Interview: Multilateralism essential to solving global problems: World Bank senior official

Munich Security Conference (MSC) Chairman Christoph Heusgen speaks during the opening of the 60th MSC in Munich, Germany, Feb. 16, 2024. (Xinhua/Zhang Fan)

Axel van Trotsenburg, World Bank's senior managing director pointed out the need to show more international solidarity, reiterating that "multilateralism is more important than ever."

MUNICH, Germany, Feb. 20 (Xinhua) -- Multilateralism is more important than ever in confronting a series of global challenges, a World Bank senior official said.

"More international solidarity is needed, and we can only jointly solve global problems," Axel van Trotsenburg, World Bank's senior managing director, said in an interview with Xinhua on the sidelines of the 60th Munich Security Conference on Sunday.

"We need the active cooperation with international players" and cannot succeed alone, he said.

As the global development landscape becomes increasingly challenging, the plight of poorer countries is of particular concern to the World Bank, said van Trotsenburg.

The senior official said that the global economy faces challenges due to relatively weaker economic growth compared to previous periods, adding that this particularly impacts the prospects of developing countries, especially the poorest ones, which rely on robust growth for job creation.

He pointed out the need to show more international solidarity, reiterating that "multilateralism is more important than ever."

He said that the World Bank has been scaling up financial support, particularly to developing countries.

When discussing China's contribution to the World Bank, van Trotsenburg said China is an active and significant member and has undergone "a very interesting journey" with the World Bank.

He noted that through strong development efforts and the elimination of extreme poverty, China has transitioned from being a recipient of financial support to a donor country that assists the poorest nations.

In his view, China's transformation is very positive and sends an important signal to the developing world that progress can be achieved within a generation.