During the 2023 annual meetings of the World Bank and IMF in Marrakech, Morocco, World Bank President Ajay Banga revealed the institution’s commitment to refocus its interventions in Global South countries towards promoting the economic inclusion of women and children in the global economy.
The Global South, which includes countries like Brazil, India, Pakistan, Indonesia, China, Nigeria, and Mexico due to their vast land areas and populations, was the focus of this vision. Banga stressed that women make up 50 percent of the population and their inclusion is pivotal to global progress. He also emphasized the importance of providing young people with access to quality living conditions, education, and job opportunities to maximize the demographic dividend in the Global South.
Incorporating the issues of women and young people will be a significant part of the World Bank’s work in the Global South, as it strives to create a livable world and eradicate poverty. Banga underscored the need to make the World Bank more relevant in the coming decade, shifting from merely providing loans to needy nations to becoming a knowledge bank.
Banga expressed concern over high debt rates that hinder economic growth and the crowding out of private investment by public debts. He highlighted the World Bank’s mission to address intertwined challenges, such as poverty and pandemics, and redefine its vision as that of eradicating poverty while ensuring a livable planet.
The World Bank President commended Morocco for hosting the meetings efficiently and for its remarkable hospitality, despite the challenges posed by a recent earthquake in the North African nation.
