The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
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Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

14 April 2008

NO.024

Treasurer Attends World Bank Development Meeting

Today in Washington DC, I represented Australia's constituency at the meeting of the World Bank Development Committee (DC) — a joint ministerial committee of the World Bank and International Monetary Fund.

The World Bank DC meeting considered key development issues including: progress towards the Millennium Development Goals at their mid-point; implications of financial market developments and rising commodity and food prices on developing countries; and challenges facing fragile and conflict-affected states.

I welcomed the World Bank's commitment to increase engagement in fragile and conflict-affected states, including in our Pacific island neighbours.

I also attended the meeting of finance and development ministers on climate change. Ministers continued dialogue initiated in Bali in December 2007 on economic and fiscal challenges facing developing countries in dealing with climate change.

At the invitation of President Bob Zoellick, I shared Australia's experiences in preparing for and adapting to climate change.

I also discussed with President Zoellick ongoing global efforts to tackle poverty, and the development challenges facing our region, such as adaptation to climate change.

Australia attaches considerable importance to the World Bank's work.

Our nation provided strong support to the recent replenishment of the World Bank's International Development Association — supporting the world's poorest countries — by providing $583 million.

These discussions further developed Australia's close partnership with the World Bank.

WASHINGTON DC, USA
Sunday 13 April 2008 (Washington time) / Monday 14 April 2008 (Canberra time)