Former IMF Official: Investment in Developing World Crucial for Global Outcomes
For Immediate Release
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MARRAKESH (December 15, 2016) – On the second day of The Atlantic Dialogues, a high-level gathering of international public and private sector leaders from around the Atlantic Basin, Masood Ahmed, former director of the Middle East and Central Asia Department of the IMF, called for reform of monetary aid spending in developing nations imploring that “investing in the development of the rest of the world is an investment in global outcomes and global security.”
Ahmed went on to emphasize the need for a more educated population versus technological or industrial development. “Yesterday we had somebody on this stage saying that 70 percent of the young people are going to be in Africa in 20, 30 years in the world. But if we do not make the education of those young people a global priority, tomorrow’s workers, 70 percent of them, will not have the skill set.”
Ahmed was part of a larger conversation focused on rethinking development finances as the global economy transforms in unprecedented ways. Panelists and participants alike agreed that rethinking and re-evaluating finance methods for development has become a critical element of changing the mindset of the people — which will in turn change the future of the nation.
“In the advanced economies, globalization has brought disruption of their social fabric and you have now pockets of poverty and social problems in advanced economies,” said Luiz Awazu Pereira da Silva, deputy general manager for the Bank for International Settlements. “It is a paradox, but you need to fix growth in advanced economies, so that the mindset of people change about multilateral corporation.”
In a later conversation on infrastructure investment and workforce development, the focus remained on the educational development of a population to grow toward a more sustainable future.
“It is a question of development, of inclusive development, or creating a specific investment, and opportunities for jobs development and the young people who graduated outside will come back in their countries and they will come back with experience,” said Amina Benkhadra, managing director of ONHYM.
Nevada Governor Brian Sandoval explained how his administration supports workforce-focused education as a way to spur job growth in his local community. “I’ve talked about this workforce and working with the local school districts and making sure — and the university system, higher education — to make sure that those education systems are in place and that the private sector is working directly with our education system.”
Much like the first day of conversation at The Atlantic Dialogues, it seems that practitioners from all sectors should brace for more change and plan accordingly.
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