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World Bank Group President David Malpass provided an update on the World Bank's development finance actions during this part of the pandemic. He spoke about the first goal in the Coronavirus (COVID-19) response was for the World Bank to take broad, fast action early and to provide large net positive flows to the world's poorest countries. He mentioned that together with the IMF, and the World Bank Group (WBG) are making progress on debt transparency and relief. He described the IMF and WBG working to extend and broaden the debt moratorium and lay the foundations for debt reduction and would welcome the UN's vocal support for full participation by all official bilateral creditors, including national policy banks. He also spoke about IMF and WBG working to expand fast-track Coronavirus (COVID-19) programs to include financing for the purchase and distribution of vaccines. He cautioned that the countries will also need to prepare for a different economy post-COVID, by allowing capital, labor, skills and innovation to move into new businesses and sectors. He concluded by saying that If we take action early with the large creative programs and sources of financing, we can help countries as the IMF Managing Director puts it, build forward a better and stronger, a greener, smarter and more equitable economy.

Coronavirus --- COVID-19 --- Development Economics and Aid Effectiveness --- Finance and Financial Sector Development --- Governance --- International Governmental Organizations --- Macroeconomics and Economic Growth

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World Bank Group President David Malpass spoke about the recession in advanced economies that is less severe than had been feared, but in most developing economies, it has become a depression, especially for the poorest. The World Bank Group was able to launch health emergency programs in one hundred and eleven countries and begin a surge in their grants and highly concessional lending that will reach the limits of our capital structure and commitment authority. The goals for debt relief in the Spring meetings were fiscal savings for the poorest countries, greater debt transparency, and a path forward for countries in debt distress. He insisted that it's important to note that the Debt Service Suspension Initiative (DSSI) defers payments into the future but doesn't reduce them. The World Bank Group Board approved a package of up to twelve billion US dollars to expand the fast-track Coronavirus (COVID-19) response for the purchase and distribution of Coronavirus (COVID-19) vaccines, tests and treatments. He will propose to IDA Deputies later this month creating a twenty-five billion US dollars supplemental COVID Emergency Financing Package. He concluded that even in the midst of a once-in-a-century crisis, he has confidence that sustainable solutions will emerge, in part by embracing constructive change.

Concessional Lending --- Coronavirus --- COVID-19 --- Debt Markets --- Disease Control and Prevention --- External Debt --- Finance and Financial Sector Development --- Health, Nutrition and Population --- Poverty --- Public Health Promotion

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World Bank Group President David Malpass spoke about the recession that has been deep, one of the deepest since the Great Depression. He announced about the Board approved the extension of the health emergency programs to up to twelve billion US dollars for vaccines and therapeutics and distribution of those in countries that don't otherwise have access. He mentioned that the moratorium was meant to address right away the fiscal gap that the poorest countries are experiencing. He explained the Debt Service Suspension Initiative (DSSI) itself simply defers debt payments and adds interest to them. He noted that World Bank plans to and provide extra support for social protection for the poorest in countries. He spoke about the need to have flexibility in economies, so that people can move to new jobs and positions, and the country can be prepared for a post-COVID global economy. He argued that it's vital for the fragile states to recognize that women and girls make up a very productive half of the economy and need to be fully included in the legal structure and in the social fabric of the economies. He also mentioned ongoing work in Ecuador, Bangladesh, and Nigeria.

Business Cycles and Stabilization Policies --- Concessional Lending --- Coronavirus --- COVID-19 --- Debt Markets --- Disease Control and Prevention --- Electricity --- Finance and Financial Sector Development --- Health, Nutrition and Population --- Living Standards --- Macroeconomics and Economic Growth --- Poverty Reduction --- Remittances --- Services and Transfers to Poor --- Social Protections and Assistance --- Social Protections and Labor

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World Bank Group President David Malpass explained the World Bank Group's work to take broad swift action to respond to the coronavirus pandemic. He spoke about finalizing an additional package that will focus on the broader economic consequences. He was concerned about the poor and densely populated countries like India and how the Bank is working hard to provide support through Bank's public and private sector tools. He highlighted the role of private sector support which is critical. He mentioned the Bank working closely with the IMF and WHO, among others, to determine needs assessments of client countries. He also highlighted the importance of addressing debt vulnerabilities as this crisis will hit hardest poor countries that have high levels of indebtedness. He spoke about how the Bank urged many of the G20 leaders and other official bilateral creditors to suspend debt payments due from IDA countries, effective immediately to determine what kind of debt relief or restructuring is needed. He concluded by saying that the World Bank Group and the IMF are working quickly to flesh out an approach for debt relief for poorer countries.

Access to Finance --- Disease Control and Prevention --- Economic Conditions and Volatility --- Finance and Financial Sector Development --- Health, Nutrition and Population --- Macroeconomics and Economic Growth --- Public Health Promotion

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World Bank Group President David Malpass spoke about the broad, rapid, and affordable access to Coronavirus (COVID-19) vaccines which will be at the core of a resilient economic recovery that lifts everyone. He mentioned that the World Bank Group's forty-year engagement with China has been mutually beneficial and continues to evolve. He thanked China for its large contribution to IDA19, which is particularly noteworthy given China's stage of development. He highlighted on the lending relationship with China which is also evolving steadily, with a strong focus on analytical and advisory services and strong engagement from the International Finance Corporation. He expressed that China's economy needs further reform to get the most benefit as it returns to sustained growth. China's Coronavirus (COVID-19) economic policy response has been weighted towards supporting firms and banks and encouraging public investment, in relative terms, while direct transfers to households have been limited. Greening of China's growth going forward should form a core objective of the fourteenth five-year plan. Regarding progress on debt relief and transparency, he mentioned that private creditors have not been participating, leaving official bilateral creditors shouldering much of the burden.

Climate Change Mitigation and Green House Gases --- Coronavirus --- COVID-19 --- Debt Markets --- Disease Control and Prevention --- Environment --- Finance and Financial Sector Development --- Health, Nutrition and Population --- Poverty Reduction