COVID-19 Will Leave Lasting Scars On Developing Countries — World Bank

The World Bank says the COVID-19 pandemic will have major
effects on developing countries.

The President, David Malpass gave the hint at the Spring
Meetings 2021 G20 Finance Ministers and Central Bank Governors
Meeting.

Malpass noted that the crisis came on top of persistent
development challenges, including stagnant median incomes,
fragility and violence and damages caused by climate change.

Identifying closed schools, lost jobs, depletion of savings and
assets and growing debt overhangs as the aftermath of the pandemic,
Malpass said “COVID-19 will leave lasting scars on developing
countries.”

He announced that in 2020, the World Bank achieved a record 65%
growth in commitments and doubled trade and working capital finance
to fill the banking vacuum that hit private sectors.

“In 2020, bank-wide commitments topped $100 billion for the
first time and we expect new vaccination operations in 50 countries
by mid-year.”

Malpass confirmed that the main elements of the Climate Change
Action Plan had been presented.

The agenda includes new targets for financing and steps to have
as much impact as possible in improving the trajectory of
greenhouse gas emissions and saving lives and livelihoods.

On debt, the World Bank commended the decision by the G20 to
extend the Debt Service Suspension Initiative (DSSI) through
2021.

The institution assured it is working closely with the
International Monetary Fund (IMF) to support the implementation of
the G20 Common Framework.

The World Bank says the COVID-19 pandemic will have major
effects on developing countries.

The President, David Malpass gave the hint at the Spring
Meetings 2021 G20 Finance Ministers and Central Bank Governors
Meeting.

Malpass noted that the crisis came on top of persistent
development challenges, including stagnant median incomes,
fragility and violence and damages caused by climate change.

Identifying closed schools, lost jobs, depletion of savings and
assets and growing debt overhangs as the aftermath of the pandemic,
Malpass said “COVID-19 will leave lasting scars on developing
countries.”

He announced that in 2020, the World Bank achieved a record 65%
growth in commitments and doubled trade and working capital finance
to fill the banking vacuum that hit private sectors.

“In 2020, bank-wide commitments topped $100 billion for the
first time and we expect new vaccination operations in 50 countries
by mid-year.”

Malpass confirmed that the main elements of the Climate Change
Action Plan had been presented.

The agenda includes new targets for financing and steps to have
as much impact as possible in improving the trajectory of
greenhouse gas emissions and saving lives and livelihoods.

On debt, the World Bank commended the decision by the G20 to
extend the Debt Service Suspension Initiative (DSSI) through
2021.

The institution assured it is working closely with the
International Monetary Fund (IMF) to support the implementation of
the G20 Common Framework.