The Development Committee is the World Bank Group and IMF’s highest advisory body for development issues. It is the first time a Swedish national and the first time that a European Minister for Finance holds this prestigious role. Ms. Svantesson will succeed Mr. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs of United Arab Emirates who has chaired the Development Committee since October 2022. 

Minister Svantesson is a senior politician who prior to serving as Minister for Finance has held the office of Minister for Employment and was a member of the Swedish Parliament for 16 years. Minister Svantesson has also been a doctoral student and a teacher in economics at Örebro University. During the Swedish EU presidency in 2023 Minister Svantesson chaired the Economic and Financial Affairs Council of the European Union. 

“I am honored to have been selected as Chair. The Development Committee is an important arena for international economic cooperation and there are many issues on the agenda that will shape this cooperation for years to come. During my chairpersonship I hope to positively contribute to international economic collaboration by leading the Development Committee in an inclusive, constructive, and efficient manner,” says Minister for Finance Elisabeth Svantesson.

“We are very pleased that our Governors have selected Elisabeth Svantesson to chair the Development Committee,” says World Bank Group President Ajay Banga. “With countries around the globe facing unprecedented challenges, Minister Svantesson’s background in finance, politics, and education will serve the Committee well. I look forward to working with Minister Svantesson to help us deliver innovative solutions for our partner countries,” says Banga.