The World Bank and International Monetary Fund have launched a high powered new body that has been tasked with creating a sustainable roadmap for global recovery.
The two organisations have launched a High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth which will look to “help secure a strong recovery and set a path for green, resilient, and inclusive development over the coming decade”.
The HLAG will be jointly led by Mari Pangestu, Managing Director for Development Policy and Partnerships, World Bank; Ceyla Pazarbasioglu, Director, Strategy, Policy and Review Department, International Monetary Fund; and Lord Nicholas Stern of the London School of Economics.
“The poor and most vulnerable have been hit hardest by COVID-19, as well as climate change, and other challenges. I look forward to this High-Level Advisory Group offering new ideas for impactful action, both at country-level and globally, to foster green, resilient and inclusive development and help developing countries get back on track to reduce poverty and inequality,” said David Malpass, President, World Bank Group.
“The HLAG aims to advance understanding of key policy and institutional issues that will inform a response to multiple interconnected challenges – the two crises, (climate change and COVID) which are exacerbating poverty and inequality, as well as structural weaknesses that existed before the pandemic,” said a World Bank spokesman.
Comprised of experts from research institutions, private sector, and governments, in addition to senior staff of the World Bank Group and IMF, the HLAG will propose ideas and frameworks for strategic and practical national and global action. These would contribute towards a sustainable and inclusive recovery, as well as setting the agenda for a sustained transformation based on new perspectives and models of growth and development.
“The world faces two huge crises – the pandemic, and the climate emergency – that demand radical and coordinated action. Through policy analysis and practical proposals, the High-Level Advisory Group will play a key role in this effort, and I look forward to this important collaboration,” said Kristalina Georgieva, Managing Director, International Monetary Fund.
Over the next eighteen months, the HLAG will focus on the immediate challenge of a sustainable and inclusive recovery to inform the processes and meetings in 2021 leading up to the G20 Summit in Rome in October and the COP26 in Glasgow in November. It will; also seek to deepen the analyses and formulation of actions for sustained transformation in 2022.
Follow us on twitter: @RisksEmerging