Economic Recovery: Toward a Green, Resilient, and Inclusive Future

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Economic Recovery: Toward a Green, Resilient, and Inclusive Future

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As countries rebuild their economies after COVID-19, it is fundamental that they see this as a unique opportunity to lay the foundation for a green, resilient, and inclusive future. These efforts were the theme of the event kicking off the Spring Meetings on Tuesday, Economic Recovery: Toward a Green, Resilient, and Inclusive Future.

World Bank Group President David Malpass outlined the major challenges facing the world, including COVID, climate change, rising poverty and inequality, and growing fragility and violence. U.S. Treasury Secretary Janet Yellen encouraged developed economies to continue to support a global recovery. She also highlighted the importance of helping developing countries meet their climate goals along with their development objectives, adding that the availability of green finance will be critical. IMF Managing Director Kristalina Georgieva was also part of the conversation with Malpass and Yellen, pointing out that climate risks are a growing threat to the world’s macroeconomic and financial stability.

Other speakers at the event, discussing themes of sustainability, innovation, and inclusion, were ministers from Cambodia and Egypt, youth, business owners, and civil society representatives. Melinda Gates issued a call to put women and girls at the center of the recovery, and Grammy-nominated singer Somi ended the event with a song, “Changing Inspiration.”
 

See the list of Speakers ▽ 


This event replay is available with captions in multiple languages. You can select the language of your choice in the video above OR you can use the following links to watch the event with translated audio in Arabic, French and Spanish.

To view the full conversation with David Malpass, Kristalina Georgieva, and Janet Yellen
please watch at this link. You can also read the transcript of this conversation.

Read the transcript


  • 0:00 [SPRING MEETINGS 2021 VIRTUAL] [Upbeat music]
  • 0:01 [WORLD BANK GROUP INTERNATIONAL MONETARY FUND]
  • 0:18 [SPRING MEETINGS 2021 VIRTUAL]
  • 0:19 [WORLD BANK GROUP INTERNATIONAL MONETARY FUND]
  • 0:38 [SPRING MEETINGS 2021 VIRTUAL]
  • 0:39 [WORLD BANK GROUP INTERNATIONAL MONETARY FUND]
  • 0:59 [REUNIONES DE PRIMAVERA 2021 VIRTUALES]
  • 1:00 [GRUPO BANCO MUNDIAL FONDO MONETARIO INTENACIONAL]
  • 1:18 [REUNIONES DE PRIMAVERA 2021 VIRTUALES]
  • 1:19 [GRUPO BANCO MUNDIAL FONDO MONETARIO INTERNACIONAL]
  • 1:37 [REUNIONES DE PRIMAVERA 2021 VIRTUALES]
  • 1:39 [GRUPO BLANCO MUNDIAL FONDO MONETARIO INTERNACIONAL]
  • 3:02 Hello, and welcome to the World Bank Group IMF 2021 Spring Meetings.
  • 3:06 And today, one of our four days of public programming.
  • 3:09 [PAUL BLAKE; WORLD BANK GROUP] I'm Paul Blake and in a few minutes,
  • 3:11 we'll kick off today's session on economic recovery
  • 3:13 and how we can build a green, resilient, and inclusive future.
  • 3:16 But first, let's take a moment to understand
  • 3:18 what to expect over the course of the week
  • 3:20 and how you can get involved.
  • 3:27 The World Bank Group IMF meetings are virtual once more,
  • 3:31 and while our buildings are relatively empty when compared to past years,
  • 3:34 you, connecting wherever you arem have more opportunity than ever to take part.
  • 3:40 For weeks, we've been convening and recording in-depth conversations
  • 3:43 with some of the world's leading experts
  • 3:46 on the most urgent development issues of our time.
  • 3:49 Now for these Spring Meetings, we're proud to bring you four events
  • 3:53 that will play out over four days and cover four important themes.
  • 3:57 Economic Recovery, Debt, Climate, and Vaccines.
  • 4:02 And while the main events are recorded,
  • 4:03 our subject matter experts are standing by live online right now
  • 4:07 to answer your questions and share your comments.
  • 4:11 Hi, I'm Nejma Cheikh.
  • 4:12 As each event plays, my colleagues and I will be answering your questions
  • 4:16 in English, French, Spanish, and Arabic, in the live chat at live.worldbank.org.
  • 4:21 And while you're here, please vote in our poll.
  • 4:23 There will be a new question every day.
  • 4:25 And after each event, we'll be back here live
  • 4:28 from our headquarters in Washington DC.
  • 4:30 And on this socially distant set,
  • 4:32 we'll be putting some of the most popular questions that have come in online
  • 4:36 to senior World Bank Group leaders and experts.
  • 4:39 So what are you waiting for?
  • 4:40 Find all the details and share your perspective, live.worldbank.org.
  • 4:48 [LIVE: WASHINGTON, DC] And if you're following the conversation on social media,
  • 4:50 use #InclusiveFuture to have your voice heard.
  • 4:54 Now I'll be back here in a little over an hour for a live discussion
  • 4:56 with the International Finance Corporation's Makhtar Diop.
  • 4:59 [ECONOMIC RECOVERY: TOWARD A GREEN, RESILIENT, AND INCLUSIVE FUTURE] and the World Bank's Manuela Ferro and much more.
  • 5:02 So please do stick around to join me for that,
  • 5:03 but now let's launch into it, today's main event,
  • 5:06 Economic Recovery: Toward a Green, Resilient, and Inclusive Future.
  • 5:10 hosted by journalist Larry Madowo.
  • 5:19 [SUSTAINABLE RECOVERY] [Upbeat music]
  • 5:22 [INNOVATIVE FUTURE]
  • 5:26 [INCLUSIVE GROWTH]
  • 5:32 [ECONOMIC RECOVERY: TOWARD A GREEN, RESILIENT, & INCLUSIVE FUTURE]
  • 5:41 Welcome to everyone in our virtual audience around the world.
  • 5:45 We're so glad you could join us for the World Bank Group IMF Spring Meetings
  • 5:49 and for this kick-off event on Economic Recovery:
  • 5:52 Toward a Green, Resilient, and Inclusive Future.
  • 5:56 [LARRY MADOWO; JOURNALIST] I'm Larry Madowo and I'll your host for the next hour.
  • 5:59 The pandemic has dealt the global economy an unprecedented shock
  • 6:03 and the recovery is likely to be slow and uneven.
  • 6:07 Disadvantages and inequalities have been amplified
  • 6:10 with harm falling hardest on poor people, businesses, and countries.
  • 6:15 Today, we're going to look ahead to better times
  • 6:18 and to discuss what's needed to support a faster and deeper economic recovery
  • 6:23 that lays a foundation for a more sustainable
  • 6:25 and inclusive global economic system.
  • 6:28 And there are plenty of ways you can take part in this special event.
  • 6:32 We're streaming in English, Spanish, French, and Arabic,
  • 6:36 [LIVE.WORLDBANK.ORG] on World Bank Live and across our social channels.
  • 6:39 World Bank Live is also where our experts are taking your questions right now.
  • 6:44 And you can share your comments at any point using the #InclusiveFuture.
  • 6:49 Let's take a quick look at what we have lined up for you over the next hour.
  • 6:56 [VIRTUAL SPRING MEETINGS 2021 COMING UP] [Upbeat music]
  • 6:58 [SUPPORTING GREEN, RESILIENT, AND INCLUSIVE DEVELOPMENT]
  • 7:01 [JANET YELLEN; US TREASURY SECRETARY]
  • 7:03 [KRISTALINA GEORGIEVA; MANAGING DIRECTOR, IMF]
  • 7:05 [DAVID MALPASS; PRESIDENT, WORLD BANK GROUP]
  • 7:07 [THE PATH TO A SUSTAINABLE RECOVERY]
  • 7:12 [KARIM EL AYNAOUI; PRESIDENT, POLICY CENTER FOR THE NEW SOUTH]
  • 7:14 [SWIETENIA PUSPA LESTARI; FOUNDER, DIVERS CLEAN ACTION]
  • 7:17 [INNOVATION AND THE PRIVATE SECTOR]
  • 7:21 [AJAITA SHAH; FOUNDER & CEO, FRONTIER MARKETS]
  • 7:23 [SOLA DAVID-BORHA; CHIEF EXECUTIVE OFFICER, AFRICA REGIONS, STANDARD BANK]
  • 7:24 [H.E. RANIA AL-MASHAT; MINISTER OF INTERNATIONAL COOPERATION, EGYPT]
  • 7:27 [PRIORITIZING AN INCLUSIVE RECOVERY]
  • 7:32 [GONZALO HERNÁNDEZ LICONA; DIRECTOR, MULTIDIMENSIONAL POVERTY PEER NETWORK]
  • 7:34 [LINDSAY COATES; MANAGING DIRECTOR, BRAC ULTRA-POOR GRADUATION INITIATIVE]
  • 7:36 [H.E. VONGSEY VISSOTH; MINISTER/SECRETARY OF STATE OF ECONOMY/FINANCE, CAMBODIA]
  • 7:39 [PUTTING WOMEN AND GIRLS FRONT AND CENTER]
  • 7:42 [MELINDA GATES; CO-CHAIR, BILL & MELINDA GATES FOUNDATION]
  • 7:46 [SPECIAL PERFORMANCE OF "CHANGING INSPIRATION"]
  • 7:49 [SOMI; GRAMMY-NOMINATED JAZZ VOCALIST]
  • 7:53 Quite a lineup, right?
