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The World Bank allocates $ 150 billion to developing countries to help them tackle Corona DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

The World Bank allocates $ 150 billion to developing countries to help them tackle Corona

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The World Bank allocates $ 150 billion to developing countries to help them tackle Corona Empty The World Bank allocates $ 150 billion to developing countries to help them tackle Corona

Post by claud39 on Tue Mar 24, 2020 9:11 am

The World Bank allocates $ 150 billion to developing countries to help them tackle Corona


24/03/2020



The World Bank allocates $ 150 billion to developing countries to help them tackle Corona 2106





The Economy News - Baghdad

The World Bank has placed $ 150 billion in aid and facilities packages for developing countries in the face of the Corona virus.

This came in a statement issued by the World Bank, on Monday evening, after a meeting of finance ministers and central bankers of the G20 countries to discuss the management of the Corona crisis.

The World Bank called on creditor countries to suspend their loans owed to the poorest countries, to allow them to tackle the virus and inject money into their economies.

"These are difficult times for all of us, especially the poorest and most vulnerable countries ... Our first goal is to provide immediate support during the crisis to meet the needs of any country," World Bank Group President David Malpas said in the statement.

He added: "We are preparing projects in 49 countries through a new program for quick payment facilities, and decisions are expected on 16 programs this week."

"We are in dialogue with China, among other major countries for assistance, regarding the speed of manufacture and delivery of many health supplies, and we express our sincere thanks for their positive response," Malbas said.

As of Tuesday morning, the virus infected more than 382 thousand people in the world, of whom nearly 16 thousand and 600 had died, while more than 102 thousand had recovered.

And on Monday, the International Monetary Fund said that the world economy is on the verge of a global recession this year, as bad as it was during the global financial crisis, or worse.

The global economy has been affected since the beginning of last February, by the rapid spread of the Corona virus, which prompted many developed and emerging economies to implement economic rescue programs to alleviate the crisis on their markets.





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The World Bank allocates $ 150 billion to developing countries to help them tackle Corona Empty Remarks by World Bank Group President David Malpass on G20 Finance Ministers Conference Call on COVID-19

Post by claud39 on Tue Mar 24, 2020 9:16 am

[size=44]Remarks by World Bank Group President David Malpass on G20 Finance Ministers Conference Call on COVID-19[/size]

MARCH 23, 2020


The World Bank allocates $ 150 billion to developing countries to help them tackle Corona WBG-President-David-Malpass


World Bank Group President David Malpass
As Prepared for Delivery






WASHINGTON, March 23, 2020—World Bank Group President David Malpass today issued his remarks from the G20 Finance Ministers conference call on the COVID-19 pandemic:


“These are difficult times for all, especially for the poorest and most vulnerable. For the World Bank Group, our first goal is to provide prompt support during the crisis, based on a country’s needs.  It’s also vital to shorten the time to recovery and create confidence that the recovery can be strong.

 
PROVIDE SUPPORT DURING THE CRISIS


The breadth and speed of our response is critical to its effectiveness. On March 17, the World Bank and IFC Boards approved a $14 billion package to respond to COVID-19. Of that, IFC is making $8 billion available in relatively fast-acting financial support for private companies. 


IBRD and IDA will be making $6 billion available in the near term to support health care. We’re currently restructuring existing projects in 23 countries, many of these through the use of ‘contingent emergency response components.’


We’re also preparing projects in 49 countries in a new fast-track facility, with decisions expected this week on as many as 16 country programs. Our Board will meet shortly, and I’m hopeful that this first round of countries will provide a framework to allow us to quickly scale up over the next few weeks. We’ll be inviting follow-up tranches from other MDBs into April. 


Importantly, we have identified a range of rapid procurement modalities leading to bulk purchases, and we are working together with other MDBs and the IMF to assess needs, implement the new system, and develop co-financing. We are in dialogue with China among other key countries to obtain help with the rapid manufacture and delivery of many of these supplies and are grateful for their positive responses so far.


SHORTEN THE TIME TO RECOVERY


Beyond the severe health impact from the pandemic, we should expect a major recession of the global economy.


We are working to provide a fast response, utilizing all our available instruments. Countries need to move fast to boost health spending, strengthen social safety nets, support the private sector and counter financial-market disruption.


Countries will need to implement structural reforms to help shorten the time to recovery and create confidence that the recovery can be strong.  For those countries that have excessive regulations, subsidies, licensing regimes, trade protection or litigiousness as obstacles, we will work with them to foster markets, choice and faster growth prospects during the recovery.


The resources to address the problems I’ve discussed are substantial. IBRD has recently had its capital increased and IDA has also been recently replenished. The World Bank Group, including IFC and MIGA, could deploy as much as $150 billion over the next 15 months.


