Bank of Italy Governor Ignazio Visco said Thursday that the International Monetary Fund and the World Bank will not be able to achieve the 'Twin Goals' of eradicating extreme poverty and boosting shared prosperity without action to tackle the climate crisi...
- ROME, OCT 12 - Bank of Italy Governor Ignazio Visco said Thursday that the International Monetary Fund and the World Bank will not be able to achieve the 'Twin Goals' of eradicating extreme poverty and boosting shared prosperity without action to tackle the climate crisis and halt conflicts.
Addressing the Development Committee at the IMF and World Bank meeting in Marrakesh, Visco warned that"global growth will slow markedly in 2023 and 2024 and risks are clearly tilted to the downside, reflecting not only loss of momentum in some areas, but also the possibility that climate shocks and geopolitical tensions could trigger additional food and energy price increases".
He said the actions of the multilateral system and the international financial institutions were key to providing swift support to the most vulnerable, building inclusive and resilient economies, and generating sustainable growth. "The fight against extreme poverty and inequality cannot be achieved without addressing the inter-related threats of climate change, pandemics, fragility, and conflict, as well as the pressures related to demographic developments," said Visco, representing the Constituency of Albania, Greece, Italy, Malta, Portugal, San Marino, and Timor-Leste.
The governor, whose term at the helm of the central bank ends this month, concluded that"strengthened international cooperation is essential to assisting those in need and enhancing preparedness for future crises in order to prevent their most dramatic impacts". .
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