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.¡±
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