According to the 2016 Edelman Trust Barometer, half the world population distrusts government. Understanding why and how governments can better serve their citizens was the central theme of the “Governance Gap” high-level public discussion at the World Bank-IMF Annual Meetings on Thursday.
“Governance is complex and complicated. We need to unpack it to understand those complexities better,” said Kyle Peters, interim chief operating officer and managing director of the World Bank at the start of the event, moderated by Clare Short, chair of the CITIES Alliance and former UK Secretary of State for International Development.
Urgent action is needed to mobilize, redirect and unlock trillions of dollars of private resources to ensure global growth and shared prosperity.
Since 1956, the International Finance Corporation (IFC), the World Bank Group’s member focused exclusively on the private sector, leveraged $2.5 billion in paid-in capital from its shareholders to invest over a trillion dollars for private sector development. IFC’s 60 years of experience has demonstrated the private sector’s ability to create innovative, commercially viable solutions that deliver development impact.
“A year ago, we all signed up to the Sustainable Development Goals. The only way to achieve these goals is if private capital funds them and private business implements them,” said Gavin Wilson, CEO of IFC’s Asset Management Company (AMC) during the World Bank Group/IMF Annual Meetings 2016.
“That’s why we came up with the phrase ‘Billions to Trillions’ last year with our multilateral institutions in the run-up to the Addis conference on financing for development,” he added.
But what does “Billions to Trillions” actually mean? Wilson explained that “we must convert billions of official assistance … to the trillions in total financing.” But he raised a very important question:
The World Bank Group’s president and new chief economist had a friendly hour-long conversation before an overflow Annual Meetings crowd about some of the biggest risks and opportunities confronting the world today – and the kind of innovative thinking needed to reach ambitious development goals.
Sitting side by side, Jim Yong Kim and Paul Romer discussed the potential impact of automation on jobs, the need to raise the profile of practical development research, the best way for people to acquire valuable “soft skills,” and other issues. The event, Shaping the Global Development Agenda, was simultaneously translated into French, Spanish and Arabic, and livestreamed in four languages.
The rapport between Kim and Romer quickly became clear.
“When I first interviewed Paul, it was supposed to be a 35 to 45 minute meeting. We ended up going for about two hours and 15 minutes, talking about all kinds of different things. And so we thought that we’d share some of that,” said Kim.
In a speech just ahead of Annual Meetings, World Bank Group President Jim Yong Kim said there must be a new push to bring enough financing, innovation, and creativity to tackle the world’s many challenges – and the World Bank Group has a vital role to play.
Despite rapid reductions in extreme poverty and improvements in the incomes of the bottom 40 percent of the population, progress is “still far too slow” and inequality is still too high, said Kim.
“We have to make growth much more equitable,” said Kim at the Brookings Institution, a think tank in Washington.
He referred to a new World Bank report finding that income inequality has decreased between people and nations, but “still constrains growth and breeds instability.”
The world is facing low growth, technological change, and threats posed by climate change. By 2030, almost half of the world’s poor will live in countries affected by fragility and conflict, and emerging markets and low-income countries face an annual infrastructure financing gap of up to $1.5 trillion, said Kim.
“We have to face up to the fact that we are not reaching the scale required to make the kind of impact on growth that’s needed in developing countries,” Kim said at the packed event.
“These are no ordinary times. So ordinary measures will not work.”
Estimates of the financing gap for emerging market infrastructure range from nearly half a trillion USD to more than US$1 trillion a year over the next decade. The range reflects the difference between the estimated level of infrastructure needed to sustain growth across emerging markets and the actual level of such investment.
The challenges are immense, and resources are scarce. Of the financing that does exist, more than 70% comes from national government budgets; the second largest source (roughly 20%) is the private sector; and remaining resources come from overseas development assistance or aid from developed economies1. Given the overstretched demands of public sector budgets in developed and developing countries alike, any increase is likely to come through more partnership and co-financing from the private sector.
Ministers from 189 countries meet in Washington the week of October 3 for the World Bank-IMF Annual Meetings. We’re streaming 22 events, with more than 10 in multiple languages, on themes including the need for global cooperation to address risks, encourage trade and economic growth. Watch World Bank Live on Monday as World Bank Group President Jim Yong Kim sets out his vision for ending extreme poverty. On Tuesday, Oxfam International’s Winnie Byanyima and World Bank experts discuss a just-released report on poverty and inequality. New World Bank Chief Economist Paul Romer and Kim talk about the challenges facing global development on Wednesday. On Thursday, heads of state and ministers join Kim at the Human Capital Summit and make commitments to reduce chronic malnutrition in children in their countries. Her Majesty Queen Máxima of the Netherlands and other high-level panelists discuss progress on financial inclusion, along with de-risking efforts by banks that could reverse it. Here is a preview of what you can expect.
Recently, the IUCN World Conservation Union announced that the Giant Panda is no longer globally endangered with extinction, but has been “down-listed” to globally vulnerable. The Fourth National Survey (2011-2014) in China estimated the range-wide population as 1,864 adult Giant Pandas, and that at least one distinct population, in the Minshan Mountains, includes more than 400 mature individuals. National surveys indicate that the past trend of decline has stopped, and the panda population has started to increase. Forest protection and reforestation in China has increased forest cover over the past decade, leading to an 11.8% increase in forest occupied by pandas and a 6.3% increase in suitable forests that are not occupied, yet.
Inglês | Chinês
Se a mudança do clima fosse um quebra-cabeça, as cidades seriam uma peça-chave bem no centro. Isso foi reforçado por mais de 100 países no mundo inteiro, destacando as cidades como elemento crítico de suas estratégias de redução da emissão de gases de efeito estufa (GHG) em seus planos climáticos nacionais (também conhecidos como Contribuições Intencionais Nacionalmente Determinadas/INDCs) apresentados à Convenção-Quadro das Nações Unidas sobre Mudança do Clima (UNFCCC) em 2015.
Desde a subsequente assinatura do Acordo de Paris, esses países mudaram de rumo e passaram a transformar seus planos climáticos em ações. E se, como muitos se perguntaram, pudéssemos encontrar uma forma econômica e eficiente para ajudar as cidades – tanto nos países em desenvolvimento quanto nos desenvolvidos – a adotarem um caminho de crescimento de baixo carbono?
As a country that is particularly vulnerable to flooding, Malawians know that they cannot halt the forces of nature, but they can prepare and plan for their impacts – and they did. Supported by the Global Facility for Disaster Reduction and Recovery (GFDRR) and the World Bank, the Government of Malawi undertook a series of community mapping activities in which it collected data about the environment for a flood risk modeling exercise and other preparedness activities. So in January 2015, when Malawi experienced its most devastating flood in a century, the data that its government collected was used to support recovery activities.
Robust and actionable information like this can help those at risk understand and prepare for hazards, saving lives and assets. However, even in this era of big data and hyper-connectivity, when one would think that every place on earth is already mapped in great detail, such information is often inaccessible, disparate, or altogether nonexistent. Even as recently as this month’s earthquake on the border of Tanzania and Uganda, people still scrambled for spatial information. Doing so in the moments after a disaster, though, is too late.
In the last few decades, we have seen an increase in the number of countries investing in social protection programs. These programs help individuals and families especially the poor and vulnerable cope with crises and shocks, invest in the health and education of their children, supporting young people by developing their skills and finding jobs, and protecting the aging population.