  • 7:55 Our guests will be focusing on economic recovery through three broad lenses.
  • 8:00 First, sustainability.
  • 8:02 How can we make this recovery green and rebuild economic systems
  • 8:06 to better use resources and create a climate-friendly future?
  • 8:10 Second, resilience and innovation.
  • 8:13 How can firms reinvent themselves to create more jobs
  • 8:17 and how can governments find new ways to transform the crisis
  • 8:20 into an opportunity for growth?
  • 8:23 Can we avoid a lost generation of youth?
  • 8:25 And our final area of discussion will be on the topic of inclusion.
  • 8:30 How can policymakers make sure everyone benefits from the recovery
  • 8:34 and inequality is not worsened.
  • 8:37 To kick things off, we have a stellar trio.
  • 8:40 US Treasury Secretary Janet Yellen,
  • 8:42 IMF Managing Director, Kristalina Georgieva,
  • 8:45 and leading the conversation, World Bank Group President, David Malpass.
  • 8:50 They'll be talking about what it means
  • 8:52 to have a green, resilient, and inclusive recovery.
  • 8:55 David, over to you.
  • 9:00 Thank you very much, Larry.
  • 9:02 [WASHINGTON, DC: USA] It's a pleasure to be here with IMF Managing Director Kristalina Georgieva
  • 9:08 and with US Treasury Secretary Janet Yellen
  • 9:11 to discuss the economic recovery in the kickoff of our Spring Meetings.
  • 9:16 [DAVID MALPASS; PRESIDENT, WORLD BANK GROUP] The world faces major challenges
  • 9:18 including COVID, climate change, rising poverty and inequality,
  • 9:24 and growing fragility and violence in many countries.
  • 9:28 The inequality is most apparent in the direct effects of COVID
  • 9:32 that hits informal workers and the vulnerable the most.
  • 9:36 The inequality extends well beyond that to vaccinations,
  • 9:41 the concentration in wealth,
  • 9:43 the unequal impact of the fiscal stimulus and asset purchases,
  • 9:48 and the imbalance in debtor/creditor relationships
  • 9:51 particularly for people in the poorest countries.
  • 9:54 The World Bank Group is leaning forward as much as possible
  • 9:58 to face these challenges.
  • 10:00 In response to COVID-19, we took broad, fast action,
  • 10:04 and quickly achieved over 100 active operations
  • 10:08 of support for developing countries.
  • 10:10 Commitments rose 65% in 2020 from 2019.
  • 10:16 On vaccines, working closely with GAVI, WHO, and UNICEF,
  • 10:20 we've conducted over 100 capacity assessments.
  • 10:24 Many even before vaccines were available.
  • 10:27 We are now passing several specific country vaccine financing operations
  • 10:32 each week through our board with already 10 approved,
  • 10:36 ten more scheduled in April, and around 30 more expected in May and June
  • 10:41 for a total of around four billion dollars in 50 countries.
  • 10:46 There are major challenges for the countries in securing deliveries
  • 10:50 from COVAX and manufacturers
  • 10:53 and we're working to support their efforts.
  • 10:56 Many developing countries entered the pandemic with unsustainable debt levels.
  • 11:01 We've worked to achieve a debt service suspension initiative
  • 11:05 and increased transparency in debt contracts.
  • 11:09 Both steps are helping.
  • 11:11 We've dramatically increased our grants and loans to the DSSI countries.
  • 11:16 Our goal is to maximize resources available to people.
  • 11:21 And we're working in close collaboration with the IMF
  • 11:25 to support the G20's implementation of the Common Framework.
  • 11:29 We're pushing forward together on Chad and the World Bank hopes
  • 11:34 to be able to put in substantial fast dispersing resources.
  • 11:39 Chad has a heavy burden of collateralized debt
  • 11:42 owed to a very narrow group of creditors, presenting specific challenges.
  • 11:47 And finally, we're finalizing a new climate change action plan
  • 11:51 which includes a big step up in financing,
  • 11:55 building on our record climate financing over the past two years.
  • 12:00 It includes new analytical support to countries
  • 12:03 as part of integrated climate and development programs.
  • 12:07 We want to achieve as much impact as possible with the increased financing.
  • 12:12 Our plan identifies key priorities for action
  • 12:15 with a focus on both adaptation and mitigation.
  • 12:19 It also includes a strong focus on a just transition from coal.
  • 12:25 And we're working toward aligning our financial flows
  • 12:28 with the objectives of the Paris Agreement.
  • 12:31 To conclude, I've noted big challenges.
  • 12:34 We're working to bring all together to achieve what we call GRID,
  • 12:39 green, resilient, and inclusive development.
  • 12:43 We'll have separate events on debt tomorrow,
  • 12:46 climate transitions on Thursday, and vaccines on Friday.
  • 12:51 And now let me turn to Secretary Yellen and I'm so pleased you're here.
  • 12:56 Thank you very much for that.
  • 12:58 Doctor Yellen, it's been a year since we were on a presentation together.
  • 13:04 The world had a very hard year
  • 13:06 and the United States, under your leadership, is having a big impact.
  • 13:12 Could you go through, what's the US doing
  • 13:15 to help the world recover economically from the crisis?
  • 13:18 Well, thanks so much, David, it's a pleasure to be with you.
  • 13:22 [JANET YELLEN; US TREASURY SECRETARY] Well, first of all, domestically we're focusing on the pandemic
  • 13:28 and trying to promote vaccinations, testing, contact tracing
  • 13:35 to get it under control
  • 13:37 because we recognize that for the United States
  • 13:40 and for the world as a whole, the pandemic really is what's going to call the shots
  • 13:45 in terms of how the economy does.
  • 13:48 So that's first and foremost at home.
  • 13:51 And I think it's equally important for the entire globe.
  • 13:57 We are trying to support the most vulnerable people
  • 14:02 who typically are low-income people and minorities in the United States.
  • 14:08 And the same is true globally, I think.
  • 14:11 Those who work in the service sector and minorities,
  • 14:18 vulnerable people have been most impacted
  • 14:21 both healthwise, and in terms of the economic impact.
  • 14:27 So we have many programs that are supporting them.
  • 14:31 Unemployment insurance programs, relief for rental assistance, homelessness,
  • 14:40 support for families that are burdened with women who are out of the workforce
  • 14:47 because children can't go to school,
  • 14:49 trying to reopen schools as promptly as we can
  • 14:54 and support state and local governments.
  • 14:58 We've decided to go big because we think that the risks are of severe scarring
  • 15:06 if we allow there to be long-term unemployment.
  • 15:11 And we're projecting a pretty rapid... as we deal with the pandemic,
  • 15:16 we're expecting a rapid recovery.
  • 15:19 I'm hopeful we'll be back to full employment next year.
  • 15:23 And once we are, we're going to turn to a longer term agenda of investment.
  • 15:28 Investment in infrastructure, in R&D, in people.
  • 15:32 But globally, I think that what we're doing domestically
  • 15:37 is helpful to the entire global community.
  • 15:41 Stronger growth in the US is going to spill over positively
  • 15:47 to the entire global outlook.
  • 15:50 And we're going be careful to learn the lessons of the financial crisis,
  • 15:55 which is don't withdraw support too quickly.
  • 16:00 And we would encourage all those developed countries that have the capacity,
  • 16:06 using fiscal policy and monetary policy, to continue
  • 16:11 to support a global recovery
  • 16:13 for the sake of the growth in the entire global economy.
  • 16:20 Thanks, fabulous.
  • 16:22 Managing director Georgieva,
  • 16:24 you have been in the forefront of worry about the inequality in the system.
  • 16:29 And I wonder if you could give us some thoughts on that
  • 16:32 and what can the IMF do to ease the inequality?
  • 16:36 [KRISTALINA GEORGIEVA; IMF MANAGING DIRECTOR] Thank you very much for having me here at the bank.
  • 16:39 Fantastic to be with Secretary Yellen and with you.
  • 16:42 And if I may say David, I am so grateful
  • 16:49 that you are focusing on this question of inequality.
  • 16:53 What do we see today?
  • 16:55 The world economy's on a sounder footing.
  • 16:59 The recovery is progressing,
  • 17:01 and actually actions taken by United States
  • 17:05 to boost prospects for recovery in US are helping the whole world.
  • 17:11 We are upgrading our projections for the year.
  • 17:16 But economic fortunes within countries and across countries
  • 17:22 are diverging dangerously.
  • 17:25 And this is why in these meetings,
  • 17:29 we are focusing on giving everyone a fair shot.
  • 17:36 A fair shot in the arm everywhere,
  • 17:39 so we can bring the pandemic to a durable end,
  • 17:44 to underpin sustainable recovery.
  • 17:47 But also a fair shot to a chance for a better life
  • 17:53 for vulnerable people and for vulnerable countries.
  • 17:58 And it is so important for the reasons both of you outline that it is a focus
  • 18:04 because if we don't do it, then we risk inequalities to deepen
  • 18:10 and to hold societies and to hold growth back.
  • 18:15 What does it mean for us at the IMF?
  • 18:19 First and foremost, we have stepped up significantly
  • 18:25 the provision of financial lifelines to vulnerable countries,
  • 18:32 emerging markets with weak fundamentals, low-income countries.
