World Bank/IMF Spring Meetings 2020: Development Committee Communiqué

1. The Development Committee met virtually today, April 17, 2020. index

2. Our meeting occurred at a time of unprecedented challenges due to the COVID-19 pandemic. Its devastating effects are being felt across the globe as the human and economic toll continues to rise. We express our sympathy to those affected and offer our support and solidarity to those working on the front lines fighting the pandemic.

3. The COVID-19 pandemic underscores that the development community increasingly faces global challenges requiring decisive, collective action and innovation. Multilateral cooperation is needed to contain the pandemic and mitigate its health, social, and economic consequences. The World Bank Group (WBG) is uniquely positioned to tackle these complex issues and to play a leading role via its lending, investments, knowledge, and convening capacity.

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Investing in People: The Time is Now

Global economic growth is continuing, but with intensified risks that include policy investing-in-people-the-time.jpguncertainty, geopolitical developments, a gradual tightening of financing conditions, and a rise in debt levels and currency volatility. The World Bank Group is helping member countries address these challenges, through a combination of financial assistance and policy advice to promote robust and inclusive economic growth, reduce risks, and foster competitiveness, while strengthening fiscal sustainability and financial resilience.

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