Remarks by World Bank Group President David Malpass to G20 Finance Ministers and Central Bank Governors on the Global Economy and Health Agenda
These opening remarks were made by World Bank Group President David Malpass to G20 Finance Ministers and Central Bank Governors on the Global Economy and Health Agenda on July 15, 2022. The report discusses about the COVID-19 pandemic and now Russi...
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| Format: | Speech |
| Language: | English English |
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World Bank, Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099939207202299040/IDU09b20a3260a09091b400e6e6dc78f18 http://hdl.handle.net/10986/37809 |
| Summary: | These opening remarks were made by
World Bank Group President David Malpass to G20 Finance
Ministers and Central Bank Governors on the Global Economy
and Health Agenda on July 15, 2022. The report discusses
about the COVID-19 pandemic and now Russia’s invasion of
Ukraine have caused a humanitarian and economic catastrophe.
Recessions are likely in many countries. This will put heavy
new burdens on fiscal deficits and debt markets. Ukraine is
severely affected. The World Bank Group has been using all
our tools to mobilize emergency financing for Ukrainians.
More than 6 billion dollars of this financing has already
been disbursed. The danger for other developing countries is
acute due to inflation, currency depreciation, rising debt
service costs, and the collapse of international reserves.
These problems are severely constraining future growth and
deepening inequality and fragility. The diversion of natural
gas to Europe presents grave obstacles to developing country
production of electricity, food, and fertilizer. Priority
areas identified to complement work by existing institutions
include disease surveillance; laboratory systems; emergency
communication, coordination, and management; critical health
workforce capacities; and community engagement. |
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