Economy

Time for world to move towards sustainable solutions – Malpass

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By Folasade Akpan

World Bank President David Malpass said it was time to move towards solutions that enable sustainable and widespread economic growth without harming the climate, degrading the environment or putting many families in poverty. .

He said so on Friday when addressing the Development Committee at the ongoing spring meetings between the IMF and the World Bank in Washington DC, which began on Monday.

The committee is a ministerial level forum of the WBG and the IMF for seeking intergovernmental consensus on development issues.

Malpass said the world is developing a better line of fire and that his collective efforts to tackle poverty, climate change and inequality will be the defining choices of the current era.

He said 2020 had made the challenges and the huge needs even clearer.

“A major challenge is that the current international financial architecture is heavily biased in favor of rich countries and creditors.

“It is always important that all voices are heard. I urge all of us to think about how we can restore growth in developing countries and help reverse growing inequalities, in terms of access to vaccines, unsustainable debt and adverse climate impacts. . “

He said the goal of the International Finance Corporation, a member of the World Bank Group, was to act quickly and help as many countries as possible respond to the COVID-19 pandemic.

He said his actions include new COVID-related emergency health programs in 112 countries, with vaccination operations expected to reach $ 4 billion in commitments available in 50 countries by mid-2021.

It was also working on a rapid doubling of its trade finance and working capital to help fill the banking void plaguing the private sector.

“In 2020, the World Bank achieved a record 65% growth in commitments, group-wide commitments topped $ 100 billion for the first time, and we expect this high level of delivery to continue in 2021. “

He said IFC was making investments to help manufacturers expand vaccine production, increase the availability of medical equipment and essential supplies.

He added that the bank worked closely with the international community, including the World Health Organization, Gavi and UNICEF, and had conducted more than 140 vaccine readiness assessments.

Malpass said the bank remained focused on the goal of vaccinating as large a group of countries as possible, adding that transparency was essential.

“To accelerate progress, the world needs much more information sharing on export and sourcing commitments and requirements.

“Finally, to recover from COVID-19, we will need long-term integrated strategies that focus on green, resilient and inclusive development (GRID).

“This must be aligned with the need for policies that help countries increase literacy, reduce stunting and malnutrition, ensure access to clean water and energy, and provide better health care.

He said, however, that countries should be helped to improve their preparedness for future pandemics.

He also said they should be supported to accelerate the development and adoption of digital technologies and work to improve and expand local supply chains and strengthen biodiversity and ecosystems.

“In our reconstruction efforts, we can generate a recovery that ensures a broad and lasting increase in prosperity, especially for the poorest and most vulnerable,” he said.

On debt, he welcomed the G20’s decision to extend the Debt Service Suspension Initiative (DSSI) until the end of the year and was working closely with the IMF to support the implementation. implementation of the G20 Common Framework.

The IFC, a member of the WBG, is an international financial institution that provides investment, advisory and asset management services to encourage private sector development in less developed countries. (NOPE)

(NAN)

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