Currently, around 24 emerging and developing economies (EMDEs) have active parallel currency markets. In at least 14 of them, the exchange rate premium—the difference between the official and the parallel rate—is a material problem, exceeding 10 percent (see the table).
Tag Archives: President
Once again, IDA steps up with flexibility and resources amid crises
It feels like a lifetime ago, but somehow also like it was yesterday, that the COVID-19 crisis descended upon our lives. It caused unimaginable upheaval—reversing gains and creating colossal new demands. As well-resourced countries worked quickly to protect their people, the World Bank’s International Development Association (IDA) stepped up to ensure the poorest people were not left behind in this race to recovery.
Ajay Banga Selected 14th President of the World Bank
WASHINGTON, May 3, 2023 – The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.
Investing in Innovation: David Malpass in Conversation With George French
Growth and Stability During Crises – from University of Niamey
In his speech, “Growth and Stability During Crises,” World Bank Group President David Malpass discussed the challenges facing development policy, including the need for macroeconomic stability, the importance of private capital to international integration, and the increasing need to support global public goods. President Malpass emphasized the role of education in supporting growth and creating pathways out of fragility and extremism, which are both critical for Africa’s Sahel Region.
The live-streamed speech was hosted by the Abdou Moumouni University of Niamey, Niger.
Read the transcript of President Malpass’s speech
A Conversation with David Malpass and Samantha Power
June 21st, 11:30 AM EDT (local time) –> LINK
Join World Bank Group President David Malpass, and USAID Administrator Samantha Power at 11.30am, June 21st for a conversation about the impact of the current overlapping global crises on the poorest and most vulnerable.
How should the international community respond to challenges including the war in Ukraine, rising food insecurity and higher inflation?
The Way Forward is an occasional series of in-depth discussions on development challenges and innovative solutions, hosted by World Bank Group President, David Malpass.
A Conversation with David Malpass and Masood Ahmed
On May 26th 2022, World Bank Group’s President, David Malpass, and Masood Ahmed, President of the Center for Global Development, will hold a conversation about the array of global shocks, their impact on the most vulnerable communities—and the response they urgently demand.
From conflict to COVID to climate change, overlapping crises have created unprecedented challenges for developing countries. Debt vulnerabilities, rising inflation, higher energy prices and food insecurity are threatening to reverse development gains. These growing challenges require decisive policy action and sustained international cooperation on multiple fronts to ensure economic conditions improve in all countries, especially the poorest. David Malpass and Masood Ahmed will exchange views on macroeconomic and political instability; and what is required for economic transformation.
The Way Forward is an occasional series of in-depth discussions on development challenges and innovative solutions, hosted by World Bank Group David Malpass.
May 26th, 10:00 AM EDT (local time)
New CAO Policy Enhances IFC and MIGA Environmental and Social Accountability
WASHINGTON, July 1, 2021 – The Boards of Directors of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) have approved a new policy for the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism of IFC and MIGA. The Independent Accountability Mechanism (CAO) Policy, which becomes effective today, improves effectiveness of the complaints process in projects supported by IFC and MIGA, with an increased focus on outcomes for communities and IFC/MIGA clients, and responds to recommendations from an independent external review.
Fiscal Year-End Update to Governors of the World Bank Group
I hope this finds you well, safe, and healthy during these very difficult times. I have enormously appreciated your support over the past year, and our warm and constructive interactions. Face-to- face meetings have become harder over recent months, so at our fiscal year-end, I wanted to provide an update on World Bank Group (WBG) deliveries, as well as other efforts over the past year. I would like to focus in particular on the COVID-19 emergency response, the Debt Service Suspension Initiative for the world’s poorest countries, and progress made on debt transparency since the Development Committee on April 17. I would also like to update you on a few organizational, leadership, and governance matters.
June 18, 2020: Ending racism
I would like to share publicly my thoughts on racism and the horrific events of the last few weeks. I’m aided in this by the deeply emotional and thoughtful dialogue taking place within the World Bank Group, including powerful blogs, messages, conversations and town halls.
We’ve agreed to speak out, which I will try to do though I know I won’t be able to find the right or strong enough words.