Washington, July 3 (IANS) The World Bank has an economic and moral imperative to help address risks to global growth, no matter where they emerge, new World Bank group president Jim Yong Kim said here.
A strong global economy benefits all countries, and a weak global economy makes all countries vulnerable, Kim said in a statement released Monday, his first day on the job at the Washington-based agency.
“The global economy remains highly vulnerable. We need to boost confidence in markets and within the private sector. And we need to boost confidence among citizens that our economic system and policies can deliver more sustainable, fair and inclusive economic growth,” said the former president of Dartmouth College.
“My immediate priority will be to intensify the World Bank’s efforts to help developing countries maintain progress against poverty in these volatile times,” Xinhua quoted him as saying.
It is urgent that European countries take all necessary measures to restore stability because their actions will impact growth in all regions of the world, he added.
The Korean-American public health expert also stressed the importance of working with World Bank clients and partners to create a new economic firewall — one that protects people in developing countries against shocks.
“The World Bank substantially increased its lending during and after the global financial crisis. We must continue to build more effective and sustainable ways to ensure citizens have basic income protection, and access to education, health care and energy,” he said.
During a media roundtable meeting held Monday, Kim said he aimed at building the 188-member World Bank into a client-oriented agency and providing technical and other assistance to member countries.
Kim Sunday succeeded Robert Zoellick to lead the global development organization.
