Global finance chiefs agree on development solutions despite rising risks

WASHINGTON (Xinhua) - Global finance ministers on Saturday concluded the Development Committee meeting and pledged concerted efforts to address rising risks, such as Ebola, climate change and infrastructure financing.

The Development Committee said in a communique that the global economy remains on a cautious watch and is subject to considerable downside risks. It called for bold policies to boost growth and build resilience.

The committee agreed that much swifter action should be taken against the Ebola epidemic and on a new Global Infrastructure Facility to help close an estimated $1 trillion annual financing gap in developing countries.

To fight climate change, the World Bank won support for carbon pricing from 74 governments which account for 54 percent of the world's carbon emission.

According to the communique, the committee expected an important shift in the way the World Bank operates to deliver more efficient support to client countries, and will monitor the implementation of the change process and expect better lending quality with increased development impact.

The Development Committee is made up of 25 ministers of finance or development who represent the 188 members of the World Bank and the International Monetary Fund.