The Development Committee, which advises the Board of Governors of the World Bank and IMF on development issues, welcomed progress in the establishment of a Green Climate Fund, and cautioned that economic overheating in some sectors, especially food and energy, is resulting in price pressures and volatility.
16 April 2011: The Development Committee, which advises the Board of Governors of the World Bank and the International Monetary Fund (IMF) on development issues, met on 16 April 2011. It cautioned that economic overheating in some sectors, especially food and energy, is resulting in price pressures and volatility, putting developing countries and especially their most vulnerable populations at risk.
The Spring Meetings of the World Bank and IMF took place in Washington DC, US, from 15-17 April 2011. At the heart of the gathering are meetings of the joint World Bank-IMF Development Committee and the IMF’s International Monetary and Financial Committee, which discuss progress on the work of the World Bank and IMF.
The Development Committee, through its Communiqué, welcomed the fact that two thirds of developing countries are on target, or close to being on target, for reaching the Millennium Development Goals (MDGs). The Committee further committed to: intensify efforts to achieve results by 2015, especially in lagging regions, fragile States, and for vulnerable and historically excluded populations, including women and girls; and protect progress by building resilience to economic and environmental shocks. The Development Committee also welcomed the outcomes of the Cancun Climate Change Conference and the World Bank’s role as an interim trustee of the Green Climate Fund (GCF) and stated that it looks forward to further progress in this area, “including innovative approaches to development and climate change financing, and the Bank’s support for the work of the Transitional Committee in charge of designing the GCF.” [Publication: Development Committee Communiqué]