World Bank Group Outlines Global Crisis Response Package to Help Developing Countries Navigate Multiple, Compounding Crises

WASHINGTON, August 3, 2022 – The World Bank Group (WBG) today announced details of its global crisis response package to help developing countries navigate multiple, compounding crises that are hitting the poor and most vulnerable the hardest.

“Multiple crises – including rising inflation, Russia’s invasion of Ukraine, large macroeconomic imbalances, and the shortages of energy, fertilizer and food – are hammering developing countries” said World Bank Group President David Malpass. “The World Bank Group is responding with speed, scale and impact with financing to respond to food insecurity, protect people, preserve jobs, strengthen resilience, and restore growth.”

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Equal access to digital technologies: A key to resilient recovery

A global pandemic was far from Loretta Ibrahim’s mind when she signed up for the Click-On gettyimages-547132396Kaduna digital skills program two years ago. The program has trained nearly 1,200 youth affected by conflict in the Nigerian state of Kaduna to prepare them for opportunities in the digital space. When COVID-19 drove many companies to shift to digital technologies this year, Loretta, 23, was ready. “The Click-On Kaduna experience has been nothing short of spectacular,” she said. “Because I had the skills already, I just got hired to manage the social media image of two clients.”

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Strengthening central bank reserve management during a global crisis

Central banks impact our daily lives in many ways with their role to promote economic and capital-markets-banking-city-downtown-1440x600-002financial welfare of citizens, but their operations are even more critical during a crisis. The global challenges presented by the COVID-19 pandemic make the role of central banks crucial to maintaining economic and financial stability.  Central bank reserves provide an essential buffer against uncertain economic outcomes and help protect against economic shocks to promote trade, maintain price stability, and attract foreign investment. Effective reserve management supports the broader mission of central banks to set targets for unemployment, inflation, and interest rates to ensure a healthy economy with full employment and favorable conditions to promote investments and the conducting of business.

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