  • 18:37 Joining you, the World Bank, in making sure
  • 18:41 that those with limited fiscal space, no access to markets,
  • 18:46 are not left out from the recovery.
  • 18:50 Doctor Yellen, Madam secretary,
  • 18:54 you interact with the advanced economies a lot.
  • 18:59 What can everyone do working together to achieve an inclusive recovery?
  • 19:05 I think it's the responsibility of the developed countries
  • 19:12 to make sure that decades of progress in fighting poverty globally
  • 19:21 and trying to close income gaps between rich and poor countries...
  • 19:26 We need to see that that progress is not reversed because of the pandemic.
  • 19:32 We need to provide a package of resources that your organizations can use
  • 19:40 to help developing countries, low-income countries.
  • 19:46 I hope that we'll make progress on approving an SDR allocation
  • 19:51 which I think would be a very important way
  • 19:54 to support the reserve needs globally, especially of low-income countries.
  • 20:02 You mentioned tackling debt.
  • 20:04 I think that's an extremely important initiative,
  • 20:08 concessional finance for the poorest countries.
  • 20:12 I want to turn a little bit, if we may, to climate change.
  • 20:16 These are immense issues for the whole world.
  • 20:20 And so each of us in our various ways are interacting.
  • 20:24 I went through our climate change action plan that we're just releasing.
  • 20:30 But I wonder for the IMF, how do you think about the climate change issues
  • 20:34 in the context of the macroeconomic challenges that you work on
  • 20:39 and how can the IMF help on this area?
  • 20:41 Okay, climate risks are a growing threat
  • 20:44 to macroeconomic and to financial stability.
  • 20:49 And with the same token, climate action
  • 20:52 offers the prospects for green growth and green jobs.
  • 20:58 Critical for what we do at the IMF in supporting growth and employment.
  • 21:05 What we have embraced as a latecomer in this conversation
  • 21:11 is to zero in on our comparative strength.
  • 21:14 What is it that we are uniquely positioned
  • 21:17 to help the world accelerate the transition to the new climate economy?
  • 21:21 And it is macroeconomic data and research,
  • 21:26 fiscal and monetary policies,
  • 21:29 crisis prevention, crisis response.
  • 21:32 So what we are doing at the IMF,
  • 21:35 working very closely with the world Bank and other organizations,
  • 21:40 are four areas of stepping up our work.
  • 21:44 So it is at the heart of what we do.
  • 21:48 First, policy advice.
  • 21:50 We engage with all countries in what is known as article four consultations.
  • 21:57 And when we do so, we look at the criticality
  • 22:01 of mitigation and adaptation policies.
  • 22:04 Naturally we do more on mitigation in countries that are high emitters.
  • 22:10 We do more on adaptation in countries that are more vulnerable.
  • 22:14 Secondly, we are zeroing in on climate-related financial stability risks
  • 22:21 and we have a big role to play.
  • 22:23 Standardized reporting of these risks, stress testing,
  • 22:28 and looking at the role of supervisory authorities.
  • 22:32 We have an instrument together with the World Bank,
  • 22:35 the financial sector assessments.
  • 22:37 We are integrating climate related risks in these assessments.
  • 22:42 Third, data.
  • 22:45 Data tells a story to finance ministers like nothing else.
  • 22:50 Integrating carbon intensity and other climate data
  • 22:54 in quarterly macroeconomic data is what we are pursuing,
  • 22:59 again, working with other organizations.
  • 23:01 So we are going to have a dashboard
  • 23:04 that would help policymakers to see, in one place,
  • 23:07 the growth numbers, employment numbers, carbon intensity numbers.
  • 23:12 Last but not least, David, capacity development.
  • 23:16 Countries need to speed up their ability
  • 23:20 to integrate climate policies in their macroeconomic policies.
  • 23:24 And we are there for them.
  • 23:26 Janet, President Biden has talked about the whole of economy approach.
  • 23:31 And you've noted that poor countries
  • 23:33 often are not the ones emitting the greenhouse gases.
  • 23:36 How does the world better invest in this problem and solving it?
  • 23:42 Obviously climate change is a global problem
  • 23:46 and we're not going to really be able
  • 23:49 to deal with greenhouse gas emissions successfully
  • 23:55 unless countries like the United States act domestically
  • 24:00 and then foster the transfer of resources and the financing
  • 24:06 that's necessary for developing countries to be able to do so successfully.
  • 24:13 President Biden is very focused on the US climate agenda.
  • 24:19 He's going to be proposing a package of infrastructure
  • 24:24 and climate change investments to make sure
  • 24:28 that we make our own domestic contribution
  • 24:32 to meeting the Paris objectives.
  • 24:35 And we look to you and working with you in order to make sure
  • 24:41 that the necessary resources for green development
  • 24:47 and finance are transferred to the developing countries
  • 24:52 that countries that really need those resources.
  • 24:54 And I think both of your organizations have very important roles to play.
  • 25:01 Maybe distinct roles to play, as Kristalina was mentioning.
  • 25:06 But, you know, we need to make sure that we help developing countries
  • 25:12 meet their climate goals along with their development objectives.
  • 25:17 And the availability of green finance is critical to that.
  • 25:22 We're running toward the end of our conversation.
  • 25:25 Are there other topics that you want to raise?
  • 25:29 I'll turn to Kristalina.
  • 25:31 Well, the importance of us working together.
  • 25:35 We are in the Spring Meetings,
  • 25:38 it brings the world to concentrate on what we can achieve faster
  • 25:44 and more efficiently by working together.
  • 25:48 And I want to say two things.
  • 25:50 One, we are not giving enough credit
  • 25:55 to collaboration that has already taken place.
  • 25:59 In this crisis, central banks and finance authorities
  • 26:03 have stepped up swiftly in a coordinated manner.
  • 26:07 We just calculated that the IMF,
  • 26:10 that if that didn't happen on this scale and in that degree of coordination,
  • 26:17 the recession would have been three times deeper.
  • 26:21 In other words, we would have been lingering into a depression.
  • 26:26 And that value of bringing everybody together cannot be overstated.
  • 26:33 And my second point is, to take at least one cheer
  • 26:40 for our scientists that have delivered vaccines in a record short time.
  • 26:47 We owe it to them to make sure
  • 26:51 that everybody gets an access to vaccine.
  • 26:54 There is no more important economic policy today than doing exactly that.
  • 27:02 So let's use our coming together for building up,
  • 27:08 the foundation of strong international cooporation
  • 27:13 for what you started from David,
  • 27:16 green, smart, inclusive future for all of us.
  • 27:23 Yeah, that's huge.
  • 27:24 Both the cooperation side and the technology side.
  • 27:27 Janet closing...
  • 27:30 I would simply say, I think resilience is important.
  • 27:34 And to me, one of the lessons of the crisis
  • 27:37 is that the global system, you know, should have learned
  • 27:44 that we need to be better prepared for crises than we were for this one.
  • 27:50 This may not be our very last health crisis ever.
  • 27:54 And I hope we will learn that we need to work together
  • 27:58 to be better prepared for future crises.
  • 28:03 We've seen...
  • 28:06 Certainly we in the United States have seen that our safety net
  • 28:10 wasn't all that it should be to protect the most vulnerable citizens.
  • 28:16 We have had to shore it up in a series of ad hoc actions.
  • 28:21 And I think making sure that our safety nets
  • 28:26 work here and throughout the world for future crises.
  • 28:32 Global supply chains.
  • 28:33 We saw weaknesses and problems in global supply chains.
  • 28:39 I think, thinking about...
  • 28:41 We had very efficient supply chains, but not very resilient supply chains.
  • 28:47 And that's an area that I think we should be trying to shore up.
  • 28:52 And finally I'd say, we did a lot after the financial crisis in 2008-9
  • 28:59 to shore up the resilience of our core banking system.
  • 29:04 And we should appreciate that we did not have a banking crisis.
  • 29:09 Our banking systems were able to support growth and credit.
  • 29:16 But some areas outside the core banking system
  • 29:20 of non-bank financial intermediation
  • 29:23 showed tremendous stress.
  • 29:25 So I think we have more work to do to have a more resilient financial system.
  • 29:30 And in all these areas, again, globally, we need to work together
  • 29:35 to cooperate, as in climate change, to make progress.
  • 29:41 That's a great conclusion, so let's leave it there
  • 29:44 with resilience and the preparation for being stronger on the recovery
  • 29:50 and in the next global expansion.
  • 29:53 Well, fingers crossed.
  • 29:56 There's lots of work to be done, but that's a great conclusion, thank you.
  • 30:03 Thank you, David.
  • 30:04 And there is more to that conversation.
  • 30:06 You can watch the full discussion
  • 30:08 [LIVE.WORLDBANK.ORG/ECONRECOVERY] using the link you can see on your screen right now.
  • 30:12 Do you have questions about the issues raised in that discussion?
  • 30:15 Please share them on our live chat at live.worldbank.org,
  • 30:20 where you will also have the chance to vote for your favorite question.
  • 30:24 We'll also be putting some of those directly
  • 30:26 to two of the World Bank Group's top experts at the end of this event.
  • 30:30 Now the economic downturn prompted by the pandemic
  • 30:34 has had a particularly devastating impact on young people around the world.
  • 30:39 So when they look to the future, what gives them hope?
