Re-shaping the Role of Bretton Woods Institutions New Progress, New Trends, New Challenges, and New Directions By ZOU Jiayi World Bank Executive Director.

Slides:



Advertisements
Similar presentations
African Union Commission Economic Report on Africa 2011 Economic Report on Africa 2011 Governing development in Africa – the role of the state in economic.
Advertisements

Moving Out of Aid Dependency Michael Atingi-Ego 2 nd Committee Panel Discussion United Nations, New York 16 November 2007.
Singapore IMF-World Bank meetings September 2006 Report to the Second Committee 12 October 2006.
CIDAs Aid Effectiveness Agenda October Canadian aid program CIDA is the lead agency for development assistance The International Assistance Envelope.
IFC 2009 Creating Opportunity. 2 Our Vision That people should have the opportunity to escape poverty and improve their lives We foster sustainable economic.
Framework for Developing the Joint Financial Management-Procurement Strategy Peter Harrold Director, OPCOS Fiduciary Forum March 25, 2008.
1 Regional Financial Integration: Opportunities and Challenges Dr. Aslim Tajuddin Deputy Governor Bank Indonesia Regional Financial Integration: Opportunities.
Perspectives on Agriculture and Rural Development in Latin America and the Caribbean (LAC) Víctor Villalobos A. Director General IICA February 24,2012.
TRADE AND DEVELOPMENT REPORT, New York 14 October 2013 Adjusting.
Reasons to invest in Paraguay UK-Paraguay Trade & Investment Forum Nov German Rojas Irigoyen Minister of Finance - Paraguay.
FISCAL POLICY REFORMS FOR AN INCLUSIVE GREEN ECONOMY “KENYA EXPERIENCE” Presentation During a Regional Workshop on “ Inclusive Green Economy for Poverty.
Regional and International Financial Issues Facing Asia Dr. Oh, Jong Nam Executive Director International Monetary Fund January 21, 2006 The 16th Annual.
Describe the key policy measures that make globalization sustainable.
The International Monetary Fund
1 An Investment Framework For Clean Energy and Development November 15, 2006 Katherine Sierra Vice President Sustainable Development The World Bank.
Is African growth sustainable? Louis Kasekende Chief Economist, AFDB.
Global Governance Institutions
Agricultural Policy Analysis Prof. Samuel Wangwe Executive Director REPOA 28 th July 2012.
Mobilizing international resources for development Rogerio Studart Executive Director for Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama,
ASEAN Beyond the Crisis: Prospects and Challenges of Recovery Aladdin D. Rillo Head, Finance Integration Division The ASEAN Secretariat Regional Conference.
International Monetary Fund (IMF) Should the values of the United States be reflected in the conduct of the International Monetary Fund?
Capacity 2015 A Capacity Development Platform UNDP take on Capacity Development CD has been a fundamental component of TC since the Marshal Plan (1951)
UN Development Paradigm and the ILO. Overview The Millennium Declaration The Millennium Development Goals (MDGs) MDGs and the role of the ILO.
1Partnerships & Cooperation Unit (ORRU) Presented by Sylvie Anne CONDE Lead Specialist Partnership and Cooperation Unit, ORRU 25 March, 2010 Tunis ADB.
Strengthening Institutional Frameworks for Sustainable Development Pre-event on Institutional Frameworks for Sustainable Development in Africa: Integrating.
1 Regional Economic Outlook Middle East, North Africa, Afghanistan, and Pakistan Masood Ahmed Director, Middle East and Central Asia Department International.
Climate, Development, Energy, and Finance Tariq Banuri Stockholm Environment Institute.
The United Nations’ Response to the Financial Crisis Hazem Fahmy Hazem Fahmy Department of Economic and Social Affairs (DESA) Department of Economic and.
Coherence in Global Policy Making for Sustainable Economic Development and Poverty Reduction Michele Ruiters, PhD Institute for Global Dialogue (IGD)
Priorities for Cooperative Action: What the G20 can do for Food Security and Agricultural Development Ella Kokotsis, Ph.D Director of Accountability G8.
The Global and Regional Outlook Olaf Unteroberdoerster Resident Representative, Hong Kong SAR, International Monetary Fund Task Force on Economic Challenges’
