World Bank President Ajay Banga delivers a speech at the meeting on October 13, 2023. (Photo: worldbank.org)

They made their plea at week-long talks of global finance ministers and central bank governors in Marrakesh, Morocco. World Bank President Ajay Banga said the world is facing a declining progress in the fight against poverty, adding that there is a new vision and mission for the World Bank, and that is to create a world free of poverty. Banga said but time is of the essence.

Through balance sheet changes and contributions from members, the World Bank chief says it could add more than 150 billion USD to its lending capacity over the next decade. But Banga said more is needed as he called on members to boost the bank's International Development Association - a lending arm that provides zero- and low-interest loans to the poorest nations.

IMF Managing Director Kristalina Georgieva noted that the global economy is slowing while "more than half of low income countries remain in or at high risk of debt distress."

She said the IMF needs to be "urgently" strengthened by raising its quotas resources - the money that members put into the fund depending on the size of their economy. The IMF's capacity to provide zero-interest loans to its poorest members also needs a boost, she said.