This year marks the 25th anniversary of the “cancer of corruption” speech delivered by former World Bank President James D. In this respect, the pandemic has only heightened the need for the bank’s oversight functions. The World Bank must also be certain that resources deployed to respond to COVID-19 actually reach their intended recipients and aren’t wasted or syphoned off for other purposes. The United States should continue leading international efforts to secure more complete participation in debt restructuring and relief.
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But realizing the full potential of these efforts would require faster participation by more creditors, especially private creditors and state-controlled Chinese banks. These efforts are helping many poor countries protect their most vulnerable citizens and return to fiscal sustainability. Over the past year, the G-20 sought to head off debt crises through initiatives to suspend and relieve the poorest nations’ debt obligations so they could prioritize health spending. The pandemic exacerbated already surging debt levels in emerging markets, pushing poor countries into debt distress. Higher global vaccination rates would also speed the resumption of international travel and trade, which are engines of growth for developed and developing countries alike. Doing so would not just help recipient countries but also have global benefits as it would reduce the threat of novel variants that could extend the pandemic’s duration and effect-as we are already seeing with the delta variant. Although this is a good start, Washington should do more to support widespread vaccination in the developing world. Last month, the Biden administration announced the United States will purchase and donate 500 million doses of the Pfizer-BioNTech vaccine to needy countries and the African Union. Although more than 100 countries have benefited from these efforts, much more work remains to ramp up vaccination rates. The pandemic exacerbated already surging debt levels in emerging markets, pushing poor countries into debt distress.Īs of July, the board has approved $4.4 billion to support the vaccine rollout in 53 countries, including vaccine procurement through collective purchase mechanisms, direct purchases, and purchases of excess stocks held by rich countries. This program has provided vital emergency assistance to bolster national health systems in many developing countries. The board approved an additional $12 billion last October. In April 2020, the World Bank’s board approved a $6 billion global COVID-19 response program: the COVID-19 Strategic Preparedness and Response Program. The poorest countries-those eligible for support from the World Bank’s International Development Association-have fared the worst. As the pandemic recedes, the World Bank can resume its pursuit of its twin goals: eradicating extreme poverty and boosting shared prosperity.ĬOVID-19 overwhelmed the health systems of many countries and jeopardized development advances that have been decades in the making. The size, scope, and speed of this support are unprecedented.
It focused first on immediate relief, then on debt restructuring, and finally on economic recovery measures. To countries in need, it has made available up to $160 billion in financial support, including $50 billion for the poorest countries. Under the leadership of its president, David Malpass, the bank has mounted a historic response to COVID-19. The World Bank, in particular, plays a critical role in day-to-day pandemic response, and therefore, it especially needs active support and guidance from the administration. Strong U.S. leadership will ensure assistance gets to the poorest nations, focus these institutions on their core missions, preserve their budget disciplines, and advance U.S. This oversight should be promptly remedied. representatives to the IMF and the World Bank that had been appointed by his predecessor-but has yet to nominate replacements. In January, the Biden administration removed the U.S. Consistent with that role, the United States spearheaded last year’s efforts to promote financial stability and economic resilience in the face of global devastation wrought by the pandemic. Washington is the largest contributor to these institutions and their largest shareholder. leadership at these international financial institutions is more important than ever. Now, with the world reeling from wave after wave of the COVID-19 pandemic, robust U.S. At what became known as the Bretton Woods Conference, the United States played a pivotal role in the creation of the International Monetary Fund (IMF) and the World Bank. In New Hampshire’s White Mountains 77 years ago, the leaders of 44 nations met to chart the course of the international monetary system.
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