10. Speeches of World Bank Presidents

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    Opening Remarks by World Bank Group President David Malpass during the Launch of the January 2023 Global Economic Prospects Report
    (World Bank, Washington, DC, 2023-01-10) Malpass, David
    These remarks were delivered by the World Bank Group President David Malpass during the Launch of the January 2023 Global Economic Prospects Report on January 10, 2023. He addressed the following topics: global growth outlook; rising levels of debt distress and possible directions to achieve debt transparency and sustainability; the need for greatly expanded resources for developing countries, including deeply concessional resources; and attractive investment climate and governance standards.
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    Opening Remarks by World Bank Group President David Malpass during the Launch of the International Debt Report 2022
    (Washington, DC: World Bank, 2022-12-06) Malpass, David
    These opening remarks were delivered by World Bank Group President David Malpass during the Launch of the International Debt Report 2022 on December 6, 2022. He spoke about the World Bank identified the stagflation risk early in that year which brings three risks: a global recession in 2023; a multi-year period of slow growth; and widespread asset repricing as higher interest rates are applied, and hedges run out. He mentioned that the interest rates were very low for a long period allowing a huge use of capital by fully-funded governments and business sectors, and this misallocation of global capital undercuts growth and productivity and will take time to repair. He spoke about energy prices that are a major factor, with shortages of fertilizer and food hitting people in the poorest countries particularly hard. He highlighted on the combination of extremely high government debt levels and rising interest rates will cause heavy absorption of global capital by advanced governments for a prolonged period. He said that the World Bank’s latest debt statistics report released that day makes it clear that a debt crisis in the world’s poorest countries is intensifying. He mentioned that to address the increase in debt and the new composition, he has focused on improvements in three areas - debt sustainability, transparency, and restructuring. He spoke on debt restructuring, where new mechanisms are needed to reflect the new creditor landscape. He concluded by saying that together with the Kristalina Georgieva from the IMF, they will engage with Chinese authorities and with their policy banks – the China ExIm Bank and the China Development Bank on the need for faster progress on resolving unsustainable debt and the need for more transparency.
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    Remarks by World Bank Group President David Malpass at the G20 Leaders’ Summit in Bali Indonesia
    (World Bank, Washington, DC, 2022-11-15) Malpass, David
    These remarks were delivered by World Bank Group President David Malpass at the G20 Leaders’ Summit in Bali Indonesia on November 15, 2022. He spoke about the developing world faces hunger, poverty, unsustainable debt, and learning poverty above 70 percent. Climate change makes all of these burdens worse. Farmers face droughts and floods. In poor countries, they face severe shortages of fertilizer and diesel. Underinvestment blocks access to electricity and clean water. Current global macro policies create a permanent drain on global capital, risking a long recession. The developing world needs much greater resources. The World Bank Group has achieved the largest increase in commitments in our history and greatly expanded trade finance. Regarding the debt crisis, it is urgent to create a more effective debt reduction process for low and middle-income countries that are in debt distress.
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    Remarks by World Bank Group President David Malpass at the U.S. Treasury’s MDB Governors Roundtable on the Partnership for Global Infrastructure and Investment (PGII) and Private Capital Mobilization
    (World Bank, Washington, DC, 2022-10-18) Malpass, David
    These remarks were delivered by the World Bank Group President David Malpass at the U.S. Treasury’s MDB Governors Roundtable on the Partnership for Global Infrastructure and Investment (PGII) and Private Capital Mobilization on October 18, 2022. He mentioned three of the World Bank activities as follows: (i) First is World Bank's trust funds and Financial Intermediary Funds, such as Global Infrastructure Facility and Public-Private Infrastructure Advisory Facility, which the Bank established as an Umbrella program to increase their upstream advisory support; (ii) Second, the World Bank actively use guarantees to increase capital flows to infrastructure and is working on ways to catalyze more private capital through appropriate de-risking instruments; and (iii) Third, World Bank's work on Quality Infrastructure Investment (QII) is key to increasing private investment opportunities. He also shared the following three updates: (i) First, he was pleased to see that the G20 adopted the Compendium of QII Indicators; (ii) Second, the World Bank works closely with client countries and development partners at the upstream level to improve the enabling environment for the private sector; and (iii) Third, The World Bank is of course working on new ideas and he welcomed their engagement here too. He said that importantly, the World Bank introduced the SCALE trust fund at last week’s Annual Meetings. He concluded by saying that he wants to be using the full suite of World Bank, IFC, and MIGA financing instruments and capabilities to unlock larger volumes of private finance for quality, sustainable infrastructure.
