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Statement by Mrs. Kemi Adeosun at the 94th meeting of the Development Committee held on October 8, 2016 (English)

This is a statement by Mrs. H.E. Kemi Adeosun, Minister of Finance at the ninety-fourth meeting of the Development Committee held on October 8, 2016.She states that Global economy amid a further deterioration of the global growth outlook and further downside risks. Prospects for growth continue to weaken as the global Gross Domestic Product (GDP) is revised downwards. Growth in advanced economies is slowing and ongoing adjustments in China have led to reduced growth of consumption of commodities. The prospects for sub Saharan Africa are among those revised downward as many economies in our region face sustained pressure from the fall in commodity prices. We must pursue agreement on policies in response to this outlook including an adequate response to rising protectionist sentiment and risks to regional prosperity. New sources of aggregate demand must be found to support the ambitions of many developing economies, in particular those in sub Saharan Africa to transform their economic structure and improve incomes and well being of their people. We need to reflect on growth enhancing policies by countries to address cyclical and structural challenges. World Bank support should be calibrated to respond to these. Investment needs to reach the SDGs in power, transport, telecoms, water & sanitation, food security, climate, health and education is estimated to be about 3 percent annually, until 2030. It should be the priority of our development finance architecture, to which the World Bank is central to lower the cost of capital in doing this and increase the quality of decision-making with respect to which investments to make and why. This should include a more pro-active response by the World Bank to help countries, particularly in Africa, minimize exposure to shocks through support that will catalyse diversification.

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Statement by Mrs. Kemi Adeosun at the 94th meeting of the Development Committee held on October 8, 2016 (English). Development Committee Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/745321476209883855/Statement-by-Mrs-Kemi-Adeosun-at-the-94th-meeting-of-the-Development-Committee-held-on-October-8-2016