Dubai: Adopting inclusive governance is the path to stability and prosperity, said Jim Yong Kim, President of the World Bank Group, during the session titled ‘Inclusive Governance: The Foundation for Building Human Opportunities and Prosperity’ at the World Government Summit on Monday. Kim said shaping future governments so they deliver their responsibilities is essential to end extreme poverty by 2030.
“Last year’s statistics showed that poverty dropped by 10 per cent, but risks of poverty returning still exist,” he said.
Kim said the decline in economic prospects is also causing instability and a horrible humanitarian crisis.
“Difficult circumstances can be the source of people acting violently. Governments must invest in their people to give them opportunities. Investing in people, especially in health and education, is critical to promote prosperity,” he said.
Kim said 2015 was the hottest year in history, fresh water is becoming scarce and 50 million people are displaced from their homes in the Mena region, which in addition to the economic instability the world is facing is causing many parts of the world to be more fragile.
“The Mena region has been deeply affected due to the lowered oil prices, which led many of the governments to change their strategies and policies.”
Kim said violent extremists are also using these circumstances to recruit fighters.
The path to stability and prosperity is inclusive governance, said Kim.
He said there are three principles for an inclusive government: “The government must be transparent with the people, it must invest in people and it must create business opportunities.”
Kim said countries that don’t have good governance can cause instability to the people.
Kim commended the initiative of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. “Shaikh Mohammad’s initiative to have young ministers under the age of 25 is among the most inspiring gesture,” he said.
Kim said now is the time for greater ambition for the Mena region, adding that the World Bank is providing $200 million (Dh734.59 million) to improve education for Syrian refugees in Jordan and Lebanon
Following Kim’s speech, Jose Angel Gurria, secretary-general of OECD (Organisation for Economic Cooperation and Development), took the stage to talk about governance that provides better opportunities for all.
“We want to strengthen our collaboration with the UAE to keep promoting best practices on more inclusive models,” Gurria said.