Shaping a Fair, Inclusive Sustainable Globalization Presentation to the Committee of the Whole on Crisis Responses. 98th session of the International labour.
Development and Cooperation - EuropeAid Future directions in EU development policy Françoise Moreau DG Development and Cooperation – Europe Aid European.
1 The Monterrey Consensus: Progress, Challenges and Way Forward Patrick N. Osakwe Trade, Finance and Economic Development Division.
Institutions of the international monetary system Dr Katarzyna Sum International monetary system.
1 Global Financial Crisis and Central Asia Ana Lucía Coronel IMF Mission Chief for Kazakhstan Middle East and Central Asia Department International Monetary.
1 Survey of Economic and Social Conditions in Africa, 2006 Economic Commission for Africa Fortieth Session of the Conference of African Ministers of Finance,
New World, New World Bank Group Presentation to Fiduciary Forum On Post Crisis Direction and Reforms March 01, 2010.
International Monetary Fund By Daniel Mulligan. Description The International Monetary Fund is a global organization that works to foster growth and economic.
A Partnership for progress: A Partnership for progress: Strengthening International Financial Cooperation and Exchange.
1 Budget Strategy in a Changing Macroeconomic Environment Presentation to the GBS Annual Review – 2008 Ministry of Finance and Economic Affairs.
Financing for Development: A Progress Report on the Implementation of the Monterrey Consensus Meeting of the Committee of Experts of the 3rd Joint Annual.
1 Monterrey Consensus Review Session “External Debt” Hitoshi Shoji Advisor Development Assistance Strategy Department Japan Bank for International Cooperation.
Financing Development in Africa: Review of Progress and Challenges.
NS4301 Political Economy of Africa Summer Term 2015 Introduction.
Vito Cistulli - FAO -1 Damascus, 2 July 2008 FAO Assistance to Member Countries and the Changing Aid Environment.
Managing Director of the International Monetary Fund Dominique Strauss-Kahn.
Aid to Africa : New Opportunities and Challenges for Japan ’ s ODA Izumi Ohno GRIPS Development Forum ODI London Workshop/March 31, 2005.
Risks of New Global Downturn: Impact on Asia and Response  Lim Mah Hui (Michael)  State of the Global Economy, and Reflections on Recent Multilateral.
INT 200: Global Capitalism and its Discontents The Global Economic Order.
Interactive Dialogue of the Executive Secretaries with ECOSOC Geneva, Switzerland 6 July 2007 Strengthening efforts at all levels to promote pro-poor sustained.
The Global Crisis and Sub-Saharan Africa Antoinette M. Sayeh Director African Department.
INTERNATIONAL MONETARY FUND JANUARY 2014 The Mauritanian Economy: Performance and Outlook.
ASSOCIATE PROFESSOR DR. DANIELA BOBEVA BULGARIAN CONTEXT IN TEACHING INTERNATIONAL ECONOMY.
US Philanthropy in the 21st century: a driving force for Aid? Tokyo ABCDE Conference May 30th 2006 Joseph ZIMET French Agency for Development.
Dr. Sarah A. H Olembo, Technical expert and advisor-SPS and Food safety, RURAL ECONOMY and AGRICULTURE, AFRICAN UNION COMMISSION ADDIS ABABA, ETHIOPIA.
International Monetary Fund. INTERNATIONAL MONETARY FUND What IMF do The IMF promotes international monetary cooperation and exchange rate stability,
Business Environment-9 Institutions for sustainable economic globalization: International Monetary Fund 1.
Disclaimer: The views expressed herein are those of the author(s) and should not be attributed to the IMF, its Executive Board, or its management. The.
A quote from the SG “...It helps to have a vision of how the future might look if we succeed. Handled correctly, our fight against global warming could.
The Bahamas: Economic Outlook and Policies
Global Economic Trends and the 2030 Development Agenda
REFLECTED IN JAMAICA’S ENERGY POLICY
IFC 2008 Creating Opportunity.
National Land Commission, Kenya
Global Trends, Development Dynamics and the Role of the OECD
Overview of recent economic and social conditions in Africa
ADB’s CORPORATE STRATEGY
13.1 International Finance and Investment: Key Issues
ADB’s experience with financing renewable energy projects
Presentation transcript:

