World Bank and the International Monetary Fund, IMF have been called upon to support countries’ efforts to spur inclusive growth, job creation and build resilience to adverse shocks, in order to reduce poverty.
The call is contained in the World Bank/IMF Spring Meetings 2015: Development Committee Communiqué issued at the weekend.
According to the Communiqué, the support of the multilateral agencies to these countries would enhance their shared prosperity in a sustainable manner, and protect hard-won gains.
It pointed out that “in aggregate, cheaper oil and commodities will result in a significant real income shift from oil exporters to oil importers, with a net positive effect on growth in developing countries.
“This creates challenges for policy makers in oil exporting countries, but also provides a favorable environment for subsidy and tax reforms for more inclusive and sustainable growth.
“We urge the WBG and the IMF to help countries hit hard by falling export receipts, tax revenues, or remittances, and to advise on energy pricing and the use of clean energy.”
It noted that the global economy is growing slightly faster than in 2014, although growth rates vary widely among countries.
“We remain vigilant to the risks from potential financial market volatility, movements in exchange rates and oil and other commodity prices, and sluggish global trade.
“While some middle-income countries (MICs) are experiencing easing of growth, low-income countries, as a group, continue to record good growth rates. We call on the World Bank Group (WBG) and the International Monetary Fund (IMF) to support countries’ efforts to spur inclusive growth and job creation and build resilience to adverse shocks, in order to reduce poverty, and enhance shared prosperity in a sustainable manner, and protect hard-won gains in these areas.”
Also, it said in this critical year, the international community will set the development vision and agenda for the next 15 years.
“We look forward to the Third Conference on Financing for Development in Addis Ababa in July, as one of the key steps in determining the framework for financing the Post-2015 development agenda, including the Sustainable Development Goals (SDGs),” it further stated.


Ad:See How you can turn $500 into $10,000 Click HERE For Details.
SHARE