World Bank, IMF pledge support for global growth

Xinhua News Agency, September 25, 2011

The World Bank and the International Monetary Fund (IMF) said Saturday they would try their best to back strong, sustainable, balanced and inclusive growth of all members.

The turbulence in global financial markets and widespread fiscal strains have threatened the robustness and sustainability of global economic recovery, according to a communique issued at the meeting of the development committee of the two institutions.

Volatile commodity prices and pressures on food security have brought critical challenges to all countries, it said. "We are alert to the possible global impacts of these issues, particularly for the poor."

The World Bank and the IMF pledged to work cooperatively to achieve the Millennium Development Goals by 2015 and to support the poor in developing and emerging countries through this period of instability, as well as in the long term.

In addition, the two institutions reaffirmed to contribute to job creation by supporting private sector's expansion, as jobs are vital in translating growth into lasting poverty reduction and broad-based economic opportunities.

Moreover, the World Bank has to remain prepared with human, knowledge and financial capacity to help member countries build resilience and respond to crises, noted the communique.

"We must put agriculture and food security at the top of our development priorities," said the committee, adding that continued innovation is needed to tackle climate change, infrastructure investment and other longer-term challenges.

The development committee meeting is part of the IMF and the World Bank annual meetings running from Sept. 23 through 25, with seminars, press conferences and related events held on the sidelines.