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World Bank President Reminds G-20 to Step-Up Investments in the Developing World
World Bank President, Dr. Jim Kim comments on G-20 meetings in St. Petersburg. (World Bank)
The Group of 20 (G-20) wrapped-up its two-day leaders’ summit in St. Petersburg, Russia, last week. World Bank President Dr. Jim Kim cut to the chase about global poverty—reminding global leaders still uneasy about a sagging world economy that continued investment in the developing world is not only critical to ending poverty and hunger, but good for business. With little more than two years left until the deadline for the Millennium Development Goals (MDGs) in December 2015, Kim challenged rich countries and private sector investors not to shy away from, but instead to redouble, financial commitments in poor countries.
Kim emphasized the increasingly pressing need for leaders to “grow our global infrastructure facility.” Infrastructure—both physical and financial—is still a key item on the G-20 development agenda. This is because improving infrastructure is a prerequisite for sustained progress on the MDGs. Though donor support for it is a stated priority for most developing countries, it has been largely absent from donors’ agendas. Agricultural development has its own speciﬁc infrastructure needs (e.g., storage facilities to preserve crops longer), as does the health sector (e.g., programs to train more health workers). Among the many physical infrastructure challenges, building roads to areas without access to services is one of the most important. Cross-sector infrastructure needs include collecting, analyzing, and disseminating data.
The G-20 agenda has included the problem of high and volatile food prices ever since the initial food price crisis in 2007. In June 2011, the G-20 agriculture ministers called for greater transparency in commodity markets and committed their countries to collectively establish an early warning system that would compile information on food stocks, crop supplies, and demand. The ministers also agreed to “ensure that national food-based safety nets can work at times when food prices rise sharply and governments cannot access the food required for these safety nets at an affordable price.”
Commitments to economic growth in the developing world can be easily derailed in the name of shorter-term goals. But as Kim pointed out, the G-20 must keep its priorities straight. Taking steps to help millions of people who need better economic opportunities should be at the top of its agenda.
Read more about the G-20 and investments to end hunger in Chapter 2 of the 2013 Hunger Report, Within Reach: Global Development Goals.
Posted by Bread on September 10, 2013 in Africa, Agriculture, Asia, Assets for the Poor, Climate Change, Development Assistance, Economic Development, Global Hunger, Good Governance, Hunger Hotspots, Hunger Report, Inequality, Malnutrition, Millennium Challenge Account, Millennium Development Goals, Religion and Hunger, Trade, Weblogs | Comments (0) | TrackBack (0)
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