The Group of 20 (G-20) nations are determined to continue doing everything possible to contain the Covid-19 pandemic, warning in a draft communiqué that the global economic recovery remains “uneven, highly uncertain, and subject to elevated downside risks”.
The World Bank on Tuesday said it has asked its board of directors to approve US$12 billion to help poor countries purchase and distribute eventual vaccines against COVID-19. The bank has already implemented emergency response programs in 111 countries and the extra money, if approved, would be aimed at low- and middle-income countries.
World Bank Group President David Malpass announced on Monday that Carmen Reinhart has been appointed as the new Vice President and Chief Economist of the World Bank Group. Reinhart’s appointment is effective on June 15, 2020.
The World Bank and IFC’s Boards of Directors approved an increased US$ 14 billion package of fast-track financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19. The package will strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and support the private sector.
The World Bank will revise its global growth forecast downwards due to the new coronavirus, the president of the multilateral lender said on Tuesday amid fears the epidemic in China will harm global supply chains.
A wave of debt in emerging and developing nations has grown faster and larger than in any period of the last five decades and could end with another crisis, the World Bank warned on Thursday.
The World Bank slashed its global growth forecasts for this year in a report released on Tuesday that portrayed a world gripped by deepening trade conflict, tumbling confidence and increasingly skittish investment. Although the global development lender currently expects a modest recovery 2020 and 2021, the bank said in its semi-annual report that a lot will have to go right for this to happen.
Newly-installed World Bank President David Malpass spent his first day at the global lender on Tuesday hammering home the message that the most urgent issue facing the bank is addressing global poverty. President Donald Trump's controversial pick to lead the bank appeared eager to distance himself from his past attacks on the institution and stressed the support he has received from developing nations and from staff.
David Malpass has been chosen as the president of the World Bank Group (WBG) on Friday after being unanimously elected by the executive board of the organization with no other candidates.
The Trump administration has notified World Bank shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the U.S. nominee to lead the development lender, people familiar with the decision said on Monday.