Fall 2015October 10, 2015 - The Development Committee (DC) met this year with the special participation of the UN Secretary-General Ban Ki-moon and the President of the UN General Assembly Mogens Lykketoft. The DC communique stated that "Global growth remains weak, and the downside risks for the second half of 2015 and 2016 have risen. A moderate recovery in high-income countries is still continuing, but prospects of tighter financing conditions, slowing trade, and renewed weakness in commodity prices are weighing on confidence in many developing countries. We call on the World Bank Group (WBG) and the International Monetary Fund (IMF) to monitor risks and vulnerabilities closely, to enhance their assistance to countries to support growth and build resilience, and to play their countercyclical role when needed." In light of the scale of the current refugee and migrant crisis, the Committee called for "targeted support, in collaboration with the UN and other partners, in addressing the challenges for countries and regions in turmoil, especially in the Middle East and North Africa, but also in other fragile and conflict states."

The DC urged the Bank Group and IMF to help countries stem "illicit finance and the underlying activities, including tax evasion, corruption, criminal activities, and collusion," that deprive developing countries of vital resources they need. Governors noted the Global Monitoring Report work on tracking the progress of the Millennium Development Goals, which will be replaced by the SDGs. The latest report, released during the Meetings, "shows that changes in global demography will profoundly affect the trajectory of global development during the 2030 Agenda period. With the right policies, demographic change can help growth both in developing and developed economies." 

President Kim, noted the collaboration of the World Bank with the UN and MDBs in financing the global goals. He acknowledged the work by the WBG Board on agreeing on a clear timeline for the important discussions including the plan to implement the 2015 Shareholding Review.

Many Governors welcomed the discussions and the Bank's announcement to step up its support in climate finance to help get to the 100 billion dollars a year in climate financing by 2020. They appreciated the cooperation among MDBs in this regard and welcomed the WBG sending a strong message on climate financing, which is a precondition for a successful outcome of Paris. Ensuring the most fragile have the resources necessary to fight climate change is vital. They also welcomed the WBG's role in the MENA region and many requested the Bank to play a major role in the refugee crisis. 

The Development Committee is a ministerial-level forum of the World Bank Group and the International Monetary Fund for intergovernmental consensus-building on development issues.