The World Bank, on Wednesday, expressed its vision to channel its intervention “Global South” countries to economic inclusion of women and children in the global economy.
Its President, Ajay Banga, said this while addressing the press during THE 2023 Annual Meetings of the bank and IMF in Marrakech, Morocco.
The global south is generally seen as home to Brazil, India, Pakistan, Indonesia and China, which, along with Nigeria and Mexico, are the largest Southern states in terms of land area and population.
According to Banga, women constitute 50 percent of the population, saying, ”if they are not included, we cannot move forward with half of the population watching on the sidelines.
“Also, young people, when they are growing up, should have access to quality living, quality education and a job afterwards.
“It is important to turn that demographic dividend into a real dividend for the global South.”
He said that the issue of women and young people was going to be a critical part of the World Bank’s work with the global South, as well as creating a liveable world, and eradicating poverty.
Banga said that the major concern presently is how to make the World Bank relevant for the next decade, away from simply giving out loans to countries in need.
“High debt rates slow growth, public debts are crowding out private investment. Debt burden hinders development.
”The World Bank should not just be a money bank but a knowledge bank,” he said.
The world bank president frowned at the idea of segregating challenges, adding that challenges are intertwined.
“The effort to segregate challenges, like poverty separately from pandemics; this idea does not work in real practice to people who are dealing with the ways in which these challenges confront them.
“We need to think of those issues as intertwined and complicated. What we are trying to do is to redefine the vision of the World Bank; that of eradicating poverty, but on a livable planet,” Banga said.
He commended the government and people of Morocco for hosting the meetings efficiently and for their unparalleled hospitality in spite of the recent devastating earthquake that struck the North African nation.
