
WASHINGTON, April 14 (Xinhua) -- The Development Committee, a ministerial-level forum of the World Bank and the International Monetary Fund (IMF), said that global trade growth has weakened, while investment prospects have softened, urging countries to address these concerns.
In a communique issued on Saturday at the close of the institutions' Spring Meetings in Washington, the Development Committee said it reiterates the important role of international trade and investment as engines of growth, productivity, innovation, job creation and sustainable development.
"Debt vulnerabilities persist, and policy uncertainty is weighing on confidence," the communique said. "We stress the importance of adopting growth-enhancing policies while containing risks and protecting the most vulnerable."
The committee voiced its support for the World Bank and IMF's "multipronged approach," with borrowers and creditors, to improve the recording, monitoring, and reporting of public and private debt, as well as efforts to strengthen creditor coordination in debt restructuring situations, drawing on existing fora.
"We call on both institutions to work jointly with policy makers to identify the right balance, given country circumstances, between supporting demand and rebuilding fiscal space; to help countries improve debt management capacity, sustainability, and transparency; and to strengthen domestic resource mobilization," the communique said.
The communique emphasized the "key role" of the private sector plays in providing sustainable solutions to development challenges, creating markets, mobilizing investment and generating jobs.
It called on relative parties to work together in mobilizing private sector solutions and resources, leveraging sectoral reforms, and mitigating investment risks.
The committee, which represents 189 member countries, also underscored its support for the World Bank's twin goals of ending extreme poverty and boosting shared prosperity.
In a statement after the Development Committee meeting, David Malpass, new president of the World Bank, stressed that the multilateral development institution's mission is "more urgent that ever."
"It is critically important that we work tirelessly to foster broad-based growth, raise median incomes, create jobs, and fully incorporate women and young people in economies, to support a stronger, more stable global economy for everyone," Malpass said.
Fire brigade in Shanghai holds group wedding
Tourists enjoy ice sculptures in Datan Town, north China
Sunset scenery of Dayan Pagoda in Xi'an
Tourists have fun at scenic spot in Nanlong Town, NW China
Harbin attracts tourists by making best use of ice in winter
In pics: FIS Alpine Ski Women's World Cup Slalom
Black-necked cranes rest at reservoir in Lhunzhub County, Lhasa
China's FAST telescope will be available to foreign scientists in April
"She power" plays indispensable role in poverty alleviation
Top 10 world news events of People's Daily in 2020
Top 10 China news events of People's Daily in 2020
Top 10 media buzzwords of 2020
Year-ender:10 major tourism stories of 2020
No interference in Venezuelan issues
Biz prepares for trade spat
Broadcasting Continent
Australia wins Chinese CEOs as US loses