Opening Remarks During the Media Call on the Analytical Chapters of the June 2020 Global Economic Prospects Report
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, th...
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| Format: | Speech |
| Language: | English |
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World Bank, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/697491600172593850/Opening-Remarks-by-World-Bank-Group-President-David-Malpass-During-the-Media-Call-on-the-Analytical-Chapters-of-the-June-2020-Global-Economic-Prospects-Report http://hdl.handle.net/10986/34515 |
| Summary: | 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. |
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