The plenary session of the annual meetings of the World Bank and the International Monetary Fund (IMF) kicked off Friday in the Moroccan city of Marrakech with Kuwait participation.
In a message directed to participants in the meeting, King Mohammad VI of Morocco called for considering global finance system and working on improving it to be fairer and take into consideration the interest of all.
He indicated that economic, social and political developments witnessed in recent years require "reforming institutions and rules governing multilateral system," calling for taking into account the destinies of all countries.
For his part, head of the annual meetings in 2023, Ukrainian Finance Minister Serhiy Marchenko affirmed that there are pressing challenges that have impacts on global economies, including slow growth, high inflation, climate shocks, and food shortages.
He stressed the effects of these challenges on countries of the world, especially the low- and middle-income ones, which calls for diversifying funding sources to enable these countries to obtain necessary funds to overcome the effects of challenges.
Meanwhile, World Bank Group President Ajay Banga said that the world is witnessing a state of "uncertainty", mainly on economy, that is basically shown in a decline in growth, food insecurity, the spread of poverty and climate crises.
"The World Bank is working to reduce project review and approval times by one-third. I believe we can deliver quality and speed," he said.
He elaborated that these challenges have exacerbated the state of inequality and weak economic growth, mainly in developing countries, as growth declined from 6 percent to 5 percent during the last two decades, and it may reach 4 percent.
For her part, IMF Director General Kristialina Georgieva said the world is facing risks and challenges that affect the most vulnerable groups in the world.
She noted that inflation, a decline in growth, poverty and climate change are factors that deepen the gap among countries.
Kuwait is taking part in the meeting with a delegation headed by Minister of Finance Fahad Al-Jarallah.
Source: Kuwait News Agency