Publication: Remarks at the Mobilizing with Africa II Event
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2020-10-09
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2020-10-16
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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. He focused on crisis response and supporting recovery.
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“Malpass, David. 2020. Remarks at the Mobilizing with Africa II Event. Delivered October 9, 2020;. © World Bank. http://hdl.handle.net/10986/34627 License: CC BY 3.0 IGO.”
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Publication Remarks at High-Level Event on Financing for Development in the Era of COVID-19 and Beyond(World Bank, Washington, DC, 2020-05-28)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.Publication 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)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.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.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 Development Committee Virtual Meeting(World Bank, Washington, DC, 2020-04-17)David Malpass, President of the World Bank Group, summarized the challenging environment now facing the World Bank Group, as the unprecedented COVID-19 pandemic affects the world. He is expecting a major global recession to complicate the devastating health crisis. The extreme poor in IDA countries will be severely affected. He reviewed the measures taken by the World Bank Group in response to the emergency. The program has three pillars: protecting the poorest and most vulnerable households; supporting businesses and saving jobs; implementing emergency health operations in developing countries to strengthen economic resilience. To this end, USD 160 billion in financing over the next 15 months are available. He summarized the debt relief initiative championed at the G20 meeting. He recapped the activities during the Spring meetings and recent high-level appointments.
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Publication Remarks to the Annual Meetings 2020 Development Committee(World Bank, Washington, DC, 2020-10-16)David Malpass, President of the World Bank Group, announced that the Board approved a fast track approach to emergency health support programs that now covers 111 countries. Most projects are well advanced, with average disbursement upward of 40 percent. The goal is to take broad, fast action early. The operational framework presented back in June has positioned the Bank to help countries address immediate health threats and social and economic impacts and maintain our focus on long-term development. The Bank is making good progress toward the 15-month target of 160 billion dollars in surge financing. Much of it is for the poorest countries and will take the form of grants or low-rate, long-maturity loans. IFC, through the Global Health Platform, will be providing financing to vaccine manufacturers to foster expanded production of COVID-19 vaccines in both part 1 and 2 countries, providing production is reserved for emerging markets. The Development Committee holds a unique place in the international architecture. It is the only global forum in which the Governments of developed countries and the Governments of developing countries, creditor countries and borrower countries, come together to discuss development and the ‘net transfer of resources to developing countries.’ The current International Financial Architecture system is skewed in favor of the rich and creditor countries. It is important that all voices are heard, so Malpass urged the Ministers of developing countries to use their voice and speak their minds today. Malpass urged consideration of how we can build a new approach to debt restructuring that allows for a fair relationship and balance between creditors and debtors. This will be critical in restoring growth in developing countries; and helping reverse the inequality.Publication Digital Africa(Washington, DC: World Bank, 2023-03-13)All African countries need better and more jobs for their growing populations. "Digital Africa: Technological Transformation for Jobs" shows that broader use of productivity-enhancing, digital technologies by enterprises and households is imperative to generate such jobs, including for lower-skilled people. At the same time, it can support not only countries’ short-term objective of postpandemic economic recovery but also their vision of economic transformation with more inclusive growth. These outcomes are not automatic, however. Mobile internet availability has increased throughout the continent in recent years, but Africa’s uptake gap is the highest in the world. Areas with at least 3G mobile internet service now cover 84 percent of Africa’s population, but only 22 percent uses such services. 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