OFFER DEBT RELIEF TO THE POOREST


I need to raise a related concern. This crisis will likely hit hardest against the poorest and most vulnerable countries, those roughly 75 poorest countries drawing on IDA. Many were already in a difficult debt situation, leaving no space for an appropriate health and economic response. We are ready to frontload IDA19 with up to $35 billion and identify additional resources.  However, we cannot have IDA resources go to pay creditors.


Today I want to make a call to action to the G20. I urge all official bilateral creditors of the poorest countries to act with immediate effect to help IDA countries through debt relief, allowing the countries to concentrate their resources on fighting the pandemic. In many cases this will require comprehensive and fair debt restructuring that includes NPV reductions sufficient for restoring debt sustainability.


I’m calling on the G20 Leaders to allow the poorest countries to suspend all repayments of official bilateral credit until the World Bank and the IMF have made a full assessment of their reconstruction and financing needs
The WBG and the IMF are ready to work quickly with official bilateral creditors and with other international organizations as partners to finalize a process by the Spring Meetings of our organizations in April.”



RELATED




The World Bank Group and COVID-19






https://www.worldbank.org/en/news/speech/2020/03/23/remarks-by-world-bank-group-president-david-malpass-on-g20-finance-ministers-conference-call-on-covid-19
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The World Bank allocates $ 150 billion to developing countries to help them tackle Corona Empty IMF Managing Director Kristalina Georgieva’s Statement Following a G20 Ministerial Call on the Coronavirus Emergency

Post by claud39 on Tue Mar 24, 2020 1:15 pm

IMF Managing Director Kristalina Georgieva’s Statement Following a G20 Ministerial Call on the Coronavirus Emergency


March 23, 2020

The World Bank allocates $ 150 billion to developing countries to help them tackle Corona 7E730D96235A4CAEA0F3C6F7D8D4A789
Kristalina Georgieva

International Monetary Fund Managing Director Kristalina Georgieva made the following statement today following a conference call of G20 Finance Ministers and Central Bank Governors:


“The human costs of the Coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage. This is a moment for solidarity—which was a major theme of the meeting today of the G20 Finance Ministers and Central Bank Governors.


“I emphasized three points in particular:


“First, the outlook for global growth: for 2020 it is negative—a recession at least as bad as during the global financial crisis or worse. But we expect recovery in 2021. To get there, it is paramount to prioritize containment and strengthen health systems—everywhere. The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be.


“We strongly support the extraordinary fiscal actions many countries have already taken to boost health systems and protect affected workers and firms. We welcome the moves of major central banks to ease monetary policy. These bold efforts are not only in the interest of each country, but of the global economy as a whole. Even more will be needed, especially on the fiscal front.


“Second, advanced economies are generally in a better position to respond to the crisis, but many emerging markets and low-income countries face significant challenges. They are badly affected by outward capital flows, and domestic activity will be severely impacted as countries respond to the epidemic. Investors have already removed US$83 billion from emerging markets since the beginning of the crisis, the largest capital outflow ever recorded. We are particularly concerned about low-income countries in debt distress—an issue on which we are working closely with the World Bank.


“Third, what can we, the IMF, do to support our members?



  • We are concentrating bilateral and multilateral surveillance on this crisis and policy actions to temper its impact.

  • We will massively step up emergency finance—nearly 80 countries are requesting our help—and we are working closely with the other international financial institutions to provide a strong coordinated response.

  • We are replenishing the Catastrophe Containment and Relief Trust to help the poorest countries. We welcome the pledges already made and call on others to join.

  • We stand ready to deploy all our US$1 trillion lending capacity.

  • And we are looking at other available options. Several low- and middle-income countries have asked the IMF to make an SDR allocation, as we did during the Global Financial Crisis, and we are exploring this option with our membership.

  • Major central banks have initiated bilateral swap lines with emerging market countries. As a global liquidity crunch takes hold, we need members to provide additional swap lines. Again, we will be exploring with our Executive Board and membership a possible proposal that would help facilitate a broader network of swap lines, including through an IMF-swap type facility.



“These are extraordinary circumstances. Many countries are already taking unprecedented measures. We at the IMF, working with all our member countries, will do the same. Let us stand together through this emergency to support all people across the world.”
IMF Communications Department

MEDIA RELATIONS
PRESS OFFICER: ALISTAIR THOMSON
PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG
@IMFSpokesperson




https://www.imf.org/en/News/Articles/2020/03/23/pr2098-imf-managing-director-statement-following-a-g20-ministerial-call-on-the-coronavirus-emergency
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The World Bank allocates $ 150 billion to developing countries to help them tackle Corona Empty G20 Finance Ministers & Central Bank Governors Virtual Meeting –

Post by claud39 on Wed Mar 25, 2020 2:06 pm

G20 Finance Ministers & Central Bank Governors Virtual Meeting – 


23 March 2020 


The World Bank allocates $ 150 billion to developing countries to help them tackle Corona FMCBG_Extraordinary_Photo2



The G20 Finance Ministers and Central Bank Governors met virtually on Monday 23 March 2020, under the Saudi G20 Presidency, to discuss the impact of COVID-19 pandemic on the global economy and coordinate their efforts in response to this global challenge. 

