World Bank: Disparities between rich and poor countries are growing

Ajay Panga, President of the World Bank, warned that the growing rift between rich and poor countries threatens to deepen poverty in the developing world at a meeting of finance ministers and central bank governors of G20 countries hosted by India.

Many countries are still seeking to recover from the consequences of two successive crises: the pandemic and the Russian war in Ukraine, which have caused a sharp rise in the world’s fuel and basic material prices.

In addition, climate change is causing painful consequences for poorer countries that are less resilient, according to “French” yesterday.

He noted during a two-day meeting that “the frustration felt by the countries of the South is understandable: in many respects they pay the price for the prosperity of other States”.

It feels that its aspirations are limited because energy rules are not universally applied and is concerned that another generation will fall into poverty “.

Panga was born in India and held U.S. citizenship, and took over the presidency of the World Bank in June after being nominated for office by U.S. President Joe Biden.

Banga stressed that the Bank is working to strengthen its capacities, including raising diverse shareholder capital to boost growth and create jobs, stressing that economic expansion should not come at the expense of the environment.