  • 30:42 [ABEER ABUGAITH; ONE YOUNG WORLD AMBASSADOR] COVID-19 affected Palestine in many different ways,
  • 30:46 especially that we are living in a conflict zone.
  • 30:49 It's impacted our education, our health system,
  • 30:54 and also our economy in a bad and tough way.
  • 30:58 [NHIAL DENG; ONE YOUNG WORLD AMBASSADOR] The main challenge that faced my community during COVID-19
  • 31:00 [KAKUMA REFUGEE CAMP, KENYA] was fear and anxiety,
  • 31:02 which was caused by limited access
  • 31:03 to accurate and reliable information about the COVID-19 pandemic.
  • 31:06 [DIMPHO LEKGEU, SOUTH AFRICA] The pandemic has really impacted the psychological wellbeing
  • 31:10 of every demographic, but I think especially young people.
  • 31:14 [EXUACEE WONGA, D.R. CONGO] There were many young people, especially in the villages,
  • 31:17 who already didn't have access to education.
  • 31:20 The majority of whom were young girls,
  • 31:23 and today the gap is just worsening.
  • 31:26 [EMILIO REYES GALINDO, MEXICO] I believe that we, as young people, have a priority role
  • 31:29 in building a recovery that's green, resilient, inclusive, and fair.
  • 31:34 [TATENDA MAGETSI, ZIMBABWE] We need to keep youth,
  • 31:36 not just as beneficiaries of government programs, but also as partners.
  • 31:41 You know, people we can collaborate with,
  • 31:43 forge complementary synergy as leaders,
  • 31:46 people we can rely on to make decisions, to sit on the table.
  • 31:49 We can make systemic changes through innovative ideas
  • 31:53 focused on sustainable development.
  • 31:55 [NATALIE SONIA MUKUNDANE, UGANDA] We need innovations around food value chain systems
  • 31:59 that can improve our immunity.
  • 32:02 My hope for the future
  • 32:03 is that we will really center marginalized groups in recovery processes.
  • 32:09 To create, for example, green jobs, sustainable cities,
  • 32:13 a fair energy transition, resilient economies without leaving anyone behind.
  • 32:18 I hope that young people from across the world can come together.
  • 32:22 As this is their time, their turn, their future.
  • 32:25 If we collaborate together and learn from each other.
  • 32:29 We can not only beat this pandemic,
  • 32:31 but also be prepared for other, future pandemics.
  • 32:34 We have in our hands the opportunity to build a better future for all.
  • 32:40 And find a silver lining behind this cloud that has been the pandemic.
  • 32:48 Wow, those were really inspiring.
  • 32:51 Time now to tell you about another opportunity to get involved.
  • 32:54 It's our special poll question.
  • 32:56 Get ready.
  • 32:58 Here it comes.
  • 33:00 What should be the priority to ensure an inclusive economic recovery?
  • 33:05 Is it A, policy advice,
  • 33:07 or B, financial assistance,
  • 33:10 C, protecting the poor and vulnerable,
  • 33:13 or your last option, D, helping countries purchase vaccines.
  • 33:18 Go to live.worldbank.org to cast your vote right now.
  • 33:24 [TBILISI, GEORGIA] <i>Gamarjoba.</i>
  • 33:24 I'm Tamar Kobakhidze in Tbilisi, Georgia
  • 33:27 and you're watching the World Bank Group IMF Spring Meetings.
  • 33:32 Now we're going to turn to the subject of sustainability and a green recovery.
  • 33:37 Before we had a COVID crisis, we had a climate crisis and it hasn't gone away.
  • 33:42 So how can we use the rebuilding process to ensure
  • 33:45 that we don't go back to the way things were,
  • 33:47 but strive for a greener, more sustainable future.
  • 33:51 [WASHINGTON, DC, USA; JAKARTA, INDONESIA; RABAT, MOROCCO] Here to discuss those huge issues are
  • 33:53 Swietenia Puspa Lestari, an environmental activist from Indonesia,
  • 33:57 and Karim El Aynaoui,
  • 33:59 President of the Policy Center for the New South in Morocco.
  • 34:03 Miss Lestari, let me start with you.
  • 34:05 You've seen firsthand the impact of environmental degradation
  • 34:08 in your country, Indonesia.
  • 34:10 Tell us what you have learned in your work
  • 34:11 with a group you co-founded, Divers Clean Action.
  • 34:15 Thank you, Larry.
  • 34:16 So I've been working with Divers Clean Action since five years ago,
  • 34:20 where we do a lot of work on grassroots level
  • 34:22 [SWIETENIA PUSPA LESTARI; FOUNDER, DIVERS CLEAN ACTION] and also in top level advocacy.
  • 34:25 And we realized through our various activities
  • 34:28 such as citizen science and then also campaign workshop,
  • 34:32 collaborations with private sectors
  • 34:34 and also community development on real coastal area, you know, unfilled.
  • 34:40 We realized that actually people really want to change.
  • 34:44 People really want to support this green recovery movement.
  • 34:47 People really want to, you know, speak up for the green recovery movements.
  • 34:51 But nowadays, especially with the pandemic,
  • 34:54 people tend to be forced to choose between economy and also environment.
  • 35:00 Because you know, for example,
  • 35:02 there's a lot of my friends that are now losing their jobs
  • 35:05 because the pandemic situations.
  • 35:07 So now they cannot continue to do green recovery efforts
  • 35:11 and they need to care more about their, you know, security of food and etc.
  • 35:17 On the other hand the opportunity for green jobs is not quite there yet.
  • 35:22 for everyone in anywhere, you know, it's still limited.
  • 35:26 And the other example is when the policies sometimes do not match the jargon
  • 35:32 of green recovery in terms of, you know, small businesses.
  • 35:36 We can see maybe private sectors with bigger businesses.
  • 35:40 They do have strong commitment on eliminating single-use plastics, for example.
  • 35:46 The worst you know, climate resiliency,
  • 35:48 but when we're talking about small businesses,
  • 35:53 they now have to spend more,
  • 35:55 they need to invest more on buying alternative solutions, alternative packagings
  • 36:01 and they don't even get a reward or incentives from the government.
  • 36:05 So they, again, need to choose between the environment and also the economy.
  • 36:10 So I think the most important thing is we need to invest more,
  • 36:14 and we need to make sure the ecosystem supports the people.
  • 36:18 The normal people, people like me,
  • 36:20 the youth can not have to choose between environmental and also economy.
  • 36:26 Right.
  • 36:26 Doctor El Aynaoui, since 2010, Morocco has had this ambitious strategy
  • 36:30 to reduce its energy dependence and promote renewables.
  • 36:34 How does that strategy fit into its new and more sustainable development model?
  • 36:39 Thank you for having me.
  • 36:43 [KARIM EL AYNAOUI; PRESIDENT, POLICY CENTER FOR THE NEW SOUTH] Well, it's at the heart of the Morocco long-term goal strategy.
  • 36:47 I think in general, the world has not been very serious
  • 36:50 about climate in general and, you know, the transition.
  • 36:54 It is changing.
  • 36:56 I think the COVID crisis, in a way,
  • 36:59 has acted as a sort of a wake up call for many.
  • 37:04 And I think there is a lag also between policymakers and the populations
  • 37:09 that are demanding a more sustainable world in general.
  • 37:13 Morocco has taken this question very seriously and heavily invested
  • 37:18 and created an appropriate incentive framework for investment to happen,
  • 37:25 particularly in solar and wind powered energy.
  • 37:31 You have to know that the country is very suitable,
  • 37:33 I mean, our part of the world is one of the best
  • 37:38 in terms of wind and the intensity of light
  • 37:42 for generating sustainable energy from these sources.
  • 37:48 So I think you need to act, you need to be serious.
  • 37:51 You need to align your incentive framework for it to work.
  • 37:58 And you need of course to take it seriously.
  • 38:01 And I think that's what Morocco has done.
  • 38:02 So with the crisis, it's even more at the center of the strategy,
  • 38:09 and I think it's going to grow.
  • 38:10 And there are new plans to expand massively the solar plants and wind plants.
  • 38:20 You need the lands to do that.
  • 38:22 And Morocco again, has large pieces of land
  • 38:26 and a nice exposure to wind and sunshine.
  • 38:29 And the proximity to a large market, which is Europe,
  • 38:31 so at some point we would need to be part of the Green Deal, European Green Deal
  • 38:36 and to see how we can interconnect all these sources.
  • 38:42 All right, back to Miss Lestari,
  • 38:44 you were talking about the work you do with Divers Clean Action,
  • 38:47 but you actually founded it while you were still a teenager.
  • 38:50 What role do you think young people have to plan
  • 38:53 in ensuring a sustainable future?
  • 38:55 I think the way we can answer this, we need to see it on two perspectives.
  • 39:00 The first one on the youth itself.
  • 39:02 We need to empower more youth to be more proactive
  • 39:05 in the local governments or the local efforts,
  • 39:08 and the youth need to also measure the impact of their actions.
  • 39:12 And we need to amplify our voices through collaborations
  • 39:17 because we cannot work alone.
  • 39:18 And we believe we can make greater impact if more youth does this.
  • 39:23 And the second perspective or second view is from an ecosystem view.
  • 39:28 I think now the ecosystem is not quite there yet
  • 39:31 to enable the youth to make changes
  • 39:33 in terms of sustainability and also green recovery.