They also discussed the preparation for the virtual G20 Leaders’ Summit, which the Saudi G20 Presidency is convening in a few days to coordinate international efforts to address this pandemic and the related economic and social impacts. 

Mr. Mohammed Aljadaan, the Saudi Finance Minister, opened the virtual meeting by stressing the need to step up the G20 joint efforts and act decisively and in a coordinated manner to provide support to people and businesses, safeguard the stability of the global economy and financial markets, restore confidence, and prevent deep and prolonged negative economic impacts.

 He highlighted that “since the last meeting of G20 Finance Ministers and Central Bank Governors in February, the global economy outlook has significantly deteriorated and that the evolution and global spread of the COVID-19 pandemic has impacted the global economy at the backdrop of disruption in elements of both supply and demand.” 

During the meeting, G20 Finance Ministers and Central Bank Governors agreed to closely monitor the evolution of the COVID-19 pandemic, including its impact on markets and economic conditions and take further actions to support the economy during and after this phase. They also agreed to develop a joint G20 Action Plan in response to COVID-19, which will outline the individual and collective actions that G20 has taken and will be taking to respond to the COVID-19 pandemic.

 Furthermore, G20 Finance Ministers and Governors discussed ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries, amid the COVID-19 pandemic. They also discussed the role of the IMF, working closely with the World Bank Group and other International Financial Institutions, to deploy all available resources and explore additional measures needed to support financial stability and alleviate liquidity constraints for emerging markets and developing economies. 

The Saudi Finance Minister concluded the virtual meeting by emphasizing the need for G20 to enhance its cooperation in addressing the COVID-19 pandemic. He highlighted that the G20 should be ready to undertake further emergency response to address this global crisis and set a vision for the medium- and long-term actions that will foster a rapid recovery in the economy and catalyze the potential for stronger economic growth.

 G20 Finance Ministers and Central Bank Governors will meet virtually on a regular basis to continue their discussion and take urgent actions needed to address the global challenge presented by the COVID-19 pandemic



[url=https://g20.org/en/media/Documents/FMCBG_Extraordinary_Press Release.pdf]https://g20.org/en/media/Documents/FMCBG_Extraordinary_Press%20Release.pdf[/url]
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The World Bank allocates $ 150 billion to developing countries to help them tackle Corona Empty Joint Statement World Bank Group and IMF Call to Action on Debt of IDA Countries

Post by claud39 on Wed Mar 25, 2020 3:14 pm

Joint Statement World Bank Group and IMF Call to Action on Debt of IDA Countries


March 25, 2020


The World Bank allocates $ 150 billion to developing countries to help them tackle Corona 49518139281-98a43d6377-k


Washington, DC – The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt relief for the poorest countries:


The coronavirus outbreak is likely to have severe economic and social consequences for IDA countries, home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.


With immediate effect—and consistent with national laws of the creditor countries—the World Bank Group and the International Monetary Fund call on all official bilateral creditors to suspend debt payments from IDA countries that request forbearance. This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak and allow time for an assessment of the crisis impact and financing needs for each country.


We invite G20 leaders to task the WBG and the IMF to make these assessments, including identifying the countries with unsustainable debt situations, and to prepare a proposal for comprehensive action by official bilateral creditors to address both the financing and debt relief needs of IDA countries. We will seek endorsement for the Proposal at the Development Committee during the Spring Meetings (April 16–17).


The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets. The international community would welcome G20 support for this Call to Action.



IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: WAFA AMR
PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG
@IMFSpokesperson




https://www.imf.org/en/News/Articles/2020/03/25/pr20103-joint-statement-world-bank-group-and-imf-call-to-action-on-debt-of-ida-countries
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The World Bank allocates $ 150 billion to developing countries to help them tackle Corona Empty Corona may revitalize the Iraqi economy .. Baghdad is on the cusp of exemptions from foreign debt payments

Post by claud39 on Wed Mar 25, 2020 3:54 pm

[size=41]Corona may revitalize the Iraqi economy .. Baghdad is on the cusp of exemptions from foreign debt payments[/size]


2020-03-24





The World Bank allocates $ 150 billion to developing countries to help them tackle Corona 1111111-1






Yassin Iraq: Baghdad

World Bank Group President David Malpas said on Monday that the bank may harness up to $ 150 billion in resources over the next 15 months to help developing countries fight and recover from the Corona virus pandemic, while calling on G20 leaders to allow the poorest to suspend all debt payments .

