Treasury and capital budget management7/26/2023 ![]() Our aim is to better combat these transboundary challenges in service of our poverty reduction and development goals. That’s why the United States has led a coalition of shareholders to evolve and invigorate the multilateral development banks. Any 21st century development strategy requires us to address these challenges with the scale and urgency they require. In an interconnected world, the poorest and most vulnerable are often disproportionately harmed by global challenges – like climate change, pandemics, and fragility and conflict. MDB Evolution and Development Financingįirst, we look forward to working with a growing number of partners to increase the effectiveness of development finance. We hope that this Summit can serve as a key moment to spur more progress. But our steady work will continue to improve the lives of people around the world. We are also working tirelessly to create a more resilient and thriving global economy, which benefits all countries.Īhead of the Summit, I’d like to share three priorities that the United States is focused on: (1) evolving the multilateral development banks and expanding quality development financing, (2) promoting macroeconomic stability and debt sustainability, and (3) mobilizing public and private capital toward major challenges. Our strategy mobilizes a broad suite of support – from supporting macroeconomic stability to mobilizing development financing to providing technical assistance. is deploying a wide-ranging set of tools to assist our partners. That’s why we make sure that economic assistance is effective, accountable, and sustainable – and reaches the communities it is intended to help. We are committed to listening to the diverse needs and concerns of all nations. ![]() ![]() We are invested in the success of all developing countries at this Summit. The United States’ approach to development is one of equal partnership. And it helps drive our own economic growth by expanding global demand for our products and services. Our development work helps mitigate risks to our own economic outlooks. In the modern world, prosperity at home depends on prosperity abroad. Global development is in the national interest of all countries – including the United States. This approach recognizes that economic development is not only transformative for the lower-income countries that are growing. And health and educational outcomes may further stall or reverse.Īt this critical moment, President Biden has directed his Administration to deliver on a comprehensive approach to support our developing country partners. This situation means that more people are at risk of being thrown into poverty. They are projected to sustain the largest output loss of all economies in the medium term. In contrast, low-income countries are under significantly greater fiscal strain. Advanced economies have generally had fiscal space and resources to support their economies and protect their people from the economic impacts of these shocks. Further, they threaten to deepen economic divergence between advanced and developing economies. These recent shocks have led to millions of lives lost and livelihoods eroded. We’ve seen a once-in-a-century pandemic and the largest land war in Europe since World War II – occurring against the backdrop of increasingly frequent and severe climate disasters. Since 2020, the world has endured a series of shocks. But over the past few years, that progress has stagnated. In recent decades, developing countries have seen broad economic progress. We meet at a moment of tremendous promise and challenge. Let me begin by expressing my thanks to President Macron, Finance Minister Le Maire, and the French delegation for hosting this Summit.
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