The Development Committee reiterated the development priorities of the World Bank and suggested a five-point strategy to reverse the dramatic increase in poverty in east Asia.
The ministers of the member countries, who addressed the committee, stressed that given the magnitude of reversals in capital flows that east Asia and other regions experienced, resumption of private flows was key to recovery. In other words, reinforcing the generally accepted view that the International Monetary Fund (IMF) can no longer be the lender of last resort.
They also encouraged the executive boards of the IMF and the World Bank to review the roles of the Interim and the Development Committees as part of the ongoing consideration of steps to strengthen the international financial architecture.
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The ministers also discussed the issue of Fund-Bank collaboration. They welcomed the measures to improve operational mechanisms and the environment for collaboration.
At the subsequent press conference, World Bank president reacted sharply to queries on some of the interventions on the issue of Fund-Bank collaboration.
"We have our differences. But, I don't understand why the Bank-Fund collaboration and financial architecture is the centre of focus in the annual meetings this year, especially when we are in the midst of a crisis," James Wolfensohn said.
According to the communiqu