In a statement to the finance ministers and central bankers of the Group of Twenty countries issued by the World Bank, Malpas called the creditor countries in the group to allow the poorest countries to suspend all bilateral debt payments while fighting the virus.

He said poorer countries should be allowed to focus their resources on health measures in the face of the crisis.


"I call on the leaders of the Group of Twenty to allow the poorest countries to suspend all official bilateral debt payments, until the World Bank and the International Monetary Fund have completed a comprehensive assessment of their needs for reconstruction and financing," he said in the statement.


Malbas said that the bank is currently preparing projects in 49 countries to help fight the virus under a new fast-track credit facility, and decisions are expected this week on up to 16 projects.

He explained that the bank is consulting with China and other major countries to obtain assistance for the rapid industrialization and delivery of many of the medical supplies that countries need.

Iraq debt


A parliamentary committee in the Iraqi parliament revealed, at the end of last year, the foreign debts of Iraq, noting that it had reached the stage of the threat to the economic future.

Member of the Parliamentary Finance Committee, Ahmad al-Jubouri, told the official Al-Sabah newspaper that “the committee had previously suspended debt, especially foreign, in the 2019 budget, at a time when there is an obligation to continue debt as it was present during the war against ISIS gangs in the governorates of Nineveh, Anbar and Salah al-Din.”


He pointed out that "debts, especially foreign affairs, amounted to 125 billion dollars."


He warned that "its survival portends a danger to the economic future of Iraq," noting that "there are 20 paragraphs of debt that will be in the 2020 budget."

The International Monetary Fund said, last year, that Iraq’s debts worsened during the past years, where they were 6 years ago 73.1 billion dollars, and rose in 2014 to 75.2 billion dollars, and in 2015 they became 98.0 billion dollars, while two years ago it was 114.6 billion dollars, to rise In the year 2017 to $ 122.9 billion.

https://yesiraq.com/%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7-%D9%82%D8%AF-%D9%8A%D9%8F%D9%86%D9%91%D8%B4%D8%B7-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D8%A8%D8%BA%D8%AF/
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The World Bank allocates $ 150 billion to developing countries to help them tackle Corona Empty The Group of Twenty will pump five trillion dollars into the global economy to combat Corona

Post by claud39 on Fri Mar 27, 2020 10:25 am

The Group of Twenty will pump five trillion dollars into the global economy to combat Corona


27/03/2020





The World Bank allocates $ 150 billion to developing countries to help them tackle Corona 19714





Economy News _ Baghdad



The G20 leaders pledged to the major economies to pump more than $ 5 trillion into the global economy to reduce job losses and decrease in income due to the outbreak of the Coruna virus and "do everything possible to overcome this pandemic."

The leaders showed a unity that has surpassed any aspect of unity since the group was founded during the 2008-2009 financial crisis, and they said at the summit, which was held via closed-circuit television, that they were committed to taking and implementing all necessary health measures to limit the spread of the virus.

In their closing statement, they said, "The G20 is committed to doing everything possible to overcome this pandemic, in cooperation with the World Health Organization, the International Monetary Fund, the World Bank Group, the United Nations and other international organizations."

The statement carried a conciliatory tone that had been the group's most prominent on trade for years, as leaders pledged to "ensure the flow of vital medical supplies, essential agricultural products, and other goods and services across borders", as well as work to "tackle turmoil in global supply chains".

But the group refrained from calling for an end to the export embargo imposed by some countries on medical supplies, although leaders said there was a need "to coordinate responses associated with (international trade) so as to avoid unnecessary interference in movement and international trade".

The statement also said that the emergency measures aimed at protecting health will be "targeted, proportionate, transparent and temporary".

The group leaders expressed concern about the risks faced by “developing and least developed countries” especially in Africa and in refugee gatherings, and recognized the need to strengthen global financial security networks and local health systems.

Saudi Arabia, which currently chairs the group, called for an extraordinary summit via a television circle, in light of criticism of the group's slow response to the crisis of the Corona Virus outbreak, which has infected more than half a million people worldwide and killed about 24 thousand and is expected to lead to a global recession.

The Saudi monarch, King Salman, said in the opening speech that the group’s countries should focus on resuming the natural flow of goods and services, including vital medical supplies, as well as working to restore confidence in the global economy as soon as possible.

The group said it would "pump more than $ 5 trillion into the global economy, as part of financial policies, economic measures and targeted guarantee plans to counter the pandemic's social, economic and financial impacts."

The statement also said, "We welcome the steps taken by the International Monetary Fund and the World Bank Group to support countries in need of assistance by using all tools to the maximum extent."





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