108th Meeting of the World Bank Development Committee in Morocco
A Glimpse into a Transformative Gathering
In October 2023, the world witnessed a momentous event that brought together global leaders, economic experts, and policymakers at the 108th meeting of the World Bank Development Committee. This remarkable event was organized in the enchanting city of Marrakesh, Morocco, from October 9th to 15th, 2023. In this article, we will delve into the key highlights and insights from this significant gathering, featuring statements from prominent figures and the agenda that shaped discussions on ending poverty and fostering a habitable planet.
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| 108th meeting of the World Bank Development Committee held in Morocco |
The Hosts and Key Speakers
The 108th meeting of the Development Committee was a collaborative effort by two global financial powerhouses – The World Bank and the International Monetary Fund (IMF). This assembly of minds and expertise brought together distinguished personalities, including World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva, and Morocco's Economy and Finance Minister Nadia Fetta Alaoui.
The Agenda: "Ending Poverty on a Habitable Planet"
The central theme of this momentous meeting was "Ending poverty on a habitable planet – Report to the Governors on Development of the World Bank." It underscored the commitment of global leaders to address the critical issue of poverty eradication while ensuring the sustainability and habitability of our planet.
India's Stalwart Support
India was prominently represented at this gathering by Finance Minister Nirmala Sitharaman. Her participation underscored India's unwavering support for the World Bank's new vision to create a world free from poverty. Minister Sitharaman emphasized the significance of this vision, highlighting the collective efforts of G-20 countries in enhancing the World Bank's capabilities to address both national and global challenges.
A Traditionally Remarkable Gathering
The Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) convene annually in September or October to deliberate on the work of their respective institutions. Traditionally, these meetings have been held in Washington for two consecutive years, followed by a meeting in another member state in the third year. The 108th meeting's location in the enchanting city of Marrakesh, Morocco, marked a significant departure from the usual Washington setting.
The World Bank: A Force for Positive Change
The World Bank, established in 1944 as the International Bank for Reconstruction and Development (IBRD), along with the IMF, has evolved into a formidable force for positive change. IBRD transformed into the World Bank, and today, the World Bank Group comprises five distinct institutions, united by a shared goal – to create sustainable solutions that reduce poverty and promote shared prosperity in developing countries.
FAQs
1. What was the primary theme of the 108th meeting of the World Bank Development Committee in Morocco?
- The primary theme was "Ending poverty on a habitable planet."
2. Who were the key speakers at the 108th meeting?
- The meeting featured statements from World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva, and Morocco's Economy and Finance Minister Nadia Fetta Alaoui.
3. Why is the 108th meeting's location in Marrakesh, Morocco, significant?
- It marked a departure from the traditional Washington setting, emphasizing the global nature of the event.
4. What role did India play in the meeting?
- India, represented by Finance Minister Nirmala Sitharaman, expressed strong support for the World Bank's vision to eradicate poverty.
5. How often do the Boards of Governors of the IMF and the World Bank Group meet?
- They typically meet once a year in September or October, with a traditional rotation between Washington and another member state.
6. What is the mission of the World Bank Group?
- The World Bank Group is dedicated to creating sustainable solutions that reduce poverty and foster shared prosperity in developing countries.
Conclusion
The 108th meeting of the World Bank Development Committee in Morocco was a remarkable and transformative event. It brought together influential leaders and experts to discuss the critical issue of poverty eradication and the sustainability of our planet. The commitment of nations, like India, underscored the collective determination to create a world that is poverty-free and habitable for all.
This meeting not only marked a shift from tradition by being held in the vibrant city of Marrakesh but also highlighted the World Bank's role as a force for positive change in the global landscape. With the combined efforts of nations and institutions, the vision of a world without poverty is now more achievable than ever.
Thank you for joining us in exploring this significant event. If you have any more questions or would like to delve deeper into the topics discussed at the 108th meeting of the World Bank Development Committee, feel free to reach out. Together, we can build a brighter, more prosperous world for all.
