2023 World Bank-IMF Annual Meetings

The World Bank and International Monetary Fund Annual Meetings being held in Africa after 50 years is a powerful statement highlighting the urgency of addressing the development challenges in the region.

Here are my reflections:

• The World Bank Evolution Roadmap offers pathways to address critical development challenges. There is a broad recognition that we must do more to address various crises. This is a critical time for global and regional action – we have no time to lose. Collaboration with countries in Western and Central Africa and partners is vital as we embark on an ambitious mission for our operations and financing model. Only by working together can we achieve our new vision: ending poverty on a livable planet.

The Jeune Afrique interview by Aurélie M'Bida and Bruno Faure can be viewed in full here.

• African countries have ongoing efforts to address the various crises they face. Countries are leading their reforms and development, and the World Bank is their partner. I met various country delegations: Benin, Burkina Faso, Cabo Verde, Cameroon, Central Africa, Chad, Cote d’Ivoire, Ghana, Guinea Bissau, Mauritania, Nigeria, Republic of Congo, Senegal, Sierra Leone, and The Gambia.
• Scaling up action on development challenges will require significant financing. The International Development Association IDA21 replenishment is more crucial than ever. 75% of IDA’s resources go to Africa, one of the largest sources of development assistance for these countries.

• Regional integration and inclusive development will lead to progress. Our partnership with the OCP group on agricultural development and the West African Development Bank (BOAD) on various programs (affordable housing, climate, and SME finance) are good examples.
• The new playbook emphasizes delivering impact at scale for our client countries and fostering innovative partnerships. My exchanges with organizations like the Central Bank of West African States (BCEAO), West African Economic and Monetary Union (WAEMU), World Trade Organization (WTO), Japan International Cooperation Agency (JICA), Asian Infrastructure and Investment Bank (AAIB), Agence française de développement (AFD), and African Development Bank Group (AFdB) confirm that many want to work hand-in-hand to provide solutions. The challenges may be significant, but so are the opportunities.

• Fragility is an ongoing concern, especially in the region, and exacerbates other crises, like climate change, pandemics, and food insecurity. The meeting with the Sahel Alliance, which I Co-Chair with German Minister Svenja Schulze , was a forum for dialogue, reflection, and shared commitment. What’s happening now in the Sahel can occur anywhere in Africa. The cost of inaction is high and threatens to undo hard-won development gains.

A conversation with TV5 Monde's Dominique Tchimbakala on the World Bank's Evolution Roadmap

• The African Caucus convened Governors, and the Senior Leadership team of the World Bank was chaired by Olavo Correia, Deputy Prime Minister, Minister of Finance and Business Development, and Minister of the Digital Economy of Cabo Verde. The gathering set the stage for a significant amount of work that lies ahead. With its robust blend of financing, knowledge, and convening power, the World Bank brings valuable resources. However, the World Bank cannot single-handedly eradicate poverty. It will take everyone working together. We’ve heard from our client countries - remaining engaged and strengthening our partnerships even further are crucial for the success of our programs.

• The World Bank is deepening its vast research, data, and expertise, the world’s largest knowledge repository on development solutions. Our focus areas are People, Prosperity, Planet, Infrastructure, and Digital. The Meetings provided a platform for further collaboration and sharing of best practices to enhance these programs. We need to acknowledge the roles the private sector, civil society, and youth will play if we aim for innovative solutions at scale. And for the continent to harness the benefits of its resources, it must have a just energy transition that places people and the planet at the center– a sustainable way to prepare economies for a low-carbon future.

To fuel our progress, let's learn from the remarkable success stories within our continent. Drawing inspiration from Africa's achievements in key development sectors, we can pave the way for even more significant accomplishments for the region.

Let’s continue pressing on!