2023-10-08 21:21:50
Starting Monday, the World Bank and the International Monetary Fund will meet for their annual meeting in Marrakesh. Image: Reuters
In order for poor countries to escape hardship, they must grow faster. An important driver for this is the secure energy supply. But the World Bank could be on the wrong track here.
The crises are large and numerous. The financing requests are enormous. And the multilateral institutions that are supposed to fulfill the wishes depend on donor countries that barely find the strength for global cooperation. Welcome to Marrakesh, which is hosting this year’s annual meetings of the International Monetary Fund (IMF) and the World Bank, having just recovered from a major earthquake. The rubble in the Moroccan city reminds the finance ministers, central bank governors and delegates who flew here of how unpredictable the world is.
The World Bank and the Monetary Fund are under pressure to do significantly more than before in order to tame the global crises. The focus is specifically on the World Bank, which, together with other development banks, would have to raise $260 billion annually to help countries slow down climate change. This was recently determined by a commission of experts commissioned by the G-20 countries. The World Bank has already supplemented its mission of eradicating bitter poverty and enabling participation in prosperity with the addition that all of this must take place on a planet worth living in.
#Renewables #development #policy #World #Bank #bogged