By Joni Akpederi
The world’s most representative and influential economic grouping, the G20, is making itself heard even as the din generated by the United States’ fiscal problems threatens to drown out all other discussion issues at the World Bank/IMF annual meetings.
In a carefully worded 10-point communique released yesterday in the U.S capital city, finance ministers and central bank governors of the grouping declared that they have prioritized the creation of quality jobs, inclusive and advanced growth and effective regulation of financial markets in their coordinated efforts to set the global economy back on the path of recovery and sustainable development. Their stance is a reflection of the agreement reached at the G20 leaders’ summit that wrapped up last month in St Petersburg, Russia.
The economy managers admit that the current global economic outlook presents challenges, but specifically single out the “unacceptably high unemployment in many countries”.
The ministers pledge to intensify collective and individual national efforts to create a robust environment for “job-rich and inclusive growth” while addressing the “downside risks to the global economy”. This, they say, is borne out of their resolve to implement the St. Petersburg Action Plan agreed by the leaders to achieve strong, sustainable and balanced global growth.
They commend the efforts of the World Bank and Regional Banks to mobilize and catalyze additional financing for infrastructure investment, particularly in emerging markets and development countries, apparently because of their salutary effects on the productive sector of economies.
The ministers are particularly delighted with the recent replenishment of the African Development Fund which benefits developing countries and hope that the World Bank Group’s International Development Association (IDA 17) would be equally successful.