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World Bank, IMF Analyze Impact of Economic Crisis on Development

24 September 2011: The World Bank and International Monetary Fund (IMF) met in Washington DC, US, for the Annual Meeting of the Board of Governors and issued a Development Committee Communiqué noting that the turbulence in global financial markets, volatile commodity prices and pressures on food security pose critical challenges to the achievement of the Millennium Development Goals (MDGs).

Finance Ministers reaffirmed the need to work cooperatively to reach the MDGs by 2015, and to support the poor in developing and emerging countries through this period of instability, as well as in the long term. They also commended the Group of 20 (G20) for anchoring development in its agenda.

Regarding the drought and famine in the Horn of Africa, they welcomed financial support provided to Africa, noting the need to build national capacity and resilience to speed recovery, reduce the risk of future disasters and create longer-term solutions. They said agriculture and food security should be at the top of development priorities and called for "continued innovation to tackle longer-term challenges, including climate change and infrastructure investment." [World Bank/ IMF Development Committee Communiqué]