The Philippine government urged the World Bank and the International Monetary Fund to adopt bold and out-of-the-box solutions in support of efforts toward a “new multilateralism” to effectively assist emerging economies in mitigating, if not reversing, the impact of a changing global economic landscape.
“We call on the IMF and the World Bank to re-examine the traditional interventions and discard those that no longer work in favor of bold, out-of-the-box solutions for the institutions to remain in the foreground of the global economic landscape. This should underpin the concept of the ‘new multilateralism’,” Finance Secretary Carlos Dominguez III said during the 102nd meeting of the ministers and governors of the Intergovernmental Group of 24 at the IMF headquarters on Thursday.
Dominguez said the IMF and the World Bank should work closely with regional multilateral institutions that possess a more profound understanding and appreciation of the socio-economic and cultural backgrounds of countries seeking their assistance, and hence, their development needs.