PM Lee Hsien Loong Opening Speech IMF Managing Director Rodrigo de Rato Opening Speech World Bank president Paul Wolfowitz Opening Speech

Globalisation, the Doha round of WTO talks and good governance were the focus of attention at the Official Opening of the IMF-World Bank meeting in Singapore.  

In his opening remarks, Singapore's Prime Minister Lee Hsien Loong said globalisation represents the best hope to improve the lives of the world's population. While it has created growth and wealth, and fostered trade and interdependence, globalisation is not without its downsides, but properly managed, it is a powerful force for the good.

With the IMF-World Bank meeting being held in Asia for the first time since the 1997 financial crisis, Prime Minister Lee pointed out that despite the crisis, none of the Asian economies opted out of globalisation because they remain convinced that the opening up of markets remain the best way to achieve progress.

The Singapore Prime Minister also told the gathering that although regional assistance and surveillance mechanisms are useful, they cannot replace global institutions like the International Monetary Fund and the World Bank in maintaining global financial stability and expanding global trade.

But to strengthen their roles and legitimacy the two institutions need to press forward with reforms and have a more balanced representation that better reflects current realities "rather than the historical configuration of powers in the immediate postwar period."

Prime Minister Lee said Globalisation must be part of the solution and not be part of the problem. With good governance and effective multilateral institutions, all countries can contain the risks and benefit from open markets and competition.

The IMF Managing Director Rodrigo de Rato who addressed the gathering next, stressed that there is a need for the G7 countries and major emerging markets to resume the WTO Doha Round. "The stakes are too high to accept failure," said Rato, urging developed and emerging economies to intervene swiftly to put the talks back on track.

The world, he said, stood before two paths -- one forward to greater growth and opportunities, and the other backward to narrow nationalism. "We should not fool ourselves that there is a comfortable middle ground," de Rato warned.

He said world leaders must move quickly to revive the ailing talks WTO talks to prevent a damaging shift towards protectionism. He said a delay would feed a growing inclination towards at best bilateralism and at worst protectionism.

In his statement to the annual meeting, World Bank President Paul Wolfowitz threw the spotlight on fighting corruption. He said good governance is not an end to itself, but the foundation of the path out of poverty, leading to faster and stronger growth. Turning to the Doha Round of trade liberalisation talks, Mr Wolfowitz said new ideas must be considered and everyone needs to accept that compromise is necessary, not just the US but also developing countries such as China, India and Brazil.