The Partner Forum could not have come at a more opportune time. Macroeconomic instability, elevated inflation and interest rates, and significant increases in public debt are straining financial systems. In addition, existing challenges are exacerbated by geopolitical tensions, growing inequality, and the climate crisis, particularly in the developing countries. A well-functioning financial sector remains the core foundation and enabler of private-led, inclusive, and green economic growth.

The participants agreed that the demand for strategic technical assistance around financial sector reform implementation in developing countries is only expected to grow. Countries are keen to harness the potential of digitalization and use financial sector tools to help transition to a low-carbon, climate-resilient global economy, while enabling and mobilizing the much-needed private capital – domestic and international. In parallel, preserving the stability and integrity of financial systems remains one of the core concerns.

It has also become clear that tackling the complex financial reforms challenges requires the concerted effort of the global community. The sheer scale of today’s overlapping crises requires a well-coordinated response among partners to maximize development outcome, as one country or institution alone can address today’s formidable development challenges. Many partners are looking to the World Bank to deliver solutions on a scale. A diverse range of partnerships, collaborating across boundaries and borders, is essential in this process.

This is becoming even more important for the World Bank in the context of the World Bank’s Evolution Roadmap and its new Corporate Scorecard. In line with the renewed emphasis on partnerships, and as part of the World Bank’s Roadmap to become a “better bank”, FCI global and regional teams shared its key priorities for financial sector development work and ways the World Bank Group’s new playbook is being integrated into the operational work to deliver holistic, integrated solutions to client countries at greater speed and scale.

Ensuring two-way communication and fostering an open and honest dialogue was critical to the success of the Forum which provided ample opportunities for partners to also learn from each other. During a dedicated Connecting the Dots session, partners shared their own strategic priorities and views on how we can collectively maximize the benefits of partnerships for the most deep-seated problems facing the financial sector today.

Finally, FCI’s Finance for Development (F4D) and Risk Finance Umbrella Programs held their annual Partnership Council meetings on the sidelines of the Forum. Trust funds remain one of the World Bank’s key partnership tools, complementing and amplifying the impact of World Bank’s core funding to address critical challenges. Trust funds have a powerful multiplier effect by targeting issues of global concern with effective resources, piloting innovative solutions, developing knowledge that drives results, and allowing the World Bank to respond with urgency and in places otherwise out-of-reach.