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  • Publication
    Remarks to the World Food Programme Executive Board
    (World Bank, Washington, DC, 2020-11-16) Malpass, David
    World Bank Group President David Malpass spoke about how in its first year, the Coronavirus (COVID-19) pandemic is pushing one hundred fifty million people into extreme poverty, ending two decades of steady progress on poverty reduction. Coronavirus (COVID-19) has altered every aspect of commercial activity and trade, shrinking gross domestic products (GDP), fueling a debt crisis and triggering severe food crises. He cautioned about the long-standing problems in the global food system, and how World Food Programme (WFP) and Food and Agriculture Organization (FAO) has estimated that the number of people facing acute food insecurity will double to two hundred sixty-five million people in 2020. He spoke about working along with IMF on effective approaches for debt reduction and debt resolution to address low income countries’ unsustainable debt burdens. He highlighted on establishing a fast-track Coronavirus (COVID) response that has delivered emergency support to one hundred twelve countries so far. He explained that in response to the global food security crisis, the World Bank Group has significantly stepped up investments to strengthen food security in client countries.
  • Publication
    Remarks at the Mobilizing with Africa II Event
    (World Bank, Washington, DC, 2020-10-09) Malpass, David
    David Malpass, President of the World Bank, remarked that the Coronavirus (COVID-19) pandemic and global recession are wiping out more than a decade of poverty alleviation. He focused on crisis response and supporting recovery.
  • Publication
    Reversing the Inequality Pandemic
    (World Bank, Washington, DC, 2020-10-05) Malpass, David
    World Bank Group President David Malpass spoke about the Coronavirus (COVID-19) pandemic that has already changed our world decisively and forced upon the world a painful transformation. He explained the World Bank Group’s approach that has been comprehensive by focusing on saving lives, protecting the poor and vulnerable, ensuring sustainable business growth, and rebuilding in better ways. He focused on four urgent aspects of this work: (i) first, the need to redouble efforts to alleviate poverty and inequality; (ii) second, the associated loss of human capital and what must be done to restore it; (iii) third, the urgent need to help the poorest countries make their government debt more transparent and permanently reduce their debt burdens, two necessary steps to attract effective investment; and (iv) finally, how we can cooperate to facilitate the changes needed for an inclusive and resilient recovery.
  • Publication
    Remarks to G20 Leaders’ Virtual Summit
    (World Bank, Washington, DC, 2020-03-26) Malpass, David
    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.
  • Publication
    Remarks from the G20 Finance Ministers Conference Call on COVID-19
    (World Bank, Washington, DC, 2020-03-23) Malpass, David
    David Malpass, World Bank Group President, issued his remarks from the G20 Finance Ministers conference call, on the COVID-19 pandemic. These are difficult times for all, especially for the poorest and most vulnerable. For the World Bank Group, the first goal is to provide prompt support during the crisis, based on a country’s needs. It is also vital to shorten the time to recovery and create confidence that the recovery can be strong. On March 17, the World Bank and IFC Boards approved a USD14 billion package to respond to COVID-19. Of that, IFC is making USD8 billion available in relatively fast-acting financial support for private companies. IBRD and IDA will be making USD6 billion available in the near term to support health care. The Bank is currently restructuring existing projects in 23 countries, many of these through the use of contingent emergency response components. The Bank is also preparing projects in 49 countries in a new fast-track facility, with decisions expected this week on as many as 16 country programs. The World Bank’s Board will meet shortly, and it is expected that this first round of countries will provide a framework to quickly scale up over the next few weeks. The Bank and the IMF are ready to work quickly with official bilateral creditors and with other international organizations as partners to finalize a process by the Spring Meetings of our organizations in April.