  • 39:37 For example we need to set aside the age gap and also the institutional ego gap,
  • 39:42 because we understand, I understand,
  • 39:45 that the older generation tends to have more leverage
  • 39:48 because they have the policymaker positions,
  • 39:51 they have the funding from the big businesses,
  • 39:54 but the youth have the new innovative ideas.
  • 39:58 And also the maximum energy, the time to really mobilize the movement
  • 40:04 towards this green recovery.
  • 40:06 But we cannot do it alone.
  • 40:08 We need the older generation to re-listen also give the chance to collaborate.
  • 40:13 And if it happens, it is actually, you know...
  • 40:17 we can make a big impact such as like my NGO.
  • 40:21 I remember when we started this five years ago, when I was still a student,
  • 40:26 I really knocked on the doors of the private sectors
  • 40:28 and not everyone is listening.
  • 40:31 But when one company listens and then we collaborate
  • 40:35 and the impact is there.
  • 40:37 Now we are working with more than handful of companies
  • 40:40 to really reduce the amount of single-use plastics,
  • 40:43 to work on resiliency of climate change.
  • 40:45 And also now on the pandemic situation,
  • 40:48 when we are listened to by the policy maker,
  • 40:51 now we successfully make... hundreds of tourism workers can incentivize,
  • 40:57 and now they can work more on changing the tourism into more ecotourism sectors.
  • 41:04 And now they are preparing on the green recovery aspects.
  • 41:07 So I think it's really important
  • 41:08 for the older generation to listen and support us.
  • 41:12 Excellent.
  • 41:12 Doctor El Aynaoui, here's the question submitted by one of our viewers.
  • 41:16 Emanuel asks, "How can governments afford
  • 41:19 to invest in climate and environmental policies
  • 41:22 when they have so many emergencies to address, especially right now?"
  • 41:25 Well, of course it's a matter of fiscal space.
  • 41:29 And it's a very empirical question.
  • 41:33 It depends on countries.
  • 41:34 But I think these are good investments
  • 41:37 and this should be not specific investment.
  • 41:40 They should... sort of we should green in a way to be simple.
  • 41:44 We should green all investments, you know, all infrastructure we're doing.
  • 41:48 It's a posture.
  • 41:49 It's a way of looking at things.
  • 41:51 We need to minimize the carbon footprint
  • 41:54 of any fiscal budgetary spendings.
  • 41:57 Today we are asking from companies
  • 42:01 to measure their carbon footprint, their carbon impact.
  • 42:04 I think this should be asked from governments or from public spending.
  • 42:08 So every monetary unit spent by a government
  • 42:12 should have a measure of its carbon footprint.
  • 42:18 And I think also the fiscal policy should be adjusted for that
  • 42:23 so it's a source of revenue.
  • 42:24 We need to tax carbon. It's been very difficult.
  • 42:28 It is moving slowly, but it is moving.
  • 42:31 And some countries are ahead of others.
  • 42:33 So that's a way also to generate revenues.
  • 42:36 But in general, I think this is a question
  • 42:38 that should be addressed at the global level.
  • 42:40 This is a public good for humanity at large,
  • 42:44 when I pollute, I pollute for you as well.
  • 42:48 So it's a public good.
  • 42:50 So multilateralism is essential to solve these kinds of questions
  • 42:55 and we need to subsidize, it makes a lot of sense to subsidize,
  • 42:59 to recycle, you know, excess capital that is going to some crazy sector,
  • 43:05 I would say, that do not make a lot of sense.
  • 43:08 They make a sense economically in the short term.
  • 43:11 So it's a complex issue where we need human collaboration.
  • 43:16 And as you know, human collaboration and cooperation
  • 43:18 is something very difficult to be made.
  • 43:20 There's only so much that nations can do by themselves.
  • 43:23 There is also a global level in this discussion
  • 43:26 and I think the energy of the youth that was mentioned is fundamental here.
  • 43:32 Right, we'll leave it there.
  • 43:33 Thank you very much Doctor El Aynaoui and Miss Lestari for joining us today.
  • 43:41 [PHNOM PENH, CAMBODIA] Hello, I'm Pironkov in Phnom Penh, Cambodia.
  • 43:44 And you're watching the World Bank Group IMF Spring Meetings.
  • 43:50 A reminder, you can use the #InclusiveFuture
  • 43:53 to share your thoughts on this event at any time.
  • 43:56 Of course, we know that recovery is not all about governments.
  • 44:00 The private sector has a pivotal role to play, too.
  • 44:03 Let's hear now from some small business owners
  • 44:05 about how the pandemic has affected them and how they've adapted.
  • 44:09 [ADRIANA FERNANDES; MANDALA COMIDAS ESPECIAIS FROZEN FOOD MANUFACTURER]
  • 44:12 [SÃO PAULO, BRAZIL]
  • 44:15 During the pandemic our big corporate clients,
  • 44:18 such as hotels, airlines, and schools,
  • 44:20 drastically reduced their orders,
  • 44:23 and the smaller clients, like restaurants and cafes, closed down.
  • 44:26 We had to recreate ourselves...
  • 44:28 We reviewed the formulation of products to reduce costs
  • 44:31 to make them more affordable and invested in e-commerce,
  • 44:34 in which we doubled our revenues during the pandemic.
  • 44:40 [ERIC AKWABENG; DRESS UP COLLEGE OF FASHION]
  • 44:42 [APPAREL PRODUCER AND VOCATIONAL SCHOOL, TAKORADI, GHANA]
  • 44:45 The COVID-19 pandemic brought our business to a halt.
  • 44:49 Our clothing line sales were down due to a ban on social gathering and events.
  • 44:55 Similarly, our training center was closed down.
  • 44:59 We were able to quickly switch to the production of face masks and other PPEs.
  • 45:04 The training center was equally able to move online.
  • 45:10 [RAVINDRA PRASAD HETTIGE; QUALITCOOL, AIR-CONDITIONING SERVICE PROVIDER]
  • 45:13 [JAYAWARDENEPURA KOTTE, SRI LANKA]
  • 45:15 Obtaining the necessary spare parts was one of the main challenges
  • 45:18 I faced during the COVID period.
  • 45:21 As a result of this challenge,
  • 45:22 I was looking into the possibility of building these parts in Sri Lanka itself.
  • 45:28 This very thought has made me want to do something about building a workforce
  • 45:31 who'll have the necessary vocational training and capacity.
  • 45:33 Great stories there of innovation and resilience
  • 45:36 from people who've poured their lives into creating these businesses.
  • 45:41 Our next discussion also focuses on resilience
  • 45:44 and innovation by private companies, both large and small.
  • 45:48 Our guests are,
  • 45:49 [CAIRO, EGYPT; JOHANNESBURG, SOUTH AFRICA; JAIPUR, INDIA] her excellency Doctor Rania Al-Mashat,
  • 45:51 Egypt's minister of International Cooporation,
  • 45:54 Sola David-Borha, Chief Executive Officer, Africa regions Standard Bank Group,
  • 45:59 and Ajaita Shah, founder and CEO of Frontier Markets in India.
  • 46:04 Doctor Al-Mashat let me start with you.
  • 46:05 This question was posted on our website.
  • 46:08 "How should health and economic systems change to adapt to future crisis?
  • 46:13 And what has the current COVID-19 pandemic taught us?"
  • 46:16 Thank you very much, of course the pandemic has taught us a great deal.
  • 46:21 [H.E. DR. RANIA AL-MASHAT; MINISTER OF INTERNATIONAL COOPERATION, EGYPT] It has taught us that, for inclusion, social inclusion,
  • 46:25 health and education come as priorities.
  • 46:28 So it's a reemphasis of maybe what all policy makers
  • 46:32 and citizens wanted to see happen.
  • 46:34 But it actually put it in the forefront.
  • 46:37 I believe that with what happened in terms of prioritization of health,
  • 46:44 there is a focus with respect to regulatory frameworks that governments have.
  • 46:48 There's also more invitation for private-public partnerships,
  • 46:52 which is extremely important because this pandemic has also taught us
  • 46:56 that no one can do it on their own.
  • 46:59 All stakeholders have to be involved,
  • 47:01 be they policymakers, governments or private sector, civil society,
  • 47:06 and that was the only way to push forward.
  • 47:09 And if we're going to use the terminology "Leave no one behind,"
  • 47:13 the only leave no one behind is actually if all of us collaborate collectively
  • 47:20 within countries and collectively on the multilateral stage as well.
  • 47:24 All right.
  • 47:25 Miss David-Borha, the disruption of global trade
  • 47:27 and its effect on commodity prices and export
  • 47:31 has hit the African continent particularly hard.
  • 47:34 How can financial institutions facilitate investment
  • 47:37 and trade flows between African countries
  • 47:39 to build resilience and increase regional integration?
  • 47:43 Thank you for the question.
  • 47:44 Indeed, the pandemic disrupted supply chains severely.
  • 47:50 [SOLA DAVID-BORHA; CHIEF EXECUTIVE OFFICER, AFRICA REGIONS] And this impacted trade and investment.
  • 47:54 [STANDARD BANK GROUP] At Standard Bank, what we have done
  • 47:58 is to provide innovative financing solutions
  • 48:02 that would impact the value chains of key sectors.
