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World Bank, IMF call for inclusive growth, poverty reduction | The World Bank and the International Monetary Fund (IMF) have called for further efforts on inclusive growth and poverty reduction amid fragile global recovery. "The global economic outlook remains challenging,"
the two Washington-based agencies said in a statement issued after a joint development
committee meeting on Saturday. "Policy adjustments and improved economic activity
have reduced the threat of a sharp global slowdown. Growth in emerging and developing
economies continues to be relatively strong, but poor countries still need support,"
it said. "Implementing policies and structural reforms to promote poverty reduction
and inclusive growth must continue," it stressed. It added the likely achievement
of the Millennium Development Goal (MDG) to halve global poverty by 2015 is welcome
news, but the world should remain vigilant and continue to work with all stakeholders
to advance the other MDGs. The committee also called on the Bank to develop more
innovative and stronger partnerships with middle-income countries. "Providing
knowledge and financing for global public goods will also remain a key," the document
said. "We welcome steps being taken by the IMF to implement the agreed funding
package for the Poverty Reduction and Growth Trust (PRGT), which should enable
it to meet likely demand for the IMF's concessional support through 2014." "Social
protection makes sound development sense. Social safety nets bolstered poor people's
resilience to the last financial crisis and are also an important component of
longer-term poverty reduction when they are well-targeted, affordable, gender
sensitive and sustainable," it said. "At international meetings, we talk a lot
about the global financial safety nets. We need to focus equal attention on the
human safety nets," World Bank President Robert Zoellick told reporters after
the committee meeting. "As we know, there are dangers when institutions are too
big to fail. But let's remember that beyond the talk of financial systems, of
regulations, or of firewalls, it is people who are too important to fail," Zoellick
said. Zoellick said the Bank endeavors to focus on clients and customize its approaches
to better help clients, recognizing the diversity of clients' needs. "As an institution,
it's important that we recognize that good intention is not efficient. So we have
to be vigorously focusing on results. We also have to be accountable. And to be
accountable, we have to be open," Zoellick said. The development committee is
a ministerial-level forum of the World Bank Group and the IMF for inter-governmental
consensus building on development issues. Known formally as the Joint Ministerial
Committee of the Boards of Governors of the Bank and the Fund on the Transfer
of Real Resources to Developing Countries, the committee was established in 1974.
The development committee meeting is part of the 2012 Spring Meetings of the IMF
and World Bank Group. The Annual Meetings of the two organizations are scheduled
for October in Japan . IMF chief Christine Lagarde said she aimed at achieving
a set of goals at the upcoming Annual Meetings, including possibly completing
the 2010 quota and governance reforms and replenishing the PRGT, the Fund's lending
program for low-income countries.
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