Achieving an Equitable Global Recovery

Mon, Apr 5, 2021

World Bank President David Malpass joined William R. Rhodes to discuss the road to recovery in developing countries.

World Bank Response: President Malpass began by noting that, overall, he is happy with the speed, scale, and quality of the World Bank’s response to the pandemic. Still, there is “no room for complacency.” Consequently, in order to provide additional needed support to the world’s poorest countries, President Malpass indicated that the World Bank is working to secure an early IDA20 replenishment that will enable the Bank to provide concessional resources to these countries.
Covid-19 Vaccines: The World Bank is increasing its support for global vaccination efforts, both in terms of financing and capacity-building programs. To achieve faster global vaccinations, President Malpass emphasized the need for greater information-sharing in terms of vaccine export and supply commitments and requirements.
Sovereign Debt: President Malpass also called for greater debt transparency and debt sustainability, and underscored World Bank efforts to support successful implementation of the G20 Common Framework.
Climate Change: President Malpass outlined key features of the World Bank’s new, ambitious Climate Change Action Plan, which includes a target for 35% of World Bank Group financing to include climate co-benefits over the next five years, an alignment of financing flows with the Paris Agreement, support to countries pursuing a just energy transition, and an expansion and improvement of climate diagnostics.

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