The World Bank (WB) and International Monetary Fund (IMF) kicked off their annual meetings on Monday, October 21, in Washington. These week-long sessions provide an opportunity for both institutions to address key global issues. Ajay Banga, the president of the World Bank, has highlighted two central priorities for this year’s discussions: employment and agriculture.
In an interview with Agence France Presse (AFP), Banga emphasized the critical need to create jobs and secure food for young people in developing countries. He noted the immense challenge ahead: “More than a billion people will enter the labor market in the next 15 years, but only 400 million jobs are expected to be created.”
To tackle this issue, the World Bank is establishing a committee, co-led by the current president of Singapore and former Chilean president Michelle Bachelet, to explore solutions. Another major focus will be improving agriculture in sub-Saharan Africa, aiming to transform it into a viable business opportunity for small farmers.
Banga pointed to Benin as a successful example, where the country has recently bolstered its textile industry by processing its local cotton production. He hinted at further announcements on this theme during the meetings.