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World Bank Annual Report 2023: A New Era in Development
(Washington, DC: World Bank, 2023-09-28) World Bank
This annual report, which covers the period from July 1, 2022, to June 30, 2023, has been prepared by the Executive Directors of both the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)—collectively known as the World Bank—in accordance with the respective bylaws of the two institutions. Ajay Banga, President of the World Bank Group and Chairman of the Board of Executive Directors, has submitted this report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors.
Remarks by World Bank Group President David Malpass at World Bank Group 2022 Spring Meetings Ministerial Roundtable for Support to Ukraine
(World Bank, World Bank, 2022-04-21) Malpass, David
These remarks were delivered by World Bank Group President David Malpass at World Bank Group 2022 Spring Meetings Ministerial Roundtable for Support to Ukraine on April 21, 2022. He said that he has been deeply horrified and shocked by Russia’s invasion of Ukraine, the atrocities committed against the civilian population, and the loss of life and livelihoods for millions of Ukrainians. He mentioned that since the invasion, the World Bank Group has provided fast-disbursing financial support to help the government provide critical services, pay wages for hospital workers, public servants, and the elderly. He insisted that It will be important for all partners to continue coordinating their support for Ukraine’s budget needs. He described that the World Bank Group is working toward three phases of the recovery effort of relief, recovery, and resilience. He said that as the war continues, the World Bank Group will work to build confidence in Ukraine’s financial, monetary, and fiscal institutions, fostering currency stability as they go forward. He mentioned that rebuilding will take hard work, determination, and struggle, but he remains optimistic. He concluded by saying that with our collective support, Ukraine can achieve a brighter future.
The World Bank Annual Report 2022: Helping Countries Adapt to a Changing World
(Washington, DC : World Bank, 2022) World Bank
The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submit the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors.
The World Bank Annual Report 2021: From Crisis to Green, Resilient, and Inclusive Recovery
(Washington, DC: World Bank, 2021-10-01) World Bank
The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors.
MIGA Annual Report 2021
(Washington, DC: Multilateral Investment Guarantee Agency, 2021-10-01) Multilateral Investment Guarantee Agency
In FY21, MIGA issued 5.2 billion US Dollars in new guarantees across 40 projects. These projects are expected to provide 784,000 people with new or improved electricity service, create over 14,000 jobs, generate over 362 million US Dollars in taxes for the host countries, and enable about 1.3 billion US Dollars in loans to businesses—critical as countries around the world work to keep their economies afloat. Of the 40 projects supported during FY21, 85 percent addressed at least one of the strategic priority areas, namely, IDA-eligible countries (lower-income), fragile and conflict affected situations (FCS), and climate finance. As of June 2021, MIGA has also issued 5.6 billion US Dollars of guarantees through our COVID-19 Response Program and anticipate an expansion to 10–12 billion US Dollars over the coming years, a testament to the countercyclical role that MIGA can play in mobilizing private investment in the face of the pandemic. A member of the World Bank Group, MIGA is committed to strong development impact and promoting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance, as well as offering credit enhancement on sovereign obligations.
Remarks at the World Health Organization Media Briefing on COVID-19 and Vaccine Equity
(World Bank, Washington, DC, 2021-06-01) Malpass, David
World Bank Group President David Malpass stated that the immediate priority is for countries that have sufficient supply to quickly release doses to countries that have vaccination deployment programs. He said that by the end of June, the World Bank will have approved vaccination operations in over 50 countries. It is vital to speed up the supply chain. The World Bank is providing transparent access to very detailed information about projects through an online portal available at https://www.worldbank.org/vaccines. He urged other development partners to publish detailed information about their vaccine financing and deployment programs and their delivery schedules. The World Bank is also working to expand supply and will be making announcements of investments by IFC, the World Bank Group’s private sector development arm.
