![]() The United States will work closely with them to facilitate investments in the critical areas of energy transition and sustainable infrastructure. I just saw Premier Li at the high-level panel and am encouraged that China is moving to help address the debt challenges facing developing countries.īeyond resolving outstanding cases, a productive first step to provide greater certainty and timeliness to the debt process would be the publication of a guide to the Common Framework for borrowers.Īs we announced earlier this morning, the Investor Leadership Network, which includes companies with a total of over $10 trillion in assets under management, has launched a new commitment to accelerate pension fund and institutional investments in emerging and developing economies over the next three years. To that end, I’m pleased that all official bilateral creditors have reached consensus to move forward with a debt treatment for Zambia, under the leadership of the Chinese and French co-chairs. Debt is a global challenge that requires urgent cooperation from all creditors. We also need to complete outstanding debt cases. We call on the IMF to present all available options to put its Poverty Reduction and Growth Facility on sustainable footing in the near-term by the Annual Meetings.Īnd we also call for a broad range of donors to meet the IMF’s financing targets for the Trust. We have had constructive discussions about ensuring that the IMF can continue to provide concessional lending now and in the longer-term. The IMF plays an important role in providing policy advice and technical assistance along with critical financing. Second, debt and macroeconomic stability. This includes work to optimize our climate finance architecture. ![]() We are pushing for additional reforms on a rolling basis. It is making sure we use these resources in a more impactful manner. The evolution, though, is not just about the balance sheet. We could have $200 billion in lending capacity that we didn’t have before to invest in some of the most pressing problems facing the world – combatting climate change, lifting people out of poverty, preparing for future pandemics, and much more. That by itself is a significant achievement. Our estimate is that the MDBs – as a system – could unlock $200 billion in new lending capacity over the same timeframe through balance sheet measures that are either already under implementation or being deliberated. Our coalition has made preliminary updates to the World Bank’s mission and operating model.Īnd we are unlocking as much as $50 billion in additional lending capacity over the next decade. We have made significant progress on the MDB evolution initiative with a broad coalition of shareholders. ![]() Our goal is to strengthen the MDBs’ work on eradicating poverty and supporting sustainable growth – not distract from them. That’s why I called for the evolution of the development banks last fall to tackle these global challenges with sufficient speed and scale. Global challenges like climate, pandemics, and fragility and conflict are putting development gains at risk. I’d like to touch on our progress in three areas that I have focused on during my time at the Summit.įirst, our initiative to evolve the multilateral development banks, or MDBs. The last two days have made me optimistic about the progress made so far – and the momentum that will carry us forward in the coming months. This Summit is an important milestone in our effort to evolve the global financial architecture to be more responsive to the challenges and opportunities facing us. Let me begin by thanking President Macron and the French delegation for hosting this Summit. ![]()
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