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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 Coronavirus (COVID-19) pandemic and economic shutdowns that are causing the world's deepest recession since World War II and the first major recession in ASEAN countries since the 1997 Asian devaluation crisis. He mentioned that women are faring worse in the crisis than men across most countries and across several dimensions including loss of jobs, decline in remittances, food insecurity, and the heavy burden of caregiving responsibilities. He explained that the World Bank Group has moved rapidly to deploy its full financial capacity with much of it going to the poorest countries and to private sectors for trade finance and working capital. He highlighted that the World Bank made available up to twelve billion US dollars of fast-track financing to client countries for them to choose, purchase and deploy Coronavirus (COVID-19) vaccine. He spoke about the DSSI debt service suspension initiative, which he called a good first step, but the relief so far has been less than anticipated because not all creditors participated. The World Bank Group is working on effective approaches for debt reduction and debt resolution to address low income countries' unsustainable debt burdens. Countries will need to prepare for a different economy post-COVID, by allowing capital, labor, skills and innovation to move into new businesses and sectors. The World Bank strongly supports trade facilitation measures to encourage greater flows across borders.

Capital Markets and Capital Flows --- Coronavirus --- COVID-19 --- Finance and Development --- Finance and Financial Sector Development --- Poverty --- Trade Facilitation

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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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Transcript of the remarks delivered by President David Malpass at the 2022 World Bank Group annual meetings media roundtable. He outlines the most urgent current crises facing development, and answers questions from participants.

Environmental policy.

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These remarks were delivered by World Bank Group President David Malpass at Spring Meetings 2022 Opening Press Conference on April 20, 2022. He said that the World Bank Group has been acting fast in the face of the crises: first the COVID-19 surge financing in over the last two years, which was one of the fastest and largest in our history; and now putting money into Ukraine and have moved quickly both to commitments and disbursements, including nearly 1.5 billion dollars that he announced in Poland last week. He mentioned that the World Bank is working actively on climate, through their Climate Change Action Plan and the formation of Country Climate and Development Reports (CCDRs), which will identify the high priority items country by country, in their efforts to mitigate and to adapt to climate change. He insisted that one of the solutions for the world is to recognize that markets are forward looking. He mentioned that as interest rates rise, the debt pressures are mounting on developing countries, and we need to move urgently towards solutions. He hopes and expects that many countries will step forward with individual solutions to alleviate the food crisis and the fertilizer crisis. He explained the efforts to support people within Mexico, and the World Bank is interested in working with governmental entities on that. He spoke about Nigeria has huge opportunity because of its natural resources and because of its people, and could see its growth accelerate with improvements in policy. He insisted that there needs to be substantial investment in the backbone of the global electricity system in terms of baseload and grid in order to get through to the other side of this energy crisis. He did a joint statement with IMF, with WTO, and with the World Food Program late the week before stating these views, that it's important that the world increase supply and not close markets, not fragment markets, as we move through this crisis. He hopes, as we look at the resolution to the current crisis, one of the key steps will be for the central banks and the fiscal authorities to use their tools to improve the allocation, to allow an allocation of capital that goes more towards small businesses, new businesses, and developing countries.

Climate change mitigation.