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October 28, 2021

World Bank & IMF Ratify Polye’s Appointment

TheWorld Bank andInternational Monetary Fund yesterday officially ratiflied Treasurer Don Pomb Polye’s appointment as board of governors’ chairman attheir annual meeting in Washington USA .


The chairman’s primary role is to preside over annual meetings. Most policy directions for the organizations come fromtheir executive boards.

Polye’sain PNG is keen on living up to its status asthe big brther amongst Pacific Island nations, and an emerging economy inthe Asia-Pacific region.


He admitsthe position seems like an over-sized pair of shoes to fill, but he says he hasthe backing of his Asian brthers.


The secretaries for the bank andthe fund briefed him on his responsibilities as he assumes his role of as chairman.


Chairman Polye is keen on improving living standards; he saidthere must be constructive reforms taking place inthe areas of macro and micro-economics. Atthe momentthe bank andthe fund are keen on reforms intheir policies.


“The race is not between those that are stronger like America and those that are weaker like Africa&hellipthe race is not between those who have a lot of money, and those that have less money,” said Polye.

“The true race is between those that are adaptive to changes that are helpingthem to mover faster way ahead, as in those who are so happy withthe past experience and continue to engagethemselves in it.”

PNG’s drive on creating a world’s risk mitigation centre for the fragile states has caughtthe attention ofthe Commonwealth Secretariat andWorld Bank and IMF Asia-Pacific constituency.


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