The world bank has described the international financial architecture as ‘skewed in favor of rich and creditor countries.
This was said by the president of the bank, David Malpass at the close of the World Bank/IMF Spring Meetings 2021 Development Committee meeting, in Washington D.C. yesterday.
He said the disturbing state of the global financial system was exposed last year by the COVID-19 pandemic, which made challenges and staggering needs of every country’s economy even clearer.
Malpass said: “One major challenge is that the current international financial architecture is heavily skewed in favor of the rich and creditor countries. It is ever important that all voices are heard. I urge all of us to consider how we can restore growth in developing countries and help reverse the growing inequality, in terms of access to vaccinations, unsustainable debt, and adverse climate impacts.”
According to him, the bank is developing a better line of sight forward, and the collective efforts to poverty, climate change, and inequality will be the defining choices of this age.
“Now is the time to move urgently toward opportunities and solutions that achieve sustainable and broad-based economic growth without harming climate, degrading the environment, or leaving hundreds of millions of families in poverty,” Malpass said.
He also expressed the hope that World Trade Organisation (WTO) will facilitate effective global trade deals under the watch of the Director General, Dr. Ngozi Okonjo-Iweala.