Remarks to the Annual Meetings 2020 Development Committee
(World Bank, Washington, DC, 2020-10-16) Malpass, David
David Malpass, President of the World Bank Group, announced that the Board approved a fast track approach to emergency health support programs that now covers 111 countries. Most projects are well advanced, with average disbursement upward of 40 percent. The goal is to take broad, fast action early. The operational framework presented back in June has positioned the Bank to help countries address immediate health threats and social and economic impacts and maintain our focus on long-term development. The Bank is making good progress toward the 15-month target of 160 billion dollars in surge financing. Much of it is for the poorest countries and will take the form of grants or low-rate, long-maturity loans. IFC, through the Global Health Platform, will be providing financing to vaccine manufacturers to foster expanded production of COVID-19 vaccines in both part 1 and 2 countries, providing production is reserved for emerging markets. The Development Committee holds a unique place in the international architecture. It is the only global forum in which the Governments of developed countries and the Governments of developing countries, creditor countries and borrower countries, come together to discuss development and the ‘net transfer of resources to developing countries.’ The current International Financial Architecture system is skewed in favor of the rich and creditor countries. It is important that all voices are heard, so Malpass urged the Ministers of developing countries to use their voice and speak their minds today. Malpass urged consideration of how we can build a new approach to debt restructuring that allows for a fair relationship and balance between creditors and debtors. This will be critical in restoring growth in developing countries; and helping reverse the inequality.
Speech at the 2020 Annual Meetings Plenary
(World Bank, Washington, DC, 2020-10-15) Malpass, David
David Malpass, President of the World Bank, spoke about what the World Bank Group has accomplished since last year’s Annual Meetings, particularly the response to COVID-19 and progress made on debt transparency. The COVID-19 pandemic’s toll has been enormous, and people in the poorest countries are likely to suffer the longest and hardest. In response, the approach at the World Bank Group has been comprehensive, focused on saving lives, protecting the poor and vulnerable, working toward sustainable business growth, and rebuilding in better ways. He touched on the four most urgent aspects of this work: 1) poverty and inequality; 2) human capital; 3) debt burdens; and 4) fostering an inclusive and resilient recovery. The scale of the challenges ahead is staggering. IDA-19’s three-year envelope of USD82 billion will not be nearly enough to meet the needs of the world’s poorest countries at this desperate time. IDA has taken broad and fast action to frontload IDA-19 resources and provide surge financing this year to support the initial efforts to address the economic and health impacts of COVID. A USD25 billion supplemental COVID emergency financing package will avert a “financing cliff” in FY22-23 and make available additional resources to IDA countries to support their recoveries.
Remarks at the UN General Assembly High-Level Event on Financing for Development
(World Bank, Washington, DC, 2020-09-29) Malpass, David
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.
Remarks at High-Level Event on Financing for Development in the Era of COVID-19 and Beyond
(World Bank, Washington, DC, 2020-05-28) Malpass, David
David Malpass, World Bank Group President, spoke at the United Nations high-level event on financing for development in the era of Coronavirus (COVID-19) and Beyond. He spoke about two institutions, the IMF and World Bank working closely together on financial and economic challenges, including and especially those affecting the world’s poor. He highlighted on the announcement of milestone by IMF and World Bank Group that emergency health operations approved and up and running in over hundred developing countries. He described the new support programs that, in following weeks, will help developing countries overcome the pandemic and reclaim focus on growth and sustainable development. He invited the participants of the UN event to join the efforts with additional financing. He strongly welcomed the prompt support of the G20 countries for a suspension of debt service by all official bilateral creditors, which included G20 endorsement for comparable treatment by commercial creditors. He said that the World Bank Group is supporting countries that are participating in the moratorium. He welcomed President Xi Jinping’s recent commitment to China’s full participation in the debt moratorium. He invited commercial creditors to agree on terms of reference to encourage their participation, especially given the focus of the initiative on debt relief for the IDA countries, the world’s poorest. He mentioned that the UN’s call for Multilateral Development Bank debt suspension would be harmful to the world’s poorest countries. He spoke about the recent mischaracterizations by parts of the UN regarding the World Bank Group’s involvement as an observer to Egypt, Ethiopia, and Sudan’s negotiations regarding the Grand Ethiopian Renaissance Dam. He concluded by saying that the World Bank Group now has available COVID-19 financing programs in over one hundred developing countries, and invited use of those pathways to expand the financing of the health emergency and expand the response so that we can meet the full brunt of the crisis in the world’s poorest countries.