  • 48:08 So for example, in the agricultural sector,
  • 48:13 we partnered with a FinTech in Uganda
  • 48:17 to come up with B2B tech platform called One-Farm.
  • 48:23 And what One-Farm does,
  • 48:25 is to provide a whole series of services to the Ugandan farmer.
  • 48:32 They can access financing, they can access crop insurance,
  • 48:37 agronomy services and training.
  • 48:41 And this has resulted in yields going up by up to 38%.
  • 48:48 It's enabled the farmers to create more efficiently across their region.
  • 48:54 And this is particularly important
  • 48:57 because, as we know, the AfCFTA started this year,
  • 49:04 and I believe that agriculture is going to be a key driver
  • 49:09 of intra-Africa trade.
  • 49:12 Therefore, the ability of ourselves and other financial services organizations
  • 49:20 to provide financing for agric and other sectors is very important.
  • 49:28 And this will also help to stimulate value-added investments in these sectors.
  • 49:35 Thank you.
  • 49:37 And the AfCFTA that you mentioned is the African Continental Free Trade Area.
  • 49:41 So let's move to Miss Shah.
  • 49:43 Your business, Frontier Markets, had to pivot when the pandemic hit
  • 49:48 from delivering solar power solutions to groceries and other consumer goods.
  • 49:53 How were you able to shift that quickly?
  • 49:58 Thank you.
  • 49:59 Over the last five years, we've worked very closely
  • 50:01 with the IFC Lighting Asia Initiative
  • 50:03 to work on a model which focused on investing
  • 50:07 [AJAITA SHAH; FOUNDER & CEO, FRONTIER MARKETS] first and foremost in rural women entrepreneurs
  • 50:09 who were critical in helping us get access
  • 50:12 to insights from the villages that they live in.
  • 50:14 These women in the last two years have now been on a digital platform
  • 50:18 that we created called the Meri Saheli App,
  • 50:21 which essentially allows them to collect data
  • 50:23 and communicate with us through a digital means.
  • 50:26 When the pandemic hit, it became quite easy to leverage that platform
  • 50:30 and collect insights around the challenges that the pandemic created.
  • 50:34 Which as we just discussed was supply chain driven.
  • 50:37 And it was about essential services and goods.
  • 50:40 Leveraging the data, we were able to then partner with suppliers quite quickly
  • 50:43 to tell them that there's an opportunity
  • 50:45 to bring 450,000 rural customers access to goods
  • 50:48 that they otherwise would not be able to reach.
  • 50:50 So we were able to pivot quite quickly
  • 50:52 because we had data that backed up the need.
  • 50:55 We had a network of women entrepreneurs
  • 50:56 that were able to then deliver that effectively.
  • 50:58 And we had technology that allowed us to track the efficiencies,
  • 51:01 to create a win-win for everybody.
  • 51:03 Suppliers got access to new markets,
  • 51:05 Sahelis, these women entrepreneurs, earned real income,
  • 51:09 customers got access to essential services,
  • 51:11 and Frontier Markets actually doubled its revenue and its growth because of it.
  • 51:14 Brilliant.
  • 51:15 Doctor Al-Mashat, one question being asked by our audience is,
  • 51:19 "Can government promote local enterprise and self-employment
  • 51:23 especially for women and other groups outside the formal sector?
  • 51:26 Can we support infrastructure and social services development?"
  • 51:30 You know, there's no other way to move forward.
  • 51:34 The pandemic has actually allowed the acceptance of different modes of work.
  • 51:42 So today, remote work is no longer tabooed.
  • 51:46 It's actually something that is encouraged.
  • 51:49 And therefore, on a government level, there have been several decrees passed
  • 51:55 at the beginning of the pandemic,
  • 51:56 which allowed women in for example, the government, to be able to work from home
  • 52:03 if their children are less than 12 years old, or if they're pregnant, etc.
  • 52:08 On the other hand, the women issues related to the non-paid care etc.,
  • 52:14 have also become more tangible.
  • 52:17 People are seeing it, given the brunt that has fallen on women.
  • 52:22 And then when you mention innovation
  • 52:24 and when you mention small and medium enterprises,
  • 52:27 these have also proven to be more resilient when it comes to the crisis.
  • 52:35 And therefore, encourage women more, whether it is through financing,
  • 52:40 whether it is through more technical skills provided to women.
  • 52:44 In the case of Egypt, we were one of the first countries
  • 52:48 to have COVID related policies.
  • 52:51 And we were singled out as the only country in Africa and West Asia,
  • 52:56 to come up with a policy tracker and 21 policies
  • 53:01 related to women during COVID and comes on the top of that,
  • 53:05 providing technical skills, digital skills,
  • 53:08 because we used to just talk about inequality
  • 53:12 when it comes to the income divide,
  • 53:13 but today the digital divide is something else which is extremely prominent.
  • 53:17 And therefore in any policy discussion that our government has
  • 53:21 with its development partners,
  • 53:23 that it has with civil society, that it has with the private sector,
  • 53:26 this particular element comes in very forcefully.
  • 53:29 And if I just can conclude, all of us before COVID
  • 53:33 were either engaged in discussions
  • 53:35 of whether or not technology is going to crowd out jobs.
  • 53:39 I think that COVID now shows that technology can be a catalyst,
  • 53:43 can be a driver towards more growth
  • 53:47 and being able to leap beyond the contraction that happened in the economy.
  • 53:51 And therefore, encouraging entrepreneurship, encouraging innovation,
  • 53:55 making sure that the startup ecosystem and landscape is also encouraged
  • 54:00 because that is what will add more resilience to the economies
  • 54:05 in the face of any shock that can come forward.
  • 54:08 All right.
  • 54:08 Miss David-Borha, another question that was shared on our website was,
  • 54:12 "How can greater financial inclusion help boost the recovery
  • 54:15 in emerging and developing economies?"
  • 54:18 Over 80% of businesses in Sub-Saharan Africa are SMEs.
  • 54:25 Many are run by women and most of them are in the informal sector.
  • 54:32 So we believe at Standard Bank that supporting and enabling this segment
  • 54:38 is a critical part of driving Africa's growth.
  • 54:44 We have provided an electronic mobile wallet
  • 54:51 in several countries, Nigeria, Namibia, Malawi, Botswana, Eswatini.
  • 55:00 And this mobile wallet is very easily accessible, you know, by small businesses.
  • 55:06 There are three key channels by which they can access this mobile wallet.
  • 55:11 The first is a USSD short code,
  • 55:16 and if they do have a smartphone, it can also be accessed via an app.
  • 55:22 And we also have a widespread agent network
  • 55:26 where they can simply walk to an agent and get cash or load in cash.
  • 55:32 They can obtain financing from the mobile wallet.
  • 55:38 They can trade, they can transfer value, they can store value.
  • 55:43 And we have found that this has created a multiplier effect
  • 55:49 in the ecosystems of these businesses.
  • 55:53 You know, because they are suppliers to corporates, they employ people,
  • 56:00 whether it's three, four, five.
  • 56:02 This helps to create jobs, this increases income levels,
  • 56:08 and ultimately, assist in recovery and accelerating growth in Africa.
  • 56:16 Thank you.
  • 56:17 All right, and finally, Miss Shah,
  • 56:18 your company has scaled up its digital platform in response to the pandemic.
  • 56:23 How can digital solutions help businesses
  • 56:25 crisis-proof themselves for the future?
  • 56:28 I think there's three critical elements
  • 56:30 when thinking about your digital platform solution.
  • 56:32 One is, is it co-created with the communities that you're looking to serve
  • 56:37 that are at mass scale?
  • 56:38 Second is, is it rural-friendly and intuitive,
  • 56:41 so that you're actually being able to think about the millions of people
  • 56:44 that today, as Aja's discussed, are not digitally savvy?
  • 56:47 So can it be voice enabled? Can it be vernacular?
  • 56:51 Can it be simple enough where, you know,
  • 56:54 the most remote rural woman is able to use it?
  • 56:57 In India, that's how we created our app.
  • 56:59 We thought about the 165 million women today
  • 57:02 that ultimately could be using this app
  • 57:05 and actually build an assisted commerce business in their village on their own
  • 57:09 because there were AI bots
  • 57:10 and voice enabled systems that allowed them to do that.
  • 57:13 The third element is also thinking about the power of data.
  • 57:16 Ultimately, technology is a tool that finally bridges the knowledge gap
  • 57:20 in a really interesting way, right?
  • 57:22 Rural customers are able to access information to make better choices,
  • 57:26 but also suppliers and ecosystem enablers will get access to trends and patterns
  • 57:31 that will allow them to give better insights,
  • 57:32 to be either better prepared for crisis,
  • 57:35 or have an opportunity to respond
  • 57:38 and co-create or innovate in the form of crisis.
  • 57:41 Leveraging that data that can come into millions.
  • 57:43 So I think businesses today will be able to look at the matrices of access
  • 57:49 to efficiencies with technology, access to opportunity at scale with technology,
  • 57:54 but most importantly, also access to data and insights
  • 57:57 to be better prepared or respond faster.
  • 58:00 Excellent, that is a good place to leave it.
  • 58:02 Miss Shah and Miss David-Borha and Doctor Mashat,
  • 58:04 thank you so much for your time.
  • 58:06 Thank you very much.
  • 58:11 If you've just joined us, welcome.
  • 58:13 I'm Larry Madowo and we're discussing just what it will take
  • 58:16 to build a green, resilient, and inclusive economic recovery.