Re-shaping the Role of Bretton Woods Institutions New Progress, New Trends, New Challenges, and New Directions By ZOU Jiayi World Bank Executive Director for China11

Overview Strengthening global economic governance is a logical and critical response to the development challenges in the context of far-reaching globalization. BWIs remains important pillars of the global economic governance in terms of global aid architecture and international financial architecture. Since Monterrey Conference, new progress achieved, new trend developing, new challenges emerging, calling for new directions of BWIs.

New Progress in BWIs Major Progress in World Bank Successful IDA15 Replenishment US$ 41.6 billion for IDA15 in total, representing 30% increase over IDA14 in USD 42% increase of donor pledges, the largest expansion in donor funding in IDA history 5 new donors including China,Egypt, reflecting the increasing support from developing countries

New Progress in BWIs Major Progress in World Bank New strategic themes under inclusive and sustainable globalization Help to overcome poverty and spur sustainable growth in the poorest countries, especially in Africa Address the special challenges of states coming out of conflict or seeking to avoid breakdown of the state; Develop a competitive menu of development solutions for middle income countries, involving customized services as well as finance; Play a more active role with regional and global public goods; Support advancing development and opportunity in the Arab World; Foster a knowledge and learning agenda across the World Bank Group

New Progress in BWIs Major Progress in IMF A package of reform on quota and voice To enhance the voice and representation of dynamic economies and low-income countries Whole package to be accomplished by the 2008 Bank-Fund annual meeting 4 countries got quota increase in the 2006 Singapore Resolution as the first step of the reform Review on quota formula as the second step is underway. Preliminary consensus on four major factors of the formula: GDP/Openness/Variability/Reserve Refocusing and modernizing the Fund Working on Funds program with comparative advantage Developing a sustainable income model Lower administrative costs

New Trends in Development Rapid economic growth in developing countries over recent years, leads to larger role of developing countries in global economy Unprecedented close international economic linkage brings about enhanced economic benefits and tensions in globalization Implies new demand and new challenges to global economic governance system

Challenges in General Need for an effective global resource transfer system to support achieving MDGs Need for a more stable, reliable, and predictable international monetary and financial environment for developing countries Need for sufficient supply of Global Public Goods Need for a balanced, effective global governance system to coordinate different interests of countries of different development stages and enhance common interests

Challenges At Current Stage Challenges in resource transfer: commitment to ODA as a whole is not increasing Challenges in international financial architecture Financial supervision: innovation V.S. stability Flaws in international monetary system posing extra external risks on developing countries Excessive global liquidity High inflationary pressure Dollar depreciatio High oil/food price Structure Adjustment of globalization Global imbalance and its correction Decoupling issue Developing and developed countries adjustment alike

Direction toward Future Implications to World Bank Stress on mobilizing development resources Innovations on financial products, business scope, operational modality, and development paradigm New-type development partnership with developing countries as facilitator of North-South, South-South and regional cooperation Bigger role as knowledge Bank, stay at the cutting-edge of development knowledge from both developed and developing countries Mainstreaming the Global Public Good issue Look into interactions between developed countries policies and developing countries policies

Direction toward Future Implications to the Fund Focus on systemic issues in global level rather than national level Look into financial innovations and global level regulation The role in promoting the consistency of the macro- economic policies of developed countries Promote the reform of international monetary system Role of SDRs

Thank you!