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    Remarks By World Bank Group President David Malpass at an Event for the Africa Higher Education Centers of Excellence: A Pathway Towards Sustainable Development
    (World Bank, Washington, DC, 2022-10-17) Malpass, David
    These remarks were delivered by World Bank Group President David Malpass at an event for the Africa Higher Education Centers of Excellence : A Pathway Towards Sustainable Development on October 17, 2022. He congratulated the ACE centers, and their host institutions and governments for working across borders to achieve impressive innovative research outputs and the training of the next generation of Africa’s scientists, engineers, ICT specialists and teachers across the priority sectors of education, health, agriculture, STEM, and environment. He also thanked the Association of African Universities (AAU), the Inter-University Council of East Africa, the French National Research Institute for Sustainable Development (IRD), the French Development Agency (AFD), and the China-World Bank Partnership Facility. He said that the ACE program offers regional specializations which are attracting students, researchers, and industry from the entire continent and enhancing regional integration in Africa. In keeping with the focus on leveraging partnerships, last month the World Bank entered into a Memorandum of Understanding with six Historical Black Colleges and Universities (HBCUs). He highlighted that the ACEs are a great example of how building coalitions for change can help to enhance tertiary education in Africa. He concluded by saying that he looks forward to hearing about the innovation and impact of the ACEs as he walks through the exhibition.
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    Remarks by World Bank Group President David Malpass at the 2022 Annual Meetings Plenary
    (World Bank, Washington, DC, 2022-10-14) Malpass, David
    These are the remarks delivered by World Bank Group President David Malpass at the 2022 Annual Meetings Plenary on October 14, 2022. He spoke about the following: (i) update on the Bank Group’s financial results and a few of the immense challenges during COVID-19;(ii) emergency financing for Ukraine; (iii) capital Increases of IBRD and IFC; (iv) the IDA20 replenishment; (v) the Bank has established a new Financial Intermediary Fund (FIF) for Pandemic Prevention, Preparedness, and Response (PPR); (vi) Global Alliance for Food Security with the German G7 Presidency; (vii) SCALE, a new umbrella trust fund for the Bank’s results-based climate activities; (viii) publishing Bank's Country Climate and Development reports, or CCDRs; and (ix) continue to work toward broad-based growth that reduces poverty and lifts all countries and all people.
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    Remarks by World Bank Group President David Malpass at the G20 Finance Ministers and Central Bank Governors’ Meeting - Annual Meetings 2022: Sessions 2, 4 and 5
    (World Bank, Washington, DC, 2022-10-14) Malpass, David
    These remarks were delivered by World Bank Group President David Malpass at the G20 Finance Ministers and Central Bank Governors’ Meeting – Annual Meetings 2022 on October 14, 2022. He spoke about the following: (i) International financial architecture; (ii) infrastructure investment; and (iii) sustainable finance.
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    Remarks by World Bank Group President David Malpass at the 2022 Annual Meetings Opening Press Conference
    (World Bank, Washington, DC, 2022-10-13) Malpass, David
    These remarks were delivered by World Bank Group President David Malpass at the 2022 Annual Meetings Opening Press Conference on October 13, 2022. The World Bank is the biggest funder of climate action. We are proposing at these meetings a new trust fund called SCALE that will allow the world and the global community to put funding into global public goods. That's the connection that needs to be set up within the global system to have an impact on greenhouse gas emission reduction. We're putting out the CCDRs, the Country Climate and Development Reports, at a rapid clip. China's came out yesterday; Vietnam's, earlier in September; and a host of others. We've done 10 countries and there will be another 20 by the time of COP27, which we're building up for. We were very pleased to have a major contribution from the U.S. to the Clean Technology Fund, which is one of the climate trust funds. To summarize, the world is facing a very challenging environment because of the advanced economies, and that has serious implications for developing countries.
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    Remarks by World Bank Group President David Malpass at the 2nd Ministerial Roundtable for Support to Ukraine
    (World Bank, Washington, DC, 2022-10-12) Malpass, David
    These remarks were delivered by World Bank Group President David Malpass at the 2nd Ministerial Roundtable for Support to Ukraine on October 12, 2022. Ukraine’s basic non-military budget financing needs, dominated by essential social services, are substantial and need continued external financing support. Even more is needed to repair roads, bridges, homes, schools, energy infrastructure, and clinics. And as winter sets in, urgent support is needed for energy supplies and preparations for homes. To mobilize additional support, the World Bank has established a multi-donor fund to help the government sustain its capacity to deliver services, conduct relief efforts, and plan and implement the country’s recovery and reconstruction.
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    Remarks by World Bank Group President David Malpass at the Eighth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action – Annual Meetings 2022
    (World Bank, SpeeWashington, DC, 2022-10-12) Malpass, David
    These remarks, as prepared, were delivered by World Bank Group President David Malpass at the Eighth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action, during the Annual Meetings on October 12, 2022. The remarks focus on major challenge of climate change and the global outlook. The World Bank Group (WBG) can help in many ways, and is working closely with the IMF and with other multilateral development banks (MDBs). We are implementing our Climate Change Action Plan with clear, intense, and focused measures to help our client countries fully integrate climate and development. They require diagnostics, impactful projects, WBG resources, and large-scale financing. A principal goal of the action plan is to build financing mechanisms to help the global community support global public goods, such as climate action in developing countries.