ignazio visco : joint ministerial committee of the boards of governors of the bank and the fund on the transfer of real resources to developing countries statement by mr ignazio visco, governor of the bank of italy and governor of the constituency of albania, greece, italy, malta, portugal, san marino and timor - leste, at the 105th meeting of the development committee ( joint ministerial committee of the boards of governors of the bank and the fund on the transfer of real resources to developing countries ), washington dc, 22 april 2022. * * * today's meeting falls at a tragic time. our first thought goes to the ukrainian people, forced to abandon their regular lives, their homes and their land, their families and friends. we grieve the tragic loss of life and massive human suffering that have accompanied russian military aggression against ukraine, which threatens the rulesbased international economic and financial system. we commend the world bank group ( wbg ) for its swift intervention in support of the ukrainian government and people, using its convening power to gather the resources of the international community. we appreciate the wbg's efforts to work closely with the un and other key partners in supporting those fleeing the war. the shocking events in ukraine are having huge, negative impacts on the world economy, which had just started to recover from the upheavals of the covid - 19 pandemic. it will take time to assess the war's human, moral, and economic cost. the background paper for the development committee confirms our fears, presenting updated assessments of the immediate economic and social impact, the manifold medium - and long - term effects, and the acute risks for the poor and most vulnerable. shortages of key staples, extraordinary increases in energy and food prices, mounting trade costs, and disruptions in supply chains are already putting developing countriesespecially the poorest - under enormous pressures. we agree that the wbg, in collaboration with other relevant multilateral institutions, must promptly address food insecurity in africa, central asia, and the remaining least developed economies. this should include actions to increase food supply and avoid export restrictions, also through the support to regional integration and transportation infrastructure. creating jobs and helping the private sector develop are necessary complementary objectives. history demonstrates that abrupt food price increases often trigger economic setbacks and political instability, which in turn augment fragility, poverty, conflict, and violence. we acknowledge the wbg staff

, and allowing for a larger circulation of people, goods, services, technologies, and capital. until the pandemic, globalization and technological progress have facilitated the strong reduction of extreme poverty, contributing to convergence in per capita income across countries. but this came alongside significant losses in terms of job security and welfare for non - negligible segments of the population, which would have required appropriate rebalancing measures. the war in ukraine is a profound and dramatic change which may interrupt this process and, possibly, lead to different equilibria that are still difficult to envisage today. but the pandemic has taught us that the global community – including international financial institutions – can promote successful cooperation within a collaborative and multilateral framework. as tensions and fractures threaten this framework, restoring peace, preserving multilateral dialogue and relaunching a truly cooperative spirit are essential. 3 / 3 bis - central bankers'speeches