Swift action can help developing countries limit economic harm of coronavirus

The novel coronavirus (COVID-19) outbreak has already exacted a high cost in human blog_leaderlife and has been recognized for what it is—a global health emergency. As the virus spreads around the globe, the question now is whether lives can be protected and economic harm can be contained.

We know from history that when the global economy faces a common threat, quick, coordinated, and decisive action makes all the difference. That is beginning to happen. Several countries have announced stimulus programs, many have cut interest rates, and both the World Bank Group and the International Monetary Fund have unveiled massive financial-support packages to help countries overcome the health crisis and limit the economic damage.

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Statement by IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass on the 2020 IMF-World Bank Group Spring Meetings

Out of precaution World Bank Group events up to May have either been postponed or image2865094cancelled. We are still unclear on how the World Bank Group will proceed with events after May. In this blog post we selected the largest event messaging concerning COVID-19, The events include: 2020 IMF/World Bank Group Spring Meetings, Fragility Forum 2020, and the Land and Poverty conference.

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Staying focused on better outcomes for the world’s poorest people

Global growth remains subdued, with the pace of investment and trade softening, and DC_presdownside risks persisting due to policy uncertainty, trade tensions, financial volatility, and rising debt. The World Bank Group, in cooperation with the International Monetary Fund, can help emerging and low-income countries bolster potential growth, increase their resilience to shocks, boost domestic revenues, and continue building policy buffers. The two organizations have an important role to play in addressing the increase in debt vulnerabilities, and they can help countries meet a range of challenges to the international financial system, including tackling corruption.

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World Bank Live Events Oct. 18/19

Watch the events below live

October 18, 2019

October 18, 2019 | 9:00 ET, 13:00 GMT

2019 Annual Meetings Plenary

October 18, 2019 | 11:00 ET, 15:00 GMT

Jobs and Economic Transformation

 

 

October 19, 2019

 

 

World Bank Live

If you can’t be at the Meetings in person, we’ve got you covered with World Bank Live, the World Bank’s digital platform for live-streaming and engaging with global audiences. Block out time now to watch our events live, and in case you miss it, you can still catch up with your favorite events on our events recap page or watch a replay. Don’t forget to tune in to our Global Voices interviews with top-notch global development influencers, as well as our short 30-second challenge videos with experts sharing their knowledge on all things global development.

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Building strong, inclusive economies and achieving successful country outcomes together at the 2019 Annual Meeting

Nearly 1.1 billion people escaped extreme poverty between 1990 and 2015, thanks to kick-off-blog-2broad-based economic growth and inclusive approaches to development. But progress is stalling, and we face an urgent challenge; today, one in 10 people still live in extreme poverty.

To boost action and accelerate progress towards tackling development challenges and reducing extreme poverty, delegates from our member countries, observer organizations, civil society, private sector, and media will convene at the 2019 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF).

This year’s events will take place in Washington, D.C. from October 14-20, 2019.

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2019 Embassy Klompen Cup

Every year at the end of spring as the summer is about to be upon us the Netherlands picture klompen cupEmbassy World Bank Group and Inter-American Development Bank Liaisons organize the annual networking event “Klompen Cup”.  It is a street soccer 4-on-4 tournament, 10 minute games played right outside the embassy.  We assemble teams with (Dutch) colleagues from the respective institutions; World Bank Group (WBG), International Finance Corporation (IFC), Inter American Development Bank (IADB), and International Monetary Fund (IMF) to compete for the coveted “Klompen Cup”.

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Rebuilding communities after disasters – four and a half lessons learned

The death toll from Cyclone Idai that ripped into Mozambique, Zimbabwe, and Malawi in IDAI Aftermath - A man fixes the roof of his house in Praia NovaMarch 2019 is now above 1,000, with damages estimated at $2 billion. In 2018, more than 10,000 people lost their lives in disasters (with $225 billion of economic losses). Approximately 79 percent of fatalities occurred in the Asia Pacific region, including the catastrophic earthquake and tsunami in Indonesia’s Sulawesi Island. In fact, 2017 and 2018 have been estimated as the most expensive back-to-back years for weather disasters, totaling $653 billion of losses.

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Our Mission Is More Urgent Than Ever

The global outlook foresees a moderate slowdown in economic activity, with lingering DC-780.jpgdownside risks. Global trade growth has weakened, while investment prospects have softened; both of these remain important engines of growth, productivity, innovation, job creation and sustainable development. Debt vulnerabilities persist, and policy uncertainty is weighing on confidence.  For developing countries, it is important to adopt growth-enhancing policies while containing risks and protecting the most vulnerable. The World Bank Group, in partnership with the International Monetary Fund, is able to help countries in addressing these concerns.

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