical importance that members of the global community – be they individual countries or international institutions – act rapidly and in concert to both alleviate the effects of ongoing crises as well as rebuild buffers and promote resilience in vulnerable countries and regions.  \nGoing forward, the global economic outlook remains decidedly mixed. Stable – albeit historically low – growth forecasted for 2025 is a welcome development following the ravages of the COVID-19 pandemic and despite the persistent geopolitical tensions. However, this must be weighed against the downside risks and high uncertainty that continue to characterise the global economy. Moreover, the current situation threatens to heighten the disparity between advanced economies and developing countries, the former now having largely caught up to pre-pandemic activity with much lower inflation, while the latter are demonstrating signs of permanent scarring. While goods inflation has moderated, inflation in the services sector remains challenging and to be monitored in many countries. Careful calibration of monetary policy is essential to ensure the smooth restoration of price stability without hampering economic growth and employment.  \nThe prevailing challenges confronting the global economy render paramount the necessity of a strong, adequately resourced and quota-based IMF at the heart of the global financial safety net. In line with this need, Malta is committed towards the finalisation of the 16th General Review of Quotas (GRQ) through the payment of its allocated quota share by the established deadline. Such a move will preserve the Fund’s ability to support member countries and, in turn, demonstrate ongoing confidence in the Fund during these uncertain times. Accordingly, I also urge all other members to finalise the relevant processes in a timely manner. Nevertheless, we recognise that the completion of the 16th GRQ by end- 2024 may prove ambitious and, in the eventuality that it materialises in 2025 or later, encourage members to renew their Bilateral Borrowing Agreements (BBAs) in order topreserve the Fund’s financial resource base.  \nGlobal public debt levels, now forecast to surpass US$100 trillion in 2024 and exceed 100% of global gross domestic product (GDP) by the end of the decade, constitute an issue that must be tackled sooner rather than later. Governments must carefully formulate credible fiscal policies that strike a delicate balance between reducing their debt-to-GDP  \nratio without negatively impacting growth, social safety nets, public investment or the green transition. Essential to achieving this objective are strengthened fiscal governance in terms of revenue collection as well as transparency and oversight on expenditure.  \nIt is therefore critical that the Fund continues its work of enhancing public debt data coverage– including through the reconciliation of creditor and debtor data – and promoting transparency. The Fund also stands to play a valuable role through more ","cbCair5qxg5TSwuh","https://ap.wps.com/l/cbCair5qxg5TSwuh","pdf",246301,1,3,"English","en",105,"# World Bank Governor's Statement No. 4\n## Condolences and need for coordinated crisis response\n## Global economic outlook and monetary policy calibration\n## IMF quotas, debt issues, fiscal governance, and transparency\n## Climate change urgency and green transition actions","[{\"question\":\"What immediate global challenges does the statement emphasize?\",\"answer\":\"It emphasizes crises such as hurricanes, military conflicts, natural disasters, and the everyday risks and deprivation faced by affected people worldwide.\"},{\"question\":\"What does the statement say about the global economic outlook and policy needs?\",\"answer\":\"It notes a mixed outlook with low but stable growth, persistent uncertainty, and pressures in services inflation. It calls for careful monetary policy calibration to restore price stability without harming growth and employment.\"},{\"question\":\"How does the statement address public debt and IMF roles?\",\"answer\":\"It stresses that public debt must be tackled promptly through credible fiscal policies, strengthened fiscal governance, and improved public debt data coverage. It also highlights IMF contributions via transparency and tools such as the Review of Charges and Surcharges, including support for low-income countries.\"}]",1784492626,{"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},"world-bank-governors-statement-no-4-statement-by-alexander-demarco-governor-of-the-ibrd-for-malta-october-25-2024","",{"@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/world-bank-governors-statement-no-4-statement-by-alexander-demarco-governor-of-the-ibrd-for-malta-october-25-2024/111983/",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 immediate global challenges does the statement emphasize?","Question",{"text":72,"@type":73},"It emphasizes crises such as hurricanes, military conflicts, natural disasters, and the everyday risks and deprivation faced by affected people worldwide.","Answer",{"name":75,"@type":70,"acceptedAnswer":76},"What does the statement say about the global economic outlook and policy needs?",{"text":77,"@type":73},"It notes a mixed outlook with low but stable growth, persistent uncertainty, and pressures in services inflation. It calls for careful monetary policy calibration to restore price stability without harming growth and employment.",{"name":79,"@type":70,"acceptedAnswer":80},"How does the statement address public debt and IMF roles?",{"text":81,"@type":73},"It stresses that public debt must be tackled promptly through credible fiscal policies, strengthened fiscal governance, and improved public debt data coverage. 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