(MENAFN- Kuwait News Agency (KUNA)) New President of the World Bank Group Jim Yong Kim stressed here Monday that the global economy remained "highly vulnerable," saying "we need to boost confidence in markets and within the private sector".
In his first day in office, the World Bank chief said in a statement "as a global development institution, the World Bank has an economic and moral imperative to help address risks to global growth, no matter where they emerge".
"A strong global economy benefits all countries; a weak global economy makes all countries vulnerable," he added.
He stressed that "it is urgent that European countries take all necessary measures to restore stability because their actions will impact growth in all regions of the world".
He indicated that over the coming months, he will be "engaging closely with clients, partners and my colleagues in the Bank Group to take stock of the challenges ahead and ensure that the Bank's strategy is suited to supporting our member countries' needs".
"My immediate priority will be to intensify the World Bank's efforts to help developing countries maintain progress against poverty in these volatile times," he affirmed.
He noted that he will work "with our clients and partners to ensure that we are creating a new economic firewall: one that protects people in developing countries against shocks".
"I know from my work in poor communities around the world that, when a crisis hits, and no safety net is in place, the effects can be devastating," he remarked.
He affirmed that the World Bank "substantially increased its lending during and after the global financial crisis".
"We must continue to build more effective and sustainable ways to ensure citizens have basic income protection, and access to education, healthcare and energy," he stressed.
The Bank chief affirmed that "this is also critical for strengthening domestic demand because when people have basic security, they are empowered to be creative and tap their full potential".
"A central part of my responsibility in the next five years will be to ensure that the Bank's distinctive strengths are aligned with the needs of a world in transformation and transition," he stressed.
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