10. Speeches of World Bank Presidents [collection under construction]

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Introductory Remarks by World Bank Group President David Malpass at the State of the Global Economy Event Organized by Brookings Institution

(World Bank, Washington, DC, 2022-07-13) Malpass, David

These opening remarks were made by World Bank Group President David Malpass at the State of the Global Economy Event Organized by Brookings Institution on July 13, 2022. Mr. Malpass said the world is facing multiple crises, including the sharpest slowdown in GDP growth in 80 years, the risk of a frozen crisis in Ukraine due to Russia's invasion, and a massive worsening in global inequality as advanced economies absorb the limited supplies of global capital and energy. Global growth is not expected to rebound in 2023, given energy supply constraints; the long overdue normalization of interest rates and bond yields in the advanced economies; and the misallocation of investments that has pushed much of the world’s savings into bonds, mostly bonds issued by governments and overcapitalized borrowers. The global economy is also facing significant downside risks. These include intensifying geopolitical tensions, the fragility in many countries, the potential for an extended period of stagflation, the widespread financial stress that's caused by the higher borrowing costs, and food insecurity.
Transcript of Conversation with David Malpass and Masood Ahmed on the Way Forward

(World Bank, Washington, DC, 2022-05-26) Malpass, David ; Ahmed, Masood

These remarks were delivered by the World Bank Group President David Malpass in conversation with Masood Ahmed, the President of the Center for Global Development on May 26, 2022. They both discussed on the following topis: (i) respond to the COVID crisis and now to the latest set of crises from Russia's invasion of Ukraine; (ii) the world moves away from the dependence on Russian energy, then new supplies will be vital; (iii) COVID Vaccination; (iv) fighting climate change; (v) global public goods; (vi) climate change action plan; (vii) climate financing; (viii) sustainable debt finance process; (ix) food security and infrastructure development; (x) possible global recession; (xi) education sector; (xii) human capital index; (xiii) the G7 communique; and (xiv) low-income households.
Spring Meetings 2022 Media Roundtable Opening Remarks by World Bank Group President David Malpass

(World Bank, Washington, DC:, 2022-04-18) Malpass, David

This report discusses the remarks delivered by World Bank Group President David Malpass at the spring meetings 2022 media roundtable opening. He discusses on Coronavirus disease 2019 (COVID-19), inflation, and Russia’s invasion of Ukraine.
Remarks at Media Roundtable during Annual Meetings 2021

(World Bank, Washington, DC, 2021-10-11) Malpass, David

World Bank Group President David Malpass discussed a broad range of development issues, including the economic outlook, growth, vaccines, debt, climate, and trade. World Bank financing operations will be addressed at the annual meeting as well as our climate change action plan, which aims to help reduce greenhouse gas (GHG) emissions and improve adaptation. We expect global growth of 5.7 percent in 2021 and 4.4 percent in 2022, these are very similar to our projections in the June Global Economic Prospects report. Incoming high-frequency data point to slowing momentum in global activity amid persistent supply chain bottlenecks and COVID-19 surges. Moreover, the global recovery remains dramatically uneven. The outlook is challenging for much of the developing world with lagging vaccination rates, rising inflation, limited policy support, too few jobs, and shortages that extend to food, water, and electricity. As of mid-2021, over half of IDA countries, those are the world’s poorest countries, are in external debt distress or at high risk of it. A comprehensive approach, including debt reduction, swifter restructuring and more transparency is needed to help countries assess and manage their external debt risks and work toward sustainable debt levels and terms. These are fundamental to supporting health systems, education, and infrastructure and creating growth, investment, and prosperity. Enhanced and accelerated implementation of the Common Framework will be critical in achieving this much-needed debt transparency and sustainability.
Remarks at the Western and Central Africa Regional Media Roundtable