  • 58:21 We've got some great conversations ahead,
  • 58:23 but if you're interested in learning even more,
  • 58:26 we've pulled together some interesting stories and blogs.
  • 58:29 Just scroll down to the resources section of the World Bank Live page.
  • 58:34 And while you're there, please cast your vote in our poll.
  • 58:37 A reminder, this is what we were asking you.
  • 58:39 What should be the priority to ensure an inclusive economic recovery?
  • 58:44 Is it A, policy advice?
  • 58:47 Or B, financial assistance?
  • 58:49 Vote C for protecting the poor and vulnerable,
  • 58:53 and your last option is D, helping countries purchase vaccines.
  • 58:58 Now the economic impact of this pandemic
  • 59:01 has been particularly keenly felt by families.
  • 59:05 We asked people to tell us how their families were coping
  • 59:08 and what their hopes are for the future.
  • 59:13 [ANA KHUTSISHVIL; MTSKHETA, GEORGIA]
  • 59:18 The pandemic has hit us hard financially.
  • 59:22 We have zero income.
  • 59:27 But I haven't lost hope.
  • 59:29 I expect to expand, to advance my business.
  • 59:34 [ANA KHUTISHVIL; OWNER OF THE GUEST HOUSE "MTSKHETA"] And we are twice as motivated, because people are very tired.
  • 59:41 I came up with the idea of opening a hostel several years ago.
  • 59:46 I don't run away from my problems; that's how I got here.
  • 59:51 My husband didn't believe me, but today he's quite content
  • 59:55 as this turned out to be our sole source of income.
  • 0:00 There were, and still are, a lot of women around me
  • 0:03 who have entertained this idea,
  • 0:06 but they were afraid, hesitating to begin.
  • 0:09 I've become an encouragement to many women,
  • 0:11 a giver of useful advice and my involvement has led to many good outcomes.
  • 0:18 I feel very happy and proud about that.
  • 0:22 I'm hopeful that things will get better after the Pandemic.
  • 0:27 Despite everything, I'm waiting for a global change.
  • 0:36 [OUANGRAWA HUBERT; OUAGADOUGOU, BURKINA FASO]
  • 0:40 The COVID-19 pandemic has negatively affected my family's life
  • 0:46 because markets and churches have been closed.
  • 0:58 We could no longer go out to get food for the family, it was a real pain.
  • 1:04 I wish to have a modern farm for poultry farming.
  • 1:06 In order for my family to succeed
  • 1:12 we need solar panels to light my henhouse
  • 1:19 and allow children to study with the light.
  • 1:23 I'm sure if I succeed in poultry farming, my family will have a fulfilling life.
  • 1:36 [speaking foreign language]
  • 1:37 [NIAMEY, NIGER] I'm Muslim Sidi Mohammed in Niamey, Niger,
  • 1:39 and you're watching the World Bank Group IMF Spring Meeting.
  • 1:44 We're going to turn now to focus on the topic of inclusion.
  • 1:48 In just a moment, I'll introduce our next guests,
  • 1:51 but I just want to flag at this point
  • 1:53 that we'll also be hearing from Melinda Gates,
  • 1:55 co-chair of the Bill and Melinda Gates Foundation, on this subject.
  • 1:59 So stay tuned for that.
  • 2:01 The pandemic has not hurt everyone the same way.
  • 2:04 Poor people and women have been more likely to lose their jobs.
  • 2:08 And the World Bank has forecast that, by the end of this year,
  • 2:11 one hundred fifty million more people, may be living in extreme poverty.
  • 2:16 [WASHINGTON, DC: USA, PHNOM PENH: CAMBODIA, MEXICO CITY: MEXICO] Here to talk about what that means and how to address it,
  • 2:19 are His Excellency, Vongsey Vissoth, minister and secretary of state, Cambodia,
  • 2:25 Lindsay Coates, Managing Director
  • 2:27 of the Ultra-Poor Graduation Initiative at BRAC.
  • 2:30 That's an international nonprofit organization.
  • 2:33 And Gonzalo Hernández Licona,
  • 2:35 director of the Multidimensional Poverty Peer Network in Mexico.
  • 2:40 Minister Vissoth, the impact of the pandemic on Cambodia was severe,
  • 2:44 threatening to push millions further into poverty.
  • 2:48 Your government rapidly expanded its cash transfer programs
  • 2:51 to over 2.6 million people.
  • 2:53 How were you able to do this so quickly
  • 2:56 and what were some of the obstacles you had to overcome?
  • 2:59 Okay, first of all, let me share you some brief background
  • 3:03 on where we're coming from.
  • 3:05 [H.E. VONGSEY VISSOTH; MINISTER AND SECRETARY OF STATE, CAMBODIA] You know, when COVID started hitting Cambodia, you know, in March,
  • 3:13 early April I was assigned to design the scheme to help people,
  • 3:18 to assist people, affected people,
  • 3:21 with the clear leadership of the prime minister.
  • 3:24 We cannot invent a new wheel.
  • 3:26 So we have to take into account what we have as the mechanism,
  • 3:31 social assistance program, social protection program,
  • 3:34 under their social protection framework we have had.
  • 3:37 So we take all the system we have integrated into one scheme,
  • 3:42 the social cash transfer program, which we never did before.
  • 3:48 Number one issue is we have to identify people
  • 3:51 where they are in terms of needing.
  • 3:54 We go to the village, to the home to identify the needs, the people in need.
  • 3:59 So this more I think targeting than other whatever ways.
  • 4:05 So given the ID pool system that we have in place...
  • 4:09 So we have the ID pool in Cambodian system that identifies the poor people
  • 4:13 who are supposed to receive the benefit of the government.
  • 4:16 So we integrate, you know, the concept of ID pool plus,
  • 4:22 you know, by updating a graded system
  • 4:24 so that we can identify the vulnerable people,
  • 4:28 the affected people and the poor people
  • 4:30 who are supposed to receive, you know, the assistance.
  • 4:34 So it's the number one thing.
  • 4:36 And then with planning, [indistinct] who took lead for several years,
  • 4:40 they are experienced with the participation of the local commune authority
  • 4:44 and local community to identify the people who are in need.
  • 4:49 So, you know, we have done this very quickly because the system in place.
  • 4:53 Number two, delivery system.
  • 4:57 You know, delivery system, we use the existing mechanism,
  • 5:01 which is supposed to, you know, transfer cash
  • 5:05 to the pregnant women, children under five, so vulnerable groups.
  • 5:10 So we expanded the system electronically,
  • 5:13 you know, by using direct transfer to the people in need.
  • 5:18 So people who identify as poor, they got the card
  • 5:23 and they will transfer the money through the digital system,
  • 5:26 to their account, bank account in their rural areas,
  • 5:30 thus we launched really fast.
  • 5:32 But at the same time, I can tell you that we're also doing it,
  • 5:35 without... with also the kind of oversight, coordination, and monitoring.
  • 5:40 There are two levels of monitoring that I think.
  • 5:43 At the high level, we have a kind of monitoring system
  • 5:46 but at the same time of the local level.
  • 5:48 The monitoring at the high level is about
  • 5:51 you know, assessing the impact, the benefit that people receive.
  • 5:55 But at the local level, I think we assign the local authorities,
  • 5:58 especially at a strict level and [indistinct] level to identify...
  • 6:02 to solve problems arising from the process of cash transfer
  • 6:07 because you always have complaints about who's supposed to get...
  • 6:10 who's supposed not to get this, you know?
  • 6:12 And by doing this, I think we managed to do it...
  • 6:15 I think so far effectively in terms of cash transfer.
  • 6:20 So we started the cash program since June,
  • 6:23 so only within two months we can launch, this could launch quickly.
  • 6:28 And we've paid about, you know, $13 million a year as an amount,
  • 6:34 and up to now, we've spent over $260 million.
  • 6:39 Alright, thank you.
  • 6:41 Miss Coates, BRAC's Ultra-Poor Graduation Program
  • 6:43 helps the poorest people graduate from extreme poverty.
  • 6:47 What has been the impact of the pandemic on the people you work with?
  • 6:51 Thank you so much for the chance to be here everyone.
  • 6:54 [LINDSAY COATES; MANAGING DIRECTOR, BRAC ULTRA-POOR GRADUATION INITIATIVE] BRAC is a Bangladeshi led and founded organization
  • 6:58 and it came out of a displacement crisis in Bangladesh 50 years ago.
  • 7:02 So it's very attuned to responding to crisis.
  • 7:06 I think what we have learned in our response
  • 7:09 is that the needs of the poorest are interrelated and multifaceted.
  • 7:14 I think the response you got from the minister really underlines that point.
  • 7:18 So if that's the case, our response has to be interrelated and multifaceted.
  • 7:24 So BRAC is working with people whose livelihoods are compromised
  • 7:28 more so than if they were in a more formal economic setting.
  • 7:31 Who are disempowered, particularly women because of gender inequality
  • 7:35 and who are really suffering.
  • 7:37 And what we have found in our response,
  • 7:39 we particularly focus on working with governments,
  • 7:42 is the interrelated response makes a huge difference.
  • 7:45 So we have done graduation work with the government of the Philippines.
  • 7:50 Ninety-nine percent of our program participants there
  • 7:53 have internalized hygiene messages, which is really important.
