The World Bank Group President and the IMF Managing Director welcomed the G20 announcement that official bilateral creditors will allow IDA countries to suspend repayment, stressing that this initiative will help “safeguard the lives and livelihoods of millions of the most vulnerable people”.
In a Communiqué, the Development Committee emphasizes that the World Bank Group must address immediate economic needs and long-term development priorities, including affordable energy access, energy security, and resilience to economic and environmental vulnerabilities and climate change.
The World Bank and the International Monetary Fund (IMF) Spring Meetings 2020 recognized the “devastating effects” of the COVID-19 pandemic and emphasized the critical role of multilateral cooperation in containing the pandemic and mitigating its health, social and economic consequences.
The World Bank/IMF Spring Meetings 2020 convened virtually from 14-17 April, due to the COVID-19 pandemic.
World Bank Group President David Malpass reflected that the development gains of recent years “can easily be lost” if the world does not quickly strengthen systems and resilience. He said the COVID-19 impacts will likely “hit the poorest and most vulnerable countries – and people – the hardest.”
In a Communiqué following its virtual meeting on 17 April, the Development Committee notes the COVID-19 pandemic’s “exceptional negative shock” on the global economy and disruptions to trade, supply chains, and investment flows.
The Committee asks the World Bank Group to help mitigate disruptions and support efforts to preserve jobs and provide affordable medical supplies and ensure food security and safety across borders, including by working to resolve disruptions to the global supply chains.