Shortly before the G20 summit in New Delhi, India, the World Bank and the International Monetary Fund (IMF) called for greater cooperation between international actors.

Well-thought-out and coordinated political measures are necessary, particularly with regard to climate change, the increased debt vulnerability of many countries and digital change, according to a joint statement by both institutions published in Washington on Thursday. “The challenges are too great to be overcome by individual actors.” International financial institutions, governments, foundations and the private sector must work more closely together.

The World Bank and the IMF played an important role “in supporting countries during these difficult times of change,” the statement added. World Bank President Ajay Banga and IMF chief Kristalina Georgieva announced their intention to expand cooperation between the two institutions in the areas of climate change, debt and digital transformation.