  • 7:57 Ninety-six percent of those participants continue
  • 8:00 to receive their cash transfer from the government, which was critical.
  • 8:04 And two thirds of them were able to continue livelihoods,
  • 8:07 which I think is remarkable.
  • 8:08 But you have to look at the whole human being
  • 8:10 and respond to them in an interrelated fashion.
  • 8:14 Alright, Doctor Hernández Licona,
  • 8:16 we know the poverty and inequality are not just about money.
  • 8:19 Many of the poor are also deprived in multiple ways
  • 8:22 that may have been worsened by this pandemic.
  • 8:25 So how can we address their needs, not just for income,
  • 8:28 but also across other dimensions of poverty as well?
  • 8:31 Oh, thank you, thank you for the invitation.
  • 8:34 [GONZALO HERNÁNDEZ LICONA; DIRECTOR, MULTIDIMENSIONAL POVERTY PEER NETWORK] I mean, whether one believes in rights or capabilities or needs,
  • 8:38 I mean, it's quite clear that development is about many dimensions.
  • 8:43 And COVID showed us the importance last year.
  • 8:47 I mean, for instance, using a multidimensional vulnerability indicator
  • 8:53 as the one produced by Oxford Poverty and Human Development Initiative,
  • 8:57 it is possible to show for instance, that households with multiple deprivations
  • 9:03 in terms of water, undernutrition, lack of health services, cooking food,
  • 9:08 had a higher risk of being infected by COVID.
  • 9:12 The recovery then should be not only about income,
  • 9:15 but also about the reduction of deprivations.
  • 9:19 I mean, during COVID inequality increased.
  • 9:23 We need then to go back to the situation before COVID.
  • 9:27 But we need to go even beyond this.
  • 9:30 We need to build back better.
  • 9:32 Otherwise the next crisis will be even worse.
  • 9:35 I mean, if we really believe in equal opportunities for all,
  • 9:38 if we really believe in equal rights and equal capabilities,
  • 9:42 I mean, then we need to believe in equity, which means necessarily of course,
  • 9:47 improving the lives of those left behind in all dimensions, Larry.
  • 9:53 Thank you for that.
  • 9:54 I want to go back to Miss Coates to answer this question
  • 9:56 that's been sent in by Sarwa, from Accra, Ghana.
  • 10:00 "Women are hit particularly hard by the crisis,
  • 10:03 with millions working in the service industry.
  • 10:06 How can international organizations
  • 10:08 and governments help to address millions of jobs lost?"
  • 10:12 I really appreciate that question and I think it's really powerful.
  • 10:15 The other important thing to note
  • 10:16 is that millions of women are in the informal economy.
  • 10:19 So not even jobs, just simple access to livelihoods has been reduced.
  • 10:24 And the domestic burden of labor for women
  • 10:27 has gone up across the world in my country and every other country.
  • 10:30 So that's a double whammy
  • 10:32 to use a very American expression for what's going on.
  • 10:36 So what should government do in response to that?
  • 10:38 Human capital and gender-based analysis of human capital is critical.
  • 10:43 Women are assets.
  • 10:45 Women are amazing assets.
  • 10:47 Governments need to think about how they budget
  • 10:51 to respond to and support women's increased livelihoods,
  • 10:55 their education, their wellbeing, their economic and social equality.
  • 10:59 And if we apply a gender lens to these big critical decisions,
  • 11:04 then we'll see the knockoff effect in increased employment
  • 11:08 and increased livelihoods and increased wellbeing for women.
  • 11:11 And I think everyone will benefit from that.
  • 11:14 All right, and we're gonna leave it there.
  • 11:15 Thank you all so much for your time today.
  • 11:17 Thank you.
  • 11:22 Our final speaker also cares deeply about inclusion
  • 11:25 and has dedicated her life to working for equity.
  • 11:28 Melinda Gates, Co-chair of the Bill and Melinda Gates Foundation.
  • 11:33 [MELINDA GATES; CO-CHAIR, BILL AND MELINDA GATES FOUNDATION]] Hello, in the 20 years I've been working on development,
  • 11:37 the Spring Meetings have never felt more urgent.
  • 11:40 We all understand that we are in the middle of an international emergency.
  • 11:45 I hope we also recognize that we have everything we need to respond today
  • 11:50 in ways that make us stronger tomorrow.
  • 11:53 In institutions like the bank and the IMF, we have the power to act decisively.
  • 12:00 As a global community, we have the iron clad conviction,
  • 12:04 that growth must be inclusive.
  • 12:07 It's an issue of fairness, and it's also an issue of good economics.
  • 12:12 Economic growth cannot be resilient when it leaves so many people out.
  • 12:18 The only way to rebuild sustainably,
  • 12:21 is to make sure that all people enjoy the opportunity to build wealth
  • 12:25 and the security to withstand shocks.
  • 12:29 Let me be specific.
  • 12:31 This crisis has done disproportionate damage
  • 12:35 to the women and girls who have been forced to the margins of every economy.
  • 12:40 If we want to recover quickly and build a solid foundation for the future,
  • 12:45 we need to put women and girls front and center.
  • 12:50 That means reopening clinics and schools at full capacity as soon as possible,
  • 12:55 and focus on making up for those missed health checks and lost learning.
  • 13:01 It means investing in caregiving as an essential infrastructure,
  • 13:06 instead of simply expecting women to provide 30 hours of unpaid care each week.
  • 13:14 And it means targeting stimulus and social protection to informal workers,
  • 13:19 the vast majority of whom are women.
  • 13:23 Twenty-six years ago, the world agreed
  • 13:25 to the Beijing Platform for action on gender equality.
  • 13:30 If we had made more progress on it,
  • 13:32 our communities would have been better prepared to endure this pandemic.
  • 13:37 This June, the generation equality forum in Paris
  • 13:40 offers us a second chance to follow through on our promises
  • 13:45 with political commitment, financing, and policy.
  • 13:50 I'm asking you here and again when we gather in Paris,
  • 13:54 to make this recovery strong and sustainable, by making it equitable.
  • 14:01 We have the power, we have the conviction, now we must act.
  • 14:07 Equality cannot wait.
  • 14:12 [DUBLIN, IRELAND] Hi, my name is Patrick in Dublin.
  • 14:14 And you're watching the World Bank Group IMF Spring Meetings.
  • 14:20 And now to end our event on a high note.
  • 14:23 I'm really excited because we have a special treat for you.
  • 14:27 A performance by Ugandan jazz vocalist and songwriter, Somi.
  • 14:31 She recently released a live album called <i>Holy Room</i>,
  • 14:35 which was nominated for a Grammy award for best jazz vocal album.
  • 14:39 That made her the first African woman ever nominated
  • 14:43 in any of the Grammy jazz categories.
  • 14:45 It is such a privilege to introduce her today.
  • 14:48 She will be performing her song, "Changing Inspiration."
  • 14:52 Let's hear why she chose that particular song for this event.
  • 14:58 Thank you so much for the introduction, Larry.
  • 15:01 [SOMI; GRAMMY-NOMINATED JAZZ VOCALIST] I'm thrilled to be performing at the Spring Meetings of the World Bank Group
  • 15:04 and lending my voice to today's event,
  • 15:07 focused on achieving an economic recovery.
  • 15:10 As Larry said, my name is Somi.
  • 15:12 I'm a singer, a song writer, and a storyteller.
  • 15:16 And I believe through music and art
  • 15:18 we can inspire positive change in this world.
  • 15:21 Today, we've all been challenged to think differently about our recovery
  • 15:26 and transform the COVID crisis into an opportunity for growth.
  • 15:31 From Senegal to Samoa, from Guatemala to Rwanda, businesses are struggling.
  • 15:36 Our changing climate continues to disrupt communities.
  • 15:40 Artists are trying to make our way back to center stage
  • 15:43 and exclusion robs individuals of their dignity and livelihoods.
  • 15:48 But today, I believe it's time we seize the moment,
  • 15:52 to change direction and be inspired
  • 15:55 by the prospects of a green, innovative, and inclusive recovery,
  • 15:59 as beautifully illustrated throughout this event.
  • 16:02 After all, we can't build strong economies without jobs,
  • 16:06 equal access to opportunities, and a healthy environment.
  • 16:11 This song, "Changing Inspiration," is dedicated to all of you today,
  • 16:16 working toward meaningful action.
  • 16:19 As you listen, I hope you can reflect on what it means
  • 16:22 to create a future that is brighter for those struggling the most.
  • 16:27 I invite you to imagine, act, and inspire.
  • 16:41 ♪ Floating above the horizon ♪
  • 16:46 ♪ Sun staring back at me ♪
  • 16:51 ♪ I can see my desperate shadow ♪
  • 16:56 ♪ Tight and it's holding me ♪
  • 16:59 ♪ Sense and sounds I remember ♪
  • 17:03 ♪ On me with redemption ♪
  • 17:09 ♪ Greedy eyes taking the moment ♪
  • 17:13 ♪ Truth hides behind my fear ♪
  • 17:16 ♪ Changing inspiration ♪
  • 17:21 ♪ Changing your direction ♪
  • 17:26 ♪ Changing inspiration ♪
  • 17:31 ♪ Changing your direction ♪
  • 17:36 ♪ Oh ♪
  • 17:45 ♪ Pink haze consumes me ♪
  • 17:50 ♪ My breath drips on my heