how do you balancing -- view balancing those kind of risks? kristalina: we did a fairly thorough analysis of how to finance mitigation and one obvious conclusion was who cannot borrow your way through this problem. you have to think about and this is why i'm so much emphasizing the purpose of growth. and unless you do that, unless you do that you are in a catch 22.

you do not have physical space. and climate shocks are more damaging to you. what agitates me honestly is that there is so much we know about the way to lift up productivity and growth. do it. our staff said that countries, 15% of the structural measures that are in place here delivering higher productivity for the united states, they can generate just about a percentage point stronger growth in the economy.

in a way i would have said, the answer to your question is engage with the public, create more appetite to guarantee our survival. >> let's go next to rajkumar. >> thank you so much, great to see you. i appreciate the optimistic message. the fragile second state strategy of the imf. you talked about where the low income countries are.

half of them are at or near the debt crisis. what does that mean for bilateral going down, that the debt situation is worse. i know we talk about a soft landing, what is the model for them? kristalina: we are working on a three-pronged approach as we engage with countries that face great difficulties. one is to help them own of the government another policy front, so they advance, they get better. the second one is to mobilize more assistance from others. we take our role to use problems

so we can catalyze more funding for these countries and we recognize that the ultimate difficulty comes from conflicts. what we do is we work with regional structures, we work with other organizations to bring forward solutions to solve these problems. we are not the peace building organizations. we are zeroing in on sudan and countries that need more attention. i must say it is very troubling

that you would have a conflict like the one in sudan and it is not one of the top list of stories. we do what we can to stabilize countries and in some cases there is progress. like in somalia. somalia was seen as difficult, somalia is doing better. but unfortunately the fragile country situation has not gotten in totality better. we give people bonus points because we want to work with those that need our help the most. we work with the bank, we work with regional development banks

to support these countries. you are right, they do require all the attention the world can spare. >> let me follow up on that and then we will take one more question and wrap it up. when you are talking about preparing for the next shock, is it conceivable that the next shock is coming from an area of fragility? generally, the conventional wisdom is that these countries are very relatively small economies that don't impact the global economy, but how do you assess that? kristalina: first, let me say this. i did not quite answer your question, my thinking is to teach us and help our members to

think because the unthinkable is going to happen. we are building this muscle so we anticipate and then we respond quickly and we lean forward to target the most vulnerable. could that be the unthinkable that comes from a small country? of course this is possible. a small country developing terrorist capabilities in a world where drones can go anywhere, yes, a small country can cause big trouble, yes. so, how do you counter that? you make it so countries have opportunities.

as many of you know, i was the crisis commissioner. this is what helped me to be a good managing director because this is what i was wired to do. andrea: let's going now to jordan schwartz, executive vice president, thank you so much, jordan. >> thank you so much. a question about cooperation since that was the call for engagement at the end of your speech. i think over the course of your tenure at the fund, we have watched the institution evolved further from focused traditionally to one evermore concerned with the impact of

finance, whether it is climate change or productivity or vulnerability and equity in some of the points you have raised. it brings it closer to the multilateral banks and ourselves closer to the fund. i was wondering if you could give us a sense of where you see collaboration going across the international financial institution? kristalina: it is very important that institutions do what they do best. for us as the fund, what we are best at is to take the vital signs of each and every economy and identify areas of risks and opportunities for these economies in particular with the risks associated with balance payments.

as the world becomes more complex and interconnected, we cannot separate those needs from policy choices countries make. we have to think about those. and there we find it very useful to partner with organizations that have deeper knowledge. i will give you one example. we have the resilience of sustainability trust to create fiscal space for climate policies, adaptation, mediation. we benefit tremendously from your work, your work of the world bank in understanding what are the key parameters for the climate performance. so then we can draw.

for all of us in the financial institutions, if we are not seen as delivering, the attitudes of society, it is a matter of every single day shown that it is collective assistance. andrea: thank you, everyone. kristalina: and thanks, andrea. [applause] andrea: thank you.

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>> i asked president barack obama to come forward. president obama: good morning.

president biden, president clinton, speaker pelosi, friends, admirers, it is a great honor to be with you today to say a few words about my dear friend ethel kennedy. most americans got to know ethel as a wife, mother, grandmother, you could hear some of those great-grandchildren as we speak. the woman who standing alongside her husband helped the idealism of an entire generation. helped raise a legion of

changemakers and public service. she was proud of those roles. she loved family just as she loved friendship. as anyone who ever met her nose, she was a lot more than that. while bobby was shy and serious, ethel was not. she was a spitfire from a young age. some of you have heard the stories, the school yearbook, in college, demerits for a long list of infractions including chewing gum and disorder in the tea room.

i can only imagine what that was like. that spirit did not leave when she left school when she was married, had children, became a grandmother. there was the famous party where she pushed the fellow cabinet members into the pool, the touch football game where she bit the rider on the ankle. of course the cast of family pets, dogs, horses, chickens, turtles what made her mischief

special was how it was always joined to kindness and generosity, perspective. in the same way that her joy, her love for people helped feed a righteous anger towards the many injustices in our world. her life had more tragedy and heartbreak than most of us could bear. she would have been forgiven if at any point she had stepped away from public life. after all she had her family had been through. that is not who she was.

we know the story on the train she famously walked up and down the aisle. in the years that followed she kept doing what they intended to do. fighting for what is right, supporting causes that she believed in. encouraging those willing to take on the powers that be. lifting up the stories of those whose voices had been set aside. so her children, great-grandchildren felt the responsibility to do the same. she became a passionate advocate for everything from juvenile

justice, civil rights, environmental protection, well into her 80's she is still out there marching for something. through the center she created, she salivated journalists, activists, educated people about threats to human the gritty. she was willing to go to extraordinary lengths to support any cause close to her heart. a bucket of ice water over her head. i remember this because she tried to talk me into doing the same. i wrote a check instead. probably the only time i ever said no to ethel. she wasn't too happy about it.

as serious as ethel was, she never seemed to take herself too seriously. there is no pretension, no attitude. she treated everybody with the same respect, same curiosity, the same humor. her ability to connect to people high-end love regardless of background, her capacity to see the best in you and not just assume the worst made her such a force for change.

what a gift it was to have her on your side. she had a way of believing in you i don't remember exactly the date, shortly after i spoke at the democratic convention. i had just emerged on the national scene. i'm not sure if i had been sworn in to the senate. it was like being shot out of a cannon. suddenly this small woman marches right up to me and grabs me by both hands. i realize it's ethel kennedy, which is even more disoriented. she says i like you.

you are going places. i said you are so kind, it is an honor to meet you. she cut me off. you know you are going places just make sure you enjoy the ride. she didn't have much patience for sentiment because she was too busy enjoying life and getting stuff done. if she were here today i would imagine her whispering to somebody that it's time for me to wrap up. let me end with this, we live in a time of such rancor and

division and loneliness and we isolate ourselves with gadgets, diversions, we are encouraged to chase after things, we have trouble distinguishing what is true from what is false and we succumb to those voices that find it profitable. in resisting such voices we saw ourselves becoming sin assists. what better time to remember the life ethel kennedy lived. a woman who understood our salvation comes from turning

towards each other, not turning away. someone who reminds us that life goes on no matter how deep the grief. that there is joy and purpose to be found no matter what hand we have been dealt. each of us has the power if we so choose to make somebody else's life a little bit better. that we could have some fun and make some mischief in the process. what a gift. i sure did love ethel kennedy. i miss her. i miss her smile, warmth, generosity, gr -- may god bless

her and may she rest in the eternal peace. [applause] >> i ask nancy pelosi to come forward.

speaker pelosi: again, mr. president, mr. president, mr. president, how great for her to have three great presidents of the united states. we all know the passing of ethel kennedy is a deep personal loss for her beloved family and friends. i'm honored and grateful for the opportunity to share some thoughts about her from an official standpoint and also from a girlfriend standpoint. as we all know after the tragic loss of bobby, there was a profound dedication to carry out

not just their commitment to expanding opportunity, promoting civil-rights and promoting a more peaceful world. we talk frequently about hope because people would say where is hope. her deep faith in what we said, hope is sitting where it always has been. right between faith and charity. her deep faith in god and goodness of others, her faith in the charity of others gave her hope as well. she gave us strength to help america cope in establishing the robert f kennedy center for justice and human rights, which he carried on.