Publication: Remarks at Session 1 of the G20 Finance Ministers and Central Bank Governors Meeting, February 26, 2021
Loading...
Date
2021-02-26
ISSN
Published
2021-02-26
Author(s)
Editor(s)
Abstract
David Malpass, President of the World Bank, declared that inequality, poverty, and climate change will be the defining issues of our age. The goal is to achieve fair, broad, and fast access to effective and safe vaccines for developing countries. On climate, the Bank is looking forward to supporting the G20 on the very active climate agenda, including at the Venice climate summit in July. Debt transparency and sustainability remain major challenges for vulnerable countries. Each of these priorities - vaccines, climate, and debt - is plagued with inequality, which is causing a reversal of progress on development.
Link to Data Set
Citation
“Malpass, David. 2021. Remarks at Session 1 of the G20 Finance Ministers and Central Bank Governors Meeting, February 26, 2021. © World Bank. http://hdl.handle.net/10986/35325 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Related items
Showing items related by metadata.
Publication Remarks at Session 2 of the G20 Finance Ministers and Central Bank Governors Meeting, February 26, 2021(World Bank, Washington, DC, 2021-02-26)World Bank Group President David Malpass spoke about the need to foster financial inclusion, and to support digital systems that allow high transaction volumes at very low cost. He mentioned that the high costs for cross-border payments hamper economic development and cause payments to flow underground. Working with global partners, the World Bank is leading efforts to increase efficiency, transparency, and competition in the market for remittances worldwide. Developing countries face key challenges related to domestic debt, non-performing loans (NPLs), and bankruptcy processes. He urged that diverse input should be voiced on international environmental taxation, on the increased financial regulation related to climate change, and on stable coins.Publication Remarks at the G20 Finance Ministers and Central Bank Governors Meeting Held during the 2021 Annual Meetings(World Bank, Washington, DC, 2021-10-13)World Bank Group President David Malpass discussed the Bank’s new International Debt Statistics (IDS) report, published on Monday, showing the debt of low-income countries is 860 billion U.S. dollars, up 12 percent. Turning to vaccines, developing countries need 5 billion more doses to vaccinate 70 percent of their population by the middle of next year. Some urgent steps are needed: (i) swapping near-term vaccine delivery schedules with COVAX and AVAT; (ii) closing the gap between pledges and deliveries; and (iii) eliminating trade and regulatory barriers. Finance and health ministers in developing countries should also seek contracts that include early delivery schedules.Publication Remarks to the G20 Finance Ministers and Central Bank Governors Meeting(World Bank, Washington, DC, 2020-11-20)World Bank Group President David Malpass said that while some countries are recovering, the pandemic is still taking a terrible toll, with poverty levels rising sharply. He highlighted on the health emergency response programs in one hundred twelve countries using a fast-track mechanism that is now able to access a further window of twelve billion in funding for vaccine purchases and delivery. He also mentioned that the World Bank is already at work in cooperation with WHO, UNICEF, the Global Fund and GAVI on rapid vaccine deployment readiness assessments for one hundred countries. He spoke about IFC working in coordination with CEPI to invest a further four billion in manufacturing and distribution of vaccines and products that support vaccination programs. He recognized that fragile conflict and violence (FCV) states are most in need, and World Bank's engagement with them. Under his Presidency, the World Bank Group has invested more in climate finance than at any time in its history. He mentioned that IDA is frontloading its financing to make more resources available for the poorest countries. He highlighted on an important step that the G20 call on DSSI beneficiary countries to commit to disclose all public sector financial commitments. The Development Committee that asked the Bank and the IMF to propose more actions to address the unsustainable debt burdens of low- and middle-income countries. He concluded that the fuller transparency is the only way to balance the interests of the people with the interests of those signing the debt and investment contracts.Publication Remarks at the G20 Finance Ministers and Central Bank Governors Meeting(World Bank, Washington, DC, 2021-04-07)David Malpass, President of the World Bank, discussed the World Bank climate change action plan, debt and the DSSI, and resource needs for IDA countries.Publication Remarks at the G20 Finance Ministers and Central Bank Governors Meeting(World Bank, Washington, DC, 2020-10-14)World Bank Group President David Malpass spoke about the recession in advanced economies that is less severe than had been feared, but in most developing economies, it has become a depression, especially for the poorest. The World Bank Group was able to launch health emergency programs in one hundred and eleven countries and begin a surge in their grants and highly concessional lending that will reach the limits of our capital structure and commitment authority. The goals for debt relief in the Spring meetings were fiscal savings for the poorest countries, greater debt transparency, and a path forward for countries in debt distress. He insisted that it’s important to note that the Debt Service Suspension Initiative (DSSI) defers payments into the future but doesn’t reduce them. The World Bank Group Board approved a package of up to twelve billion US dollars to expand the fast-track Coronavirus (COVID-19) response for the purchase and distribution of Coronavirus (COVID-19) vaccines, tests and treatments. He will propose to IDA Deputies later this month creating a twenty-five billion US dollars supplemental COVID Emergency Financing Package. He concluded that even in the midst of a once-in-a-century crisis, he has confidence that sustainable solutions will emerge, in part by embracing constructive change.
