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STATEMENT ON BEHALF OF THE GROUP OF 77 AND CHINA DELIVERED BY H.E. DR. ABBAS KADHOM OBAID OF THE REPUBLIC OF IRAQ, CHAIR OF THE GROUP OF 77, AT THE JOINT BRIEFING BY THE WORLD BANK AND THE UNITED NATIONS UNIVERSITY CENTER FOR POLICY RESEARCH (UNU-CPR) ON THE 2025 FOURTH SHAREHOLDING REVIEW OF THE WORLD BANK GROUP (New York, 23 January 2025) |
I have the honor to deliver this statement on behalf of the Group of 77 and China.
I would like to express our warmest appreciation to the World Bank and the United Nations University Center for Policy Research (UNU-CPR) for this important briefing.
The 2025 Fourth Shareholding Review of the World Bank Group holds significant importance for several reasons. It follows a global movement advocating for a greater voice and representation of emerging and underrepresented developing countries within international financial institutions.
The review also coincides with the 80th anniversary of the Bretton Woods Institutions and the United Nations, as well as the Fourth International Conference on Financing for Development, creating a timely opportunity for reflection and reform. The G77 therefore welcomes the opportunity to provide its thoughts from the perspective of the global South.
The Shareholding Review is a necessary undertaking to ensure that the WBG remains effectively equipped to address the evolving global development landscape. The global economic landscape has undergone significant shifts in the past decade, with emerging economies expanding their share of the global economy, while others face new challenges such as climate change, pandemics, and fragility.
The upcoming review presents shareholders with a crucial chance to explore ways to address emerging global risks and vulnerabilities. By making necessary adjustments to the shareholding structure, the review can enhance the voice of underrepresented developing countries, while accurately reflecting the evolving dynamics of the global economy.
The G77 and China is pleased to note that the World Bank has commenced preliminary technical work on the review, and we look forward to further engagement as the process evolves. We expect that technical parameters will be set to ensure a fair and equitable distribution of voting power among member countries, while maintaining transparency and accountability throughout the process.
The G77 and China are also pleased that the review will maintain financial strength, promoting development effectiveness, and ensuring equitable representation. We are of the view that a transparent and inclusive process would provide ample opportunity for consultation and feedback from member countries, especially those from the global south.
The G77 and China hope that the review will not negatively impact concessional financing for developing countries through the International Development Association (IDA). A stronger and more financially sound World Bank Group can better support IDA replenishments..
The Group of 77 and China reaffirms its commitment to working constructively throughout the review to ensure it is successful and that the necessary changes are made to strengthen the WBG, so that it becomes more fit-for purpose in this changing financial landscape. We strongly believe that a stronger voice for developing countries in decision-making processes can lead to the development of more effective and impactful programs that better align with their priorities.
I thank you.