As the world continues to face the public health, social, and economic unravelling due to the COVID-19 crisis, it should be clear that, The World Bank Group is helping developing countries purchase and distribute vaccines and strengthen health systems through a $12 billion vaccine financing facility, which complements the $6 billion Global COVID-19 Strategic Preparedness and Response Program in the health sector approved in April 2020 and that now covers more than 110 countries.
A year and a half since the onset of the COVID-19 pandemic, the global economy is poised to stage its most robust post-recession recovery in 80 years in 2021. But the rebound is expected to be uneven across countries, as major economies look set to register strong growth even as many developing economies lag.
Its pervasiveness is of particular concern at the current juncture, because it may make it harder for these economies to achieve the inclusive development that is needed to undo the damage of the COVID-19 pandemic.
- 750,000 Afghan households facing food insecurity and hunger have received food and basic necessities packages. Over 5 million households are expected to benefit.
- Two World Bank projects support this relief effort through the Afghan government’s Dastarkhwan-e-Meli program, which aims to alleviate hunger and unemployment for the most vulnerable.
- Local Community Development Councils buy the relief packages from local providers, thus helping create jobs and stimulate local economies.
Financing for the poorest countries is on grant or highly concessional terms
WASHINGTON, April 20, 2021— The World Bank announced today that it has reached $2 billion in approved financing for the purchase and distribution of COVID-19 vaccines for 17 developing countries. This financing is part of the $12 billion envelope over 24 months for developing countries to acquire and deploy vaccines and strengthen their vaccination systems. For poorer countries financing is on grant or highly concessional terms. The Bank expects to support 50 countries with $4 billion financing for COVID-19 vaccines by mid-year.
Economic Recovery: Toward a Green, Resilient, and Inclusive Future
As countries rebuild their economies after COVID-19, it is fundamental that they see this as a unique opportunity to lay the foundation for a green, resilient, and inclusive future. These efforts were the theme of the event kicking off the Spring Meetings on Tuesday, Economic Recovery: Toward a Green, Resilient, and Inclusive Future.
2021 Spring Meetings Opening Press Conference
World Bank Group President David Malpass will address the press during the World Bank Group/International Monetary Fund 2021 Virtual Spring Meetings. He will share his views on the key outcomes from the Development Committee, as well as the G20 discussions. He will also report on the World Bank Group’s response to the global crisis caused by the COVID-19 pandemic.
This year, due to the coronavirus, the Management of the IMF and World Bank Group and their Executive Boards are adapting the 2021 IMF-World Bank Spring Meetings to a virtual format.
Rethinking Debt: Financing the Future Amid Crisis
On April 7th, the World Bank invited several leading experts to explore perspectives on a new global financial architecture for debt. Speakers discussed lessons from past restructuring efforts, the private sector’s role, and the increased need for debt transparency.
World Bank Group President David Malpass called on the world to move urgently toward opportunities and solutions that achieve a green, resilient, and inclusive recovery from the COVID-19 pandemic in a speech today that advances the World Bank-IMF Spring Meetings.
“Our collective responses to poverty, climate change, and inequality will be the defining choices of our age.”
Mr. Malpass delivered the speech virtually at the London School of Economics; it was followed by a discussion with students, moderated by Baroness Minouche Shafik, Director of the London School of Economics.
In 2020, swarms of desert locusts descended on northern Kenya in the country’s worst locust infestation in 70 years. They ate crops and threatened the food security of 3 million people. Locusts brought similar devastation to some of the poorest countries in Africa, the Middle East, and South Asia, as governments and communities braced for the COVID-19 pandemic.
It is increasingly apparent that the costs of COVID-19 will be borne disproportionately by poorer segments of society, especially in lower income countries. Women, children and displaced populations have been hardest hit. This crisis – more so than other crises before – requires scalable solutions for the world’s poorest. For many countries, this presents unchartered territory.
Data are everywhere. But what is the data revolution doing for the 700 million people who live in extreme poverty? When data are turned into valuable information, they have the potential to improve lives, transform economies, and help end poverty. Now more than ever, the world is facing new demands for data as our principal weapon in the war against COVID-19. The latest edition of the World Development Report from the World Bank provides a blueprint on how to harness the power of data for development, to ensure no one is left behind.