Publication: Remarks at the UN General Assembly High-Level Event on Financing for Development
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2020-09-29
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2020-10-02
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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.
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“Malpass, David. 2020. Remarks at the UN General Assembly High-Level Event on Financing for Development. © World Bank. http://hdl.handle.net/10986/34560 License: CC BY 3.0 IGO.”
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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.Publication Remarks at the Mobilizing with Africa II Event(World Bank, Washington, DC, 2020-10-09)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. 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