He pointed to similar steps in previous financial crises such as in Latin America and the so-called HIPC initiative for highly indebted countries in the 1990s. World Bank Group President David Malpass: ... which runs through the end of 2020. The pandemic is hitting developing countries especially hard. At the upcoming virtual World Bank-IMF Annual Meetings, we will have a chance to discuss all these issues including human capital, climate, digital development, and additional steps on debt reduction. Yes! An added impediment is the lack of transparency in major contracts. "It is important that the amount of debt is reduced by restructuring," Malpass added. In consultation with our Board, we have been working on ways to provide financing for COVID-19 vaccines through this same fast-track approach. Its toll has been massive and people in the poorest countries are likely to suffer the most and the longest. After months of meetings, I understand that your working groups are finalizing a menu. Global data and statistics, research and publications, and topics in poverty and development, Environmental and Social Policies for Projects. As I said earlier, countries and economies cannot recover fully until all their people feel they can work, socialize, travel and live their lives with confidence. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? Our Debt Service Suspension Initiative (DSSI) has opened some fiscal space for participants, but the relief so far is too shallow to provide light at the end of the debt tunnel. "The enormous budget deficits and debt payments are overwhelming these economies. I’ve had good interactions with our Executive Directors on this approach and am encouraged by their response and input. BERLIN, Oct 4 (Reuters) - The COVID-19 pandemic could trigger a debt crisis in some countries, so investors must be ready for granting some form of relief that could also include debt cancellation, World Bank President David Malpass was quoted as saying on Sunday. In addition, the banks there are getting into difficulties due to bad loans," Malpass added. This can be called debt relief or cancellation," Malpass told Handelsblatt business daily in an interview. The COVID-19 pandemic could trigger a debt crisis in some countries, so investors must be ready for granting some form of relief that could also include debt cancellation, World Bank President David Malpass was quoted as saying on Sunday. To learn more about cookies, click here. As Jens said, the COVID-19 pandemic is a crisis like no other. Prime Ministers, Secretary-General Guterres, Managing Director Georgieva, Excellencies. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, Do Not Sell My Personal Information (CA Residents Only). Our private sector arm, IFC, is investing in vaccine manufacturers willing to prioritize developing countries; and also in production that addresses potential bottlenecks, including vials, needles and syringes and cold storage capacity. October 4, 2020. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Our vaccine financing is additional to the COVID fast-track health financing we announced in March and is an important part of the World Bank Group’s intention to make available $160 billion in grants and financial support over a 15-month period to help developing countries respond to the health, social, and economic impacts of COVID-19. Economies, families, and livelihoods cannot recover fully until all people are able to work, socialize, travel, and live their lives with hope and confidence. We’re 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. During the pandemic, over a billion children have been out of school and 80 million children are missing out on basic childhood vaccinations. Our goal was to quickly provide resources for emergency health support. Secretary-General Guterres, Excellencies, and Distinguished Colleagues. This additional financing will be to low- and middle-income developing countries that don’t have adequate access, and helping them alter the course of the pandemic for their people. In addition to our sizeable resources for countries, our COVID-response programs are readily expandable through co-financing, and we invite your participation. She will be the 1st woman CFO of World Bank. FILE PHOTO: World Bank President David Malpass responds to a question from a reporter during an opening press conference at the IMF and World Bank's 2019 … The 5 Largest Economies In The World And Their Growth In 2020 Jan 22, 2020 The 5 Fastest Growing Economies In The World Jun 27, 2019 GLOBAL MARKETS-U.S. … Using grants, credits, and concessional funding, we will help prepare early to finance low- and middle-income country that don’t have access. The World Bank’s 2020 Human Capital Index and report shows that the poorest communities are the hardest hit. The World Bank is a component of the World Bank Group. Join World Bank Group President David Malpass for the first virtual Civil Society Townhall, as he engages with representatives of Civil Society Organizations from around the world. Importantly, the approach is readily expandable; it makes available a strong framework for co-financing by others, which I encourage.

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