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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