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World Bank President David Malpass stressed that the world is facing huge economic challenges, in statements that may be his last before leaving office next June.
Malpass said, "Development worldwide is facing huge challenges such as high inflation and interest rates, in addition to very high levels of debt, causing a serious decline in growth and investment, especially in developing countries."
Malpass emphasized that investing in people is a top priority for the World Bank, and that one of the main drivers of human capital accumulation is access to high-quality education.
He considered accelerating access to quality education as a major development challenge, and vital to achieving breakthroughs in science, technology and innovation.
With regard to the US economy, the President of the World Bank explained, "We must bear in mind that if you cut the interest rate only, this will not solve the problem."
Malpass added, "People will suffer from inflation, and if the interest rate is suddenly and quickly reduced, this will weaken the dollar, and the inflation rate will rise again, and this will greatly harm the poor, and I think that a goal must be set to achieve stability between a low inflation rate and a stable dollar."
David Malpass, the current president of the World Bank, announced his early resignation from his post, in a decision he described within the bank's corridors as "surprising", while reports indicate that the decision is somehow linked to the White House.
It is noteworthy that the World Bank revealed, last week, that the Board of Directors had chosen the US candidate to head the Indian-American Financial Corporation, Ajay Banga, who gives combating climate change a priority unlike his predecessor.
The new World Bank president will take office on the second of next June for a period of 5 years, one day after the end of the term of his predecessor, David Malpas, who was chosen by former US President Donald Trump.
Added 05/08/2023 - 1:21 PM
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