World Bank, IMF reiterate support for achieving development goals

The World Bank and the International Monetary Fund (IMF) on Sunday in Washington reiterated their support for the realization of internationally agreed development goals including the Millennium Development goals (MDGs).

In a communique issued after the 72nd meeting of Joint Development Committee of the World Bank and the IMF, the committee said it was encouraged by commitments to reinvigorate the aid partnership, with stronger policies in many developing countries matched by commitment by developed countries and other donors for significant additional aid and debt relief.

It welcomed the Group of Eight (G8) proposal for 100 percent cancellation of debt owed by eligible heavily indebted poor countries (HIPCs) to the international financial institutions as providing a valuable opportunity to reduce debt in increase resource for achieving the MDGs.

The communique said that stronger country policies and more and more effective aid must be complemented with ambitious moves to increase openness and market access and to ensure that trade benefits the poor.

"Without a timely and ambitious outcome for the Doha Development Agenda, developing countries will not achieve the economic growth needed to meet the MDGs," it said.

The committee re-emphasized the importance for the global economy and for meeting the MDGs of achieving an outcome of world trade negotiation that includes: a major reform of agricultural policies to expand market access and eliminate trade-distorting subsidies, action to open market in manufactures and services, and increased aid for trade to address supply-side constraints and enhance the capacity of developing countries to take advantage of expanded trade opportunities.

In a statement to the Development Committee, Chinese Finance Minister Jin Renqing said that prompt and sufficient development assistance by the international community is critical to achieving MDGs and called for more aid to poor countries especially those in Africa.

The joint 2005 annual meeting of the IMF and the World Bank ended here on Sunday.

Source: Xinhua