2020 Annual Meetings
On October 13, David Malpass and global experts kicked off the 2020 Annual Meetings of the World Bank and IMF with a detailed and important discussion about comprehensive solutions for rising public debt levels.
During the event, we heard from a variety of people who offered compelling reasons why debt matters right now. Adriano Afonso Maleiane, Minister of the Economy and Finance in Mozambique, explained his country’s need to borrow in order to finance infrastructure and other critical investments in development. Odile Renaud-Basso of the Paris Club and The World Bank’s Chief Economist Carmen Reinhart cautioned about the risks a debt overhang could pose to countries’ ability to rebuild following the pandemic. Kevin Watkins, CEO of Save the Children, emphasized the impact rising debt levels can have on future generations, while Eric LeCompte, Executive Director of Jubilee USA Network, talked about why increasing debt levels and rising inequality go hand in hand. Joyce Chang, J.P. Morgan Global Chair of Research, mentioned that it’s important not to restrict market access, and to think of innovative investment options for emerging markets.
A key topic raised at the event that many panelists agreed with is that developing countries will need a long-term solution to debt reduction or resolution in the face of COVID-19. The current debt suspension organized by the G20, does not give countries the certainty they need. Nor does it compel the private sector to work with developing countries on debt reduction or relief. Greater transparency around how much governments borrow, for what reasons and from whom is critical to getting to effective solutions.
To close the event, actor and spokesperson for Global Citizen Idris Elba concluded with an inspiring message: “COVID has taught us that we can only succeed together. We have brought down poverty to historic lows. Solutions exist. We’ve done it before, and we can do it again. Now is the time to recover better, together.”
Visuals - https://twitter.com/save_children/status/1316046687065051136
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View Event: https://live.worldbank.org/defusing-debt-creating-solutions%3Fintcid%3DECR_CA_WBLCalendar_EN_EXT World Bank Live [email protected]How can the world recover from the coronavirus pandemic while also addressing climate change and biodiversity loss? A Sustainable Recovery for People and Planet brought together policymakers, youth leaders, civil society organizations and global experts to tackle this question during the World Bank-IMF Annual Meetings, with its theme of a resilient recovery from the pandemic. A young activist from Indonesia perhaps summed it up best when she described the potentially transformative impact of the pandemic: “If there is one thing COVID-19 has shown, it is we can no longer go back to business as usual,” said Melati Wijsen, a youth leader whose efforts have helped to reduce plastic waste on her home island of Bali. “In a post-pandemic world, “we have to accelerate the solutions we wish to see in our world today.”
Moderated by former CNN anchor Zain Verjee, the event focuses on the actions and investments needed today to unlock short term gains, such as jobs and economic growth, as well as deliver the longer-term benefits of resilience, decarbonization, cleaner air and water, healthier oceans, and more sustainable food and agriculture systems. “The big challenge is how do we build back greener and build back better in a new environment as we come out of the recovery,” said World Bank Group President David Malpass in his opening remarks. “People need to make the right investments now.”
Fiji Minister Aiyaz Sayed-Khaiyum explained why such investments in resilience are critical. “For countries on the frontlines of climate change, like Fiji, building back better is a question of life or death.” In 2016, Cyclone Winston wiped out one-third of the value of Fiji's GDP within 36 hours. “We realized we had to build back better, and it paid off—the structures that were built back better have not been damaged in the seven cyclones we've had since then,” he said. With governments and institutions investing as much as $12 trillion in COVID-19 recovery, “this is an important moment now to reset our economies and build back in a way that tackles the climate and COVID crises together,” said Helen Mountford, Vice President, Climate & Economics, of the World Resources Institute. Costa Rica plans to link the climate and crisis challenges, using the country’s long-term decarbonization plan “as a centerpiece to address the COVID crisis and to recover better,” said María del Pilar Gonzalo, Minister of National Planning and Economic Policy.
