SINGAPORE, Sept 20: The annual meetings of the IMF and the World Bank concluded on Wednesday with a resolve from the participants to adapt to the fast changing world, evolve institutions, make development planning more participatory, pursue multilateralism in trade and to push harder to achieve the ‘millennium development goals’ so that the fruits of development are shared by all citizens of the world.
During the meetings finance ministers and key officials shared their concerns for the globalised world.
Poverty, high oil prices, under-representation of emerging economies in multilateral organizations, fresh trade barriers, corruption and conditionalities were identified a factors posing risk to the prospects of future development.
Speakers from 28 countries told 3,000 participants from 184 countries stressed that navigating the risks in an increasingly integrated world would require skilled and honest governments and more transparent operations by international development partners.
The meeting decided to hold the 2009 annual meetings in Turkey. Ever three years, the annual meetings move out of the United States.
India expressed its reservations loud and clear but was outwitted by the bank and the fund representatives who were able to get their proposal on reforms approved with support of above 90 per cent of the members.
During the meeting, Singapore was projected as an example of the success of the economic philosophy of the fund and the bank. Prime Minister Le Heien Loong said Asia’s remarkable growth attested to the strength of these principles. “Over the past two decades, more people have been lifted out of poverty in Asia than in any other region at any other time in history,” he said. It was globalisation that fuelled Asia’s growth, he said.
“Asia’s experience showed the benefits of plugging into the global grid,” he said in his speech.
The speakers felt that, among other things, upholding high standards of integrity, having effective institutions, weeding out corruption and investing in training and education of the young needed to be on the agenda of the governments.
The role of private sector in development endeavours was also emphasised. Many speakers viewed the private sector as a major actor, saying that it was the energy and talent of the private sector that primarily drove progress.
The World Bank president sounded more like a political leader all through the meeting reminding the attendants of the plight of the poverty-stricken masses. He repeatedly emphasised the importance of engaging all stakeholders in the process of development.
In his speech at the final session he dwelt on urgency of helping Africa’s poorest countries. He placed good governance and stamping out corruption at the top of his list of what it took to get onto the path to prosperity.
