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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.
Discussion at the Center for Global Development

(World Bank, Washington, DC, 2019-11-05) Malpass, David

David Malpass, President of the World Bank, addressed the common challenge presented by slowing world growth. He remarked that governance issues are apparent around the world. On matters of debt, he emphasized dispute settlement, debt contract transparency, contract fairness, and facilitating better living standards. He noted that some countries’ debt payments are in arrears.
Democratizing Development Economics

(World Bank, Washington, DC, 2010-09-29) Zoellick, Robert B.

Robert B. Zoellick, President of the World Bank Group, charged that economics, and in particular development economics, must broaden the scope of the questions it asks – thereby also becoming more relevant to today’s complex, multi-faceted problems. He discussed the following topics: (i) from hubris to humility; (ii) are we equipped to tackle the pressing issues of the day?; (iii) a new multi-polar world requires multi-polar knowledge; (iv) has development economics lost its way?; (v) re-examining the old truisms; (vi) what we now need to know; and (vii) beyond the ivory tower to a new research model on open data, open knowledge, open solution. He identified four problems that merit future research: economic transformation; inclusive and sustainable development; dealing with risk and vulnerability; and results-based analysis of what works. The Bank remains the largest single source of development knowledge, and this treasure chest will be opened to everyone. We have questions to answer. We need to listen and democratize development economics.
The End of the Third World?: Modernizing Multilateralism for a Multipolar World

(World Bank, Washington, DC, 2010-04-14) Zoellick, Robert B.

Robert B. Zoellick, President of the World Bank Group, spoke on the theme that we are now in a new, fast-evolving multipolar world economy in which outdated classifications no longer fit. He discussed these topics: (i) the end of the third world; (ii) multilateralism matters; (iii) new sources of demand; (iv) new poles of growth; (v) Africa as a potential pole of growth; (vi) economic shifts mean potential power shifts; (vii) the danger of geo-politics as usual; (viii) financial reform; (ix) climate change; (x) managing for crisis response; (xi) new role for rising powers; (xii) what does this changing world mean for development?; (xiii) modernizing multilateral institutions; (xiv) reforming to become more representative and legitimate; and (xv) reforming by adding resources; and (xvi) reforming to become more effective, innovative, and accountable. We need a League of Networks.
The World Bank Group Beyond the Crisis

(World Bank, Washington, DC, 2009-10-09) Zoellick, Robert B.

Robert B. Zoellick, President of the World Bank, addressed the following issues: seeds of crisis; the changing context; responsible globalization; the current role of the World Bank Group; the role of the World Bank Group in a new post-crisis World; and the reform agenda. He pointed to four aspects of Group’s future role: development finance; delivering knowledge products; the global public goods agenda (such as climate change and communicable diseases); and unforeseen future crises. Reform efforts include: 1) improving development effectiveness with a focus on results, decentralization, gender, investment lending reform, and human resources; 2) promoting accountability and good governance, and 3) increasing cost efficiency. He noted the completion of recent enhancements to the voice and representation of developing and transition countries in the Bank Group. Bretton Woods is being overhauled before our eyes.
After the Crisis?

(World Bank, Washington, DC, 2009-09-28) Zoellick, Robert B.

Robert B. Zoellick, President of the World Bank Group, discussed the implications of the 2009 financial upheaval that is changing our world. He addressed the following: (i) what are the perceptions and realities of power after this crisis?; (ii) will the U.S. dollar remain the predominant reserve currency?; (iii) will democratic governments permit independent central banks to assume even more authority?; (iv) is the global trading system keeping up with the demands of the global economy?; and (v) what will be the role of developing countries after the crisis? He stressed the opportunity to craft a new system of “Responsible Globalization” allowing balanced growth, financial stability, countering climate change, and advancing opportunities for the poorest.
Seizing Opportunity from Crisis: Making Multilateralism Work

(World Bank, Washington, DC, 2009-03-31) Zoellick, Robert B.

Robert B. Zoellick, President of the World Bank, recalled a moment in John Maynard Keynes life when he called for deeds that restore the public trust that governments are up to the challenge of the current crisis. What started in 2007 as a financial crisis quickly spiraled into an economic crisis, with estimates for 2009 for the first contraction of the global economy since World War II and the largest decline of trade in 80 years. Developing countries are being battered in successive waves as private capital flows slump sharply. These events could next become a social and human crisis, with political implications. Zoellick reviewed the difficulties for each region of the world. Unlike the 1930s, however, central banks have stepped in with creative solutions to keep credit flowing. But the challenge ahead requires a spirit of innovation backed by action. The World Bank Group’s Board is considering a new proposal: the launch of a $50 billion Global Trade Liquidity Program. Zoellick called for the member of the G-20 to make multilateralism work and to empower the WTO, the IMF, and the World Bank Group to monitor national policies. Bringing sunlight to national decision-making would contribute to transparency, accountability, and consistency across national policies. It is time to institutionalize “early warning” systems to protect the poor from cuts in social programs during times of economic crisis. Modern multilateralism will require that rising economic powers have a larger say in how institutions such as the World Bank and the IMF are run.
Remarks at the Arab Economic Summit on January 19, 2009 in Kuwait

(World Bank, Washington, DC, 2009-01-19) Zoellick, Robert B.

Robert B. Zoellick, President of the World Bank, discussed Kuwait’s vision of employing trade to link their economy to wider opportunities, deeper development, and greater growth. He urged the Arab leaders to support a Vulnerability Fund to assist developing countries that cannot afford bailouts and deficits. It should address three critical needs: safety net programs; infrastructure investment; and small- and medium-sized enterprises. He stressed that job creation is a long-standing challenge for the region. He believes the Arab World can play a bigger role at the global level to advance development partnerships and South-South cooperation and to fight climate change.
Modernizing Multilateralism and Markets

(Washington, DC: World Bank, 2008-10-13) Zoellick, Robert B.

Robert B. Zoellick, President the World Bank Group, delivered remarks on the following six strategic themes: a new multilateralism; priorities on a new steering group; international finance and development; the World Trade Organization (WTO) and the global trading system; energy and climate change; and fragile states and securing development.
Modernizing Multilateralism and Markets

(World Bank, Washington, DC, 2008-10-06) Zoellick, Robert B.

Robert B. Zoellick, President of the World Bank, addresses these topics: (i) looking back –to see ahead; (ii) transformation in the global political economy; (iii) storm clouds over multilateralism and markets; (iv) a new multilateral network for a new global economy; (v) a new steering group; (vi) the WTO and the global trading system; (vii) energy and climate change; and (viii) fragile states.