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Carstens

What's on the agenda?

Nina Vucenik's picture

Augustin Carstens, Development Committee Chair, Finance Minister, MexicoThe Development Committee is scheduled to meet on Monday, October 5.

The committee is a forum of the World Bank and the International Monetary Fund that facilitates intergovernmental consensus-building on development issues. Its mandate is to advise the Boards of Governors of the Bank and the Fund on critical development issues and on the financial resources required to promote economic development in developing countries.

At their meeting, the Development Committee will review the Bank's financial capacity to provide assistance to countries coping with the economic crisis and beyond, and discuss the issue of "voice" (ensuring people from all parts of the world have a say in key issues that affect them).

Spring Meetings conclude with Development Committee press conference

Nina Vucenik's picture

April 26, 2009 - Washington DC. World Bank/IMF Spring Meetings 2009. Development Committee Press Briefing. (l-r) Robert B. Zoellick, World Bank Group President; Augustin Carstens, Development Committee Chair, Finance Minister, Mexico; Dominique Strauss-Kahn, Managing Director, International Monetary Fund

The Spring Meetings 2009 finished earlier today with the final Development Committee press conference, held by Development Committee Chair, Minister Agustín Carstens, World Bank President Robert Zoellick, and IMF Managing Director Dominique Strauss-Kahn.

(l-r) Augustin Carstens Developemnt Committee Chair, Finance Minister, Mexico; Robert B. Zoellick, World Bank President; Dominique Strauss-Kahn, Managing Director International Monetary Fund (IMF).

Speaking on behalf of the Development Committee, Carstens in his opening remarks stressed that "All members of the Development Committee recognized that this is the critical time for developing countries. Impacts from the financial crisis are hitting them hard...The financial crisis is turning into a human and development calamity. Many people have already been driven into absolute poverty."

"In this sense, the Development Committee called on countries to translate their commitments into concerted action and additional resources.  We welcome member countries' commitments to a substantial increase in resources for the IMF and we urged all donors to accelerate delivery of commitments to increase aid, and to also consider going beyond existing commitments. We welcome the leadership of the Bank Group and IMF in helping developing countries respond to the crisis,” he said.

 

In his remarks, Zoellick stressed that “there is a widespread recognition that the world faces an unprecedented economic crisis, poor people could suffer the most, and that we must continue to act in real time to prevent a human catastrophe.”    

“Before this crisis, the Millennium Development Goals on overcoming poverty by 2015 already looked like a stretch. Our latest research shows that most of these eight globally agreed goals are unlikely to be met.”
 
“No one knows how long this crisis will last. We also do not know the pace of the recovery. The Bank’s finances have been prudently run and we are therefore currently in a strong position to help our partner countries,” Zoellick said.

  • See the Bank’s Financial Crisis webpage to learn more about the Bank’s initiatives to help poor countries deal with the crisis.