World Bank Group-International Monetary Fund (IMF) Annual Meetings 2014 has begun in Washington DC to lessen income disparity by raising global employment.
After more than a decade the World Bank has agreed to give budget support to Bangladesh, according to Finance Minister AMA Muhith.
He told bdnews24.com that apart from other development help, the multi-lateral lending agency will give US$ 500 million as budget support in the coming FY 2015-16.
Bangladesh had last received budget support from the WB in 2003.
The WB-IMF Annual Meeting kicked -off on Friday Washington DC local time or Saturday, Bangladesh time.
The inaugural session was addressed by WB Chairman Patrick Pruaitch, its President Jim Yong Kim, and IMF Managing Director Christine Lagarde.
“Economic growth is the most powerful tool we have to end poverty, yet without infrastructure – electricity, water, and roads – growth will never take off,” said the WB president.
” …we have increased our annual lending capacity for these emerging economies, from $15 billion dollars to more than $25 billion per year. This flexibility will help us direct more resources to the areas that need them most – sub-Saharan Africa and South Asia, which is where most of the world’s poorest people live,” added Kim.
IMG Managing Director Christine Lagarde said unemployment was a major problem the world was currently facing.
“We are stuck in a painful jobs crisis. 200 million people around the world are looking for work today — if the unemployed formed their own country, it would be the fifth largest in the world. In some regions — southern Europe and North Africa — youth unemployment is now a chronic social problem, leading to widespread disenchantment and disengagement,” she said.
According to the IMF chief, seven out of ten people in the world today live in countries where inequality has increased over the last three decades.
“We need to make the job market more inclusive. This means active labor market policies and training programs to help young people…An estimated 865 million women around the world are being held back. Yet we know that enabling women to participate on an equal footing with men is an economic game-changer.” said Lagarde.
In the three-day conference, attended by finance ministers, central bank chiefs and top officials of 188 countries, the WB and the IMF will finalise their plans for the next one year. Finance Minister AMA Muhith is leading the Bangladesh delegation.
WB Chairman Patrick Pruaitch told the inaugural session that the next annual general meeting would be held at the Peruvian capital, Lima.
Source: bdnews24