The World Bank on Wednesday expressed its vision to channel its intervention in “Global South” countries toward the 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 considered home to Brazil, India, Pakistan, Indonesia, and China, which, along with Nigeria and Mexico, are the largest southern states regarding land area and population.
According to Mr Banga, women constitute 50 per cent of the population.
“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 afterward,” stated Mr Banga. “It is important to turn that demographic dividend into a real dividend for the global south.”
He explained that the issue of women and young people would be a critical part of the World Bank’s work with the global south, as well as creating a liveable world and eradicating poverty.
Mr Banga said that the major concern is making the World Bank relevant for the next decade, away from simply giving out loans to needy countries.
“High debt rates slow growth; public debts are crowding out private investment. Debt burdens hinder development. The World Bank should not just be a money bank but a knowledge bank,” he said.
The World Bank president frowned upon segregating challenges, adding that challenges are intertwined.
“The effort to segregate challenges, like poverty, separately from pandemics does not work in real practice for people who are dealing with the ways in which these challenges confront them,” noted Mr Banga. “We need to think of those issues as intertwined and complicated. What we are trying to do is redefine the vision of the World Bank—that of eradicating poverty, but on a livable planet.”
He commended the government and the people of Morocco for hosting the meetings efficiently and for their unparalleled hospitality despite the devastating earthquake that struck the North African nation. (NAN)
The effort to segregate challenges, like poverty, separately from pandemics does not work in real practice for people who are dealing with the ways in which these challenges confront them.