Spring Meetings 2023: A Week Like No Other

Being part of the Spring Meetings as Managing Director of Operations has been exciting, intense, and full of important takeaways. It was great to see so many people back in the buildings, delegations here from all over the world, and the hallways buzzing with excitement.

Last week gave me a lot to be hopeful about. A roundtable event on Tuesday made it clear that our Country Climate and Development Reports are being actively used by our clients as they explore new options to grow, create jobs, reduce emissions and boost climate resilience around the world. It was good to sign an agreement alongside the Prime Minister of Ukraine, Denys Shmyhal, to provide $200 million to help restore the country’s power system, which has been strategically targeted during the war. And it was inspiring to speak alongside leaders from West and Central Africa about how empowering women and girls through education is vital for building strong and resilient economies.?

Economic volatility, debt distress, climate change, and the ongoing impacts of Russia’s invasion of Ukraine loomed large over the week. The Meetings brought home to all of us just how difficult conditions have become in many of the countries where we serve.?The world faces a learning crisis - 70% of children in low-and middle-income countries are not able to read and understand a short story, compared to 57% pre-COVID. The global extreme poverty rate has risen from 8.4% to 9.3% - today more than 700 million people live on less than $2.15 a day. And 47% of the world’s population still live at or below $6.85 a day; a level where too many trade-off decisions need to be made by households.

On climate, it was sobering to hear testimony from Malawi, Ghana, Türkiye, and Pakistan about the real and growing threats these countries are experiencing from climate change. Wednesday’s Governing Effectively during Challenging Times public event made clear the lengths that governments now have to go to in some crisis-hit countries to deliver essential services to their people.

Difficult times require difficult decisions, and in this regard, some of the most important moments of the week came in my direct conversations with clients, which are an invaluable opportunity to gain a deeper understanding of countries’ needs and priorities. Such conversations are a jumping-off point for new partnerships, greater collaboration, and projects that truly make a difference.

This is a time of transition at the World Bank, where we are being asked to do even more on global challenges including climate change, conflict prevention and pandemic preparedness, while not letting up at all on our core, critical mission of fighting poverty. This year’s Spring Meetings were an opportunity to reconnect with old friends, launch new initiatives, and be reminded of the importance of our institution and its mission.