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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.
World Development Report 2022: Finance for an Equitable Recovery

(Washington, DC: World Bank, 2022-02-15) World Bank

World Development Report 2022: Finance for an Equitable Recovery examines the central role of finance in the economic recovery from COVID-19. Based on an in-depth look at the consequences of the crisis most likely to affect low- and middle-income economies, it advocates a set of policies and measures to mitigate the interconnected economic risks stemming from the pandemic—risks that may become more acute as stimulus measures are withdrawn at both the domestic and global levels. Those policies include the efficient and transparent management of nonperforming loans to mitigate threats to financial stability, insolvency reforms to allow for the orderly reduction of unsustainable debts, innovations in risk management and lending models to ensure continued access to credit for households and businesses, and improvements in sovereign debt management to preserve the ability of governments to support an equitable recovery.
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 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.
Opening Remarks During the Media Call on the Analytical Chapters of the June 2020 Global Economic Prospects Report

(World Bank, Washington, DC, 2020-06-02) Malpass, David

These opening remarks were delivered by World Bank Group President David Malpass during the media call on the analytical chapters of the June 2020 global economic prospects report on June 2, 2020. He covered about Bank's support activities, the debt service moratorium for the poorest countries, the progress on debt transparency and some of the next steps. He spoke about how the World Bank Group resources are being scaled up dramatically, providing strong net positive flows, especially to the poorest countries. He highlighted on IDA and IBRD working with countries to expand the coverage of social safety net programs, IFC providing finances to the private sector in developing countries over fifteen months, and MIGA helping to provide a more stable environment for investment by mitigating and managing risks arising from uncertainty. He described the debt moratorium that the World Bank and IMF championed, where the Debt service payments by all official bilateral creditors were suspended on May 1, adding to the potential resources for the poorest countries. He stated that an important part of this initiative is to help governments in debtor countries increase the transparency of their debt and investment practices and disclose the amounts and terms of their debt. He spoke about the Global Economic Prospects (GEP) report which finds a deep global recession, accompanied by a collapse in global trade, tourism and commodity prices and extraordinary market volatility. He said that beyond coping with the immediate crisis to limit the harm, policymakers can make a robust recovery more likely by maintaining private sector systems and infrastructure and allowing markets to allocate resources toward productive activities. He stated that most of the export restrictions that were announced earlier this year have not been implemented and global food prices have mostly remained stable. He highlighted on the important advances that are being made in digital connectivity in developing economies. He concluded by saying that the World Bank Group will continue to take broad, fast action in our response to the needs of people in developing countries.
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.
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.
Driving Growth from the Ground Up

(World Bank, Washington, DC, 2019-10-07) Malpass, David

David Malpass, President of the World Bank Group, spoke about the urgency of growth in developing countries. He discussed innovations in digital financial services that provide secure systems to allow poor people to electronically receive remittances, foreign aid, and social safety-net payments as well as their earnings. He cautioned about the slow global growth, and it's paramount that countries carry out well-designed structural reforms to ignite domestic growth. He highlighted on the importance of a clear analysis and understanding of a country's laws and regulations and a path of reforms or catalytic investments that will expand the private sector. Finally, he concluded by saying that World Bank Group won’t give up on its main goal of reducing extreme poverty.