Users also downloaded
Showing related downloaded files
Publication Business Ready 2024(Washington, DC: World Bank, 2024-10-03)Business Ready (B-READY) is a new World Bank Group corporate flagship report that evaluates the business and investment climate worldwide. It replaces and improves upon the Doing Business project. B-READY provides a comprehensive data set and description of the factors that strengthen the private sector, not only by advancing the interests of individual firms but also by elevating the interests of workers, consumers, potential new enterprises, and the natural environment. This 2024 report introduces a new analytical framework that benchmarks economies based on three pillars: Regulatory Framework, Public Services, and Operational Efficiency. The analysis centers on 10 topics essential for private sector development that correspond to various stages of the life cycle of a firm. The report also offers insights into three cross-cutting themes that are relevant for modern economies: digital adoption, environmental sustainability, and gender. B-READY draws on a robust data collection process that includes specially tailored expert questionnaires and firm-level surveys. The 2024 report, which covers 50 economies, serves as the first in a series that will expand in geographical coverage and refine its methodology over time, supporting reform advocacy, policy guidance, and further analysis and research.Publication Europe and Central Asia Economic Update, Fall 2024: Better Education for Stronger Growth(Washington, DC: World Bank, 2024-10-17)Economic growth in Europe and Central Asia (ECA) is likely to moderate from 3.5 percent in 2023 to 3.3 percent this year. This is significantly weaker than the 4.1 percent average growth in 2000-19. Growth this year is driven by expansionary fiscal policies and strong private consumption. External demand is less favorable because of weak economic expansion in major trading partners, like the European Union. Growth is likely to slow further in 2025, mostly because of the easing of expansion in the Russian Federation and Turkiye. This Europe and Central Asia Economic Update calls for a major overhaul of education systems across the region, particularly higher education, to unleash the talent needed to reinvigorate growth and boost convergence with high-income countries. Universities in the region suffer from poor management, outdated curricula, and inadequate funding and infrastructure. A mismatch between graduates' skills and the skills employers are seeking leads to wasted potential and contributes to the region's brain drain. Reversing the decline in the quality of education will require prioritizing improvements in teacher training, updated curricula, and investment in educational infrastructure. In higher education, reforms are needed to consolidate university systems, integrate them with research centers, and provide reskilling opportunities for adult workers.Publication Classroom Assessment to Support Foundational Literacy(Washington, DC: World Bank, 2025-03-21)This document focuses primarily on how classroom assessment activities can measure students’ literacy skills as they progress along a learning trajectory towards reading fluently and with comprehension by the end of primary school grades. The document addresses considerations regarding the design and implementation of early grade reading classroom assessment, provides examples of assessment activities from a variety of countries and contexts, and discusses the importance of incorporating classroom assessment practices into teacher training and professional development opportunities for teachers. The structure of the document is as follows. The first section presents definitions and addresses basic questions on classroom assessment. Section 2 covers the intersection between assessment and early grade reading by discussing how learning assessment can measure early grade reading skills following the reading learning trajectory. Section 3 compares some of the most common early grade literacy assessment tools with respect to the early grade reading skills and developmental phases. Section 4 of the document addresses teacher training considerations in developing, scoring, and using early grade reading assessment. Additional issues in assessing reading skills in the classroom and using assessment results to improve teaching and learning are reviewed in section 5. Throughout the document, country cases are presented to demonstrate how assessment activities can be implemented in the classroom in different contexts.Publication World Development Report 2006(Washington, DC, 2005)This year’s Word Development Report (WDR), the twenty-eighth, looks at the role of equity in the development process. It defines equity in terms of two basic principles. The first is equal opportunities: that a person’s chances in life should be determined by his or her talents and efforts, rather than by pre-determined circumstances such as race, gender, social or family background. The second principle is the avoidance of extreme deprivation in outcomes, particularly in health, education and consumption levels. This principle thus includes the objective of poverty reduction. The report’s main message is that, in the long run, the pursuit of equity and the pursuit of economic prosperity are complementary. In addition to detailed chapters exploring these and related issues, the Report contains selected data from the World Development Indicators 2005‹an appendix of economic and social data for over 200 countries. This Report offers practical insights for policymakers, executives, scholars, and all those with an interest in economic development.Publication The Journey Ahead(Washington, DC: World Bank, 2024-10-31)The Journey Ahead: Supporting Successful Migration in Europe and Central Asia provides an in-depth analysis of international migration in Europe and Central Asia (ECA) and the implications for policy making. By identifying challenges and opportunities associated with migration in the region, it aims to inform a more nuanced, evidencebased debate on the costs and benefits of cross-border mobility. Using data-driven insights and new analysis, the report shows that migration has been an engine of prosperity and has helped address some of ECA’s demographic and socioeconomic disparities. Yet, migration’s full economic potential remains untapped. The report identifies multiple barriers keeping migration from achieving its full potential. Crucially, it argues that policies in both origin and destination countries can help maximize the development impacts of migration and effectively manage the economic, social, and political costs. Drawing from a wide range of literature, country experiences, and novel analysis, The Journey Ahead presents actionable policy options to enhance the benefits of migration for destination and origin countries and migrants themselves. Some measures can be taken unilaterally by countries, whereas others require close bilateral or regional coordination. The recommendations are tailored to different types of migration— forced displacement as well as high-skilled and low-skilled economic migration—and from the perspectives of both sending and receiving countries. This report serves as a comprehensive resource for governments, development partners, and other stakeholders throughout Europe and Central Asia, where the richness and diversity of migration experiences provide valuable insights for policy makers in other regions of the world.