(World Bank, Washington, DC, 2021-05-20) Malpass, David

World Bank Group President David Malpass spoke about the Coronavirus (COVID-19) pandemic that has taken a toll on African lives, economies, and livelihoods. The World Bank intends to invest and mobilize about $150 billion over the next five years in Africa to support the continent’s recovery from the pandemic and its long-term development. He urged countries that expect to have excess vaccine supplies to release their excess as soon as possible to developing countries that have delivery programs in place. He emphasized the need for greater transparency in contracts between governments, pharmaceutical companies, and organizations that are involved in vaccine production and delivery so that financing can be directed effectively, and countries can plan for receipt and deployment. The World Bank yesterday launched a comprehensive online portal that provides easy access to information about their projects, including individual country-financing operations. He spoke about comprehensive debt solutions which will involve at least four elements: debt suspension, debt reduction, debt resolution, and debt transparency. He stated that without private creditors fully onboard, the Common Framework will not deliver a sustainable solution for Chad, Ethiopia, or Zambia. As countries work to recover, tackling climate change will be key for the region. The Bank is also working to address fragility, conflict, and violence. He concluded that while we know that the road to recovery will be long, countries in the region have applied lessons from previous crisis such as the West Africa Ebola outbreak in 2014, and many countries have strengthened their social safety nets to help protect the poor that have been most affected by the crisis, and to move faster on key reforms and investments that will be crucial for long-term development.
Economic Recovery: Conversation with David Malpass, Kristalina Georgieva, and Janet Yellen

(World Bank, Washington, DC, 2021-04-06) Malpass, David ; Georgieva, Kristalina ; Yellen, Janet

World Bank Group President David Malpass spoke about the world facing major challenges, including COVID, climate change, rising poverty and inequality and growing fragility and violence in many countries. He highlighted vaccines, working closely with Gavi, WHO, and UNICEF, the World Bank has conducted over one hundred capacity assessments, many even more before vaccines were available. The World Bank Group worked to achieve a debt service suspension initiative and increased transparency in debt contracts at developing countries. The World Bank Group is finalizing a new climate change action plan, which includes a big step up in financing, building on their record climate financing over the past two years. He noted big challenges to bring all together to achieve GRID: green, resilient, and inclusive development. Janet Yellen, U.S. Secretary of the Treasury, mentioned focusing on vulnerable people during the pandemic. Kristalina Georgieva, Managing Director of the International Monetary Fund, focused on giving everyone a fair shot during a sustainable recovery. All three commented on the importance of tackling climate change.
Building a Green, Resilient, and Inclusive Recovery

(Washington, DC: World Bank, 2021-03-29) Malpass, David

World Bank Group President David Malpass acknowledged the importance of the United Kingdom within the World Bank Group. He spoke about the Coronavirus (COVID-19) which descended on the poor like wildfire. He highlighted the Bank's approach to the interlinked crises of green, resilient, inclusive development (GRID). The World Bank is working to help countries build “Country Platforms” to engage with wider groups of development actors as they develop the programs with Bank support. He focused on three of the most pressing challenges of climate, debt, and inequality. There is a need for integrated, long-run strategies that emphasize green, resilient, and inclusive development. He concluded we can generate a recovery that ensures a broad and lasting rise in prosperity especially for the poorest and most marginalized.
Remarks at the 2020 Annual Meetings Press Conference, October 14, 2020

(World Bank, Washington, DC, 2020-10-14) Malpass, David

World Bank Group President David Malpass spoke about the recession that has been deep, one of the deepest since the Great Depression. He announced about the Board approved the extension of the health emergency programs to up to twelve billion US dollars for vaccines and therapeutics and distribution of those in countries that don't otherwise have access. He mentioned that the moratorium was meant to address right away the fiscal gap that the poorest countries are experiencing. He explained the Debt Service Suspension Initiative (DSSI) itself simply defers debt payments and adds interest to them. He noted that World Bank plans to and provide extra support for social protection for the poorest in countries. He spoke about the need to have flexibility in economies, so that people can move to new jobs and positions, and the country can be prepared for a post-COVID global economy. He argued that it’s vital for the fragile states to recognize that women and girls make up a very productive half of the economy and need to be fully included in the legal structure and in the social fabric of the economies. He also mentioned ongoing work in Ecuador, Bangladesh, and Nigeria.
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.