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FEATURE STORY April 17, 2020

Decisive Action in an Unprecedented Crisis

Photo credit: Grant Ellis/ÐÓ°ÉÂÛ̳

(Virtual) Development Committee. ? Grant Ellis/ÐÓ°ÉÂÛ̳

 

Top Row (From Left to Right)Thambo Gina (Kingdom of Eswatini); Jean-Baptiste Lemoyne (France); Dag-Inge Ulstein (Norway); Ignazio Visco (Italy); Salman Khalifa Al-Khalifa (Bahrain); Azucena Arbeleche (Uruguay)

Second Row (From Left to Right)Mohammed Benchaaboun (Kingdom of Morocco); Gernot Bluemel (Austria); Kun Liu (China); Andrey Bokarev (Russian Federation); Felix Moloua (Central African Republic); Gerd Mueller (Germany)

Third Row (From Left to Right):  Fundi Tshazibana (IMFC); Yvonne Tsikata (DC Executive Secretary); Ken Ofori-Atta (DC Chair); David Malpass (President, WBG); Kristalina Georgieva (Managing Director, IMF); Brent McIntosh (United States)

Fourth Row (From Left to Right):  Mohammed Aljadaan (Kingdom of Saudi Arabia); Nam-Ki Hong (Republic of Korea); Zainab Shamsuna Ahmed (Nigeria); Nadia Calvi?o (Spain); Marie-Gabrielle Ineichen-Fleisch (Switzerland); Anne-Marie Trevelyan (United Kingdom)

Fifth Row (From Left to Right):  Nirmala Sitharaman (India); Savanayana Uttama (Thailand); Yoshiki Takeuchi (Japan); Sigrid Kaag (The Netherlands); Bill Morneau (Canada); Erivaldo Gomes (Brazil)


The world is experiencing unprecedented challenges from COVID-19¡ªthe coronavirus pandemic¡ªthat could erase development gains for many countries. The pandemic has profoundly impacted human capital, including lives, learning, basic well-being, and future productivity. The crisis has also severely tightened external financing conditions for countries across the income spectrum, disrupting trade, supply chains, and investment flows. Multilateral cooperation is needed to contain the pandemic and mitigate its health, social, and economic consequences.

These were key messages from the Development Committee, a ministerial-level forum of the ÐÓ°ÉÂÛ̳ Group and the International Monetary Fund, in a ³¦´Ç³¾³¾³Ü²Ô¾±±ç³Ü¨¦ issued at the institutions¡¯ Spring Meetings, which were convened online for the first time ever.

The committee, which represents 189 member countries, noted that the Bank Group is uniquely positioned to tackle these complex issues and to play a leading role in the response through its lending, investments, knowledge, and convening capacity. With the pandemic requiring decisive, collective action and innovation, the committee encouraged the Bank Group and the IMF to continue helping all country clients, in partnership with UN agencies, international financial institutions, and bilateral partners.  

In his remarks to the committee, ÐÓ°ÉÂÛ̳ Group President David R. Malpass underscored that ¡°If we don¡¯t move quickly to strengthen systems and resilience, the development gains of recent years can easily be lost.¡±  He added that, while the pandemic¡¯s effects are global, ¡°This crisis will likely hit the poorest and most vulnerable countries ¨C and people ¨C the hardest.¡±

Emphas