The World Bank articulated its commitment to directing its efforts toward promoting economic inclusion of women and children in the global economy within the ‘Global South.’ President Ajay Banga conveyed this vision during a press conference held at the 2023 Annual Meetings of the bank and IMF in Marrakech, Morocco.
The Global South, comprised of nations such as Brazil, India, Pakistan, Indonesia, China, Nigeria, and Mexico, stands as the most significant Southern states in terms of both land area and population.
Banga highlighted the fact that women make up half of the global population, emphasizing, “If they are not included, we cannot move forward with half of the population watching from the sidelines.”
Furthermore, Banga stressed the importance of providing young people with access to quality living standards, education, and employment opportunities as they grow. He underscored the need to transform the demographic dividend into a tangible benefit for the Global South.
Addressing women and young people’s issues will play a critical role in the World Bank’s collaboration with the Global South, with the broader goals of creating a sustainable world and eliminating poverty.
Banga asserted that the central concern at present is how to make the World Bank more relevant for the next decade beyond merely disbursing loans to countries in need.
He stated, “High debt rates hinder economic growth, with public debts crowding out private investment and impeding development. The World Bank should not be just a monetary institution but a knowledge resource.”
Banga further criticized the notion of segregating challenges, highlighting the interconnectivity of various global issues.
He stated, “Efforts to segregate challenges, such as poverty and pandemics, do not align with the real experiences of people dealing with these intertwined issues. We aim to redefine the World Bank’s vision to focus on eradicating poverty while ensuring a sustainable planet.”
President Banga also commended the government and people of Morocco for their efficient hosting of the meetings, despite the recent devastating earthquake that struck the North African nation.
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