The event addressed how a sustainable recovery can restore ecosystems, reverse biodiversity loss, create better food systems and jobs. “We are a country that has no choice but to go sustainable and all our policies are taking into consideration sustainability,” said Mozambique’s Minister of Agriculture and Rural Development Celso Correia. By introducing new methods of producing agriculture, “we are reducing also emissions but protecting the forestry.” Carlos Manuel Rodriguez, CEO of the Global Environment Facility, said the recovery “is a once-in-a-lifetime chance to reset our relationship with nature and to scale up nature-based solutions that can help our forests and land to absorb carbon and protect biodiversity. Nobody can prosper on a sick planet. It's in our own self-interest to protect and invest in nature.”
The event also looked ahead to next year’s climate change meeting, COP26, along with the Convention on Biological Diversity, when new targets for the conservation, sustainable use, and sharing of benefits from biodiversity will be decided. “Ahead of COP26, let’s work together to make a green recovery a reality around the world, creating a prosperous and sustainable future for our children and grandchildren. We owe that to current and future generations,” said Alok Sharma, UK Secretary of State for Business, Energy and Industrial Strategy and COP26 President.
View Event: https://live.worldbank.org/sustainable-recovery-people-and-planet%3Fintcid%3DECR_CA_WBLCalendar_EN_EXT World Bank Live [email protected]Follow the event on Twitter with #InvestInPeople & #IFCHealth
COVID-19 threatens to reverse gains in human capital outcomes by exposing weaknesses in health, education, and social protection systems. This event explores how immediate, longer-term, and forward-looking responses can lead to a more sustainable recovery.
Mari Pangestu, Managing Director of Development Policy and Partnerships at the World Bank, describes COVID-19’s threat to human capital and outlines the Bank’s response as countries strive to contain the pandemic, save lives, and rebuild their economies.
We hear from frontline health workers as well as youth from across the globe on the challenges they are facing in responding to the pandemic, what measures they are taking to cope, and their ideas for building a resilient recovery.
Bringing the focus to gender, Melinda Gates, Co-chair of the Bill & Melinda Gates Foundation, explains how women and girls are disproportionately affected, suffering from “shadow” pandemics and Mirai Chatterjee, Director of Social Security at the Self-Employed Women's Association in India, highlights the need to invest in frontline health workers, particularly women.
Cyril Ramaphosa, President of South Africa and the Chairperson of the African Union, shares remarks on how Africa’s strategic and collaborative response is focused on saving lives and protecting livelihoods.
The first panel features Abhijit Banerjee (Economist and Nobel Laureate), Azucena Arbeleche (Minister of Economy and Finance, Uruguay), Dr. Mai Alkaila (Minister of Health, West Bank and Gaza) and Reha Denemec (Deputy Minister of National Education, Turkey) discussing how investments in people can lead to a resilient, inclusive recovery.
Narender Dev Mantena (Head, Global Strategy and CEO, Biological E. Limited, India) and Mohammed Akoojee (Group CEO, Imperial Logistics, South Africa) join the private sector panel and explain how, with IFC support, vaccine manufacturing capacity is being increased and how mobile testing clinics could be used for primary health care services after the pandemic.
View Event: https://live.worldbank.org/human-capital-covid-19%3Fintcid%3DECR_CA_WBLCalendar_EN_EXT World Bank Live [email protected]Digital technologies have become vital. In times of crisis, from natural disasters to pandemics, digital connectivity is what is keeping people, governments and businesses connected. Yet half of the world’s population is still without internet access, with the vast majority concentrated in developing countries.
"Closing the Digital Divide" brought together global leaders and private sector innovators, including young African entrepreneurs, to discuss new ways to accelerate digital access and create ubiquitous, affordable, and reliable connectivity for all.
To connect the poorest and most vulnerable communities, panelists echoed the need for greater collaboration between the public and private sectors, as well as the need for open access and shared networks. Regulation challenges also emerged as a common theme.
We heard a powerful call to action on behalf of women and girls, who are still being left out of the fastest-growing and highest-paying jobs in the tech revolution. Panelists emphasized education and training as key to leveling the playing field.
We also heard about successful interventions from tech leaders and entrepreneurs who are working to close the connectivity gap by creating scalable, sustainable platforms -- and jobs.
The virtual event concluded with a special musical tribute to the power of connectivity: an original song by a group of incredible African artists, "Stay Connected."
View Event: https://live.worldbank.org/closing-the-digital-divide%3Fintcid%3DECR_CA_WBLCalendar_EN_EXT World Bank Live [email protected]
On Oct. 17, the World Bank Group marked End Poverty Day with an Annual Meetings event. Larry Madowo, BBC North America correspondent and the host for this event, began by reminding the audience that the global extreme poverty rate will rise for the first time since 1998, according to the recently released Poverty and Shared Prosperity Report.
Axel van Trotsenburg, the World Bank’s Managing Director of Operations, said “the Bank is extremely concerned” at the estimate “that between 88 and 115 million people will fall back into extreme poverty.” He noted that conflict and climate change are two prominent factors contributing to rise in extreme poverty, along with COVID-19.
The poor are suffering disproportionately, and Pakistan is expanding social protection programs to help them, said Dr. Sania Nishtar, that country’s Federal Minister, Poverty Alleviation and Social Safety Ministry. A diverse group of speakers from countries including Afghanistan, Bangladesh, Cameroon, the United Kingdom, and Yemen shared their views on how to urgently tackle COVID-19, conflict, and climate change to halt this reversal of fortunes. If you missed it, replay the video and tell us what you think in the comments or by using the #EndPoverty hashtag on Twitter.
View Event: https://live.worldbank.org/end-poverty-day-2020%3Fintcid%3DECR_CA_WBLCalendar_EN_EXT World Bank Live [email protected]Ahead of the World Bank Group-IMF Annual Meetings, Frankfurt School of Finance and Management will host World Bank Group President David Malpass who will discuss the impact of the COVID-19 pandemic on the world’s poorest and most vulnerable people and the challenge of building a resilient and inclusive global recovery.
The event will be introduced by Germany’s Bundesbank President Dr. Jens Weidmann and include a conversation between President Malpass and Professor Nils Stieglitz, President and Managing Director of Frankfurt School of Finance and Management.
View Event: https://live.worldbank.org/pandemic-response-building-resilient-and-inclusive-recovery%3Fintcid%3DECR_CA_WBLCalendar_EN_EXT World Bank Live [email protected]Live Interview Series
Learn more about how the World Bank Group is responding to the coronavirus pandemic. We will feature a series of in-depth interviews with the Bank’s leading experts. Join us as we discuss the impact on education, on food security, on jobs and businesses and much more.
We’ll be hearing from around the world and answering your questions on this global crisis. The event will also stream on the Bank's YouTube, Facebook, Twitter and Linkedin.
View Event: https://live.worldbank.org/covid-19-live-series%3Fintcid%3DECR_CA_WBLCalendar_EN_EXT World Bank Live [email protected]Our interview series with global development thought leaders continues during the 2019 Annual Meetings. Watch as we chat with influencers from around the world on topics ranging from economic growth, technology, investing in people, education, the role of the private sector, and building resilience.
View Global Voices interviews from previous meetings:
Spring Meetings 2019 | Annual Meetings 2018 | Spring Meetings 2018 | Annual Meetings 2017 | Spring Meetings 2017
What’s it really like to work at the World Bank Group? In this monthly series, hosted on the World Bank’s LinkedIn page, our staff will answer questions live about working in international development. Join us as we take you Behind the Mission, exploring topics from worklife in Fragile, Conflict and Violence-affected settings, to jobs at IFC, and working during the time of COVID-19.
View Event: https://live.worldbank.org/content/behind-the-mission-linkedin-series%3Fintcid%3DECR_CA_WBLCalendar_EN_EXT World Bank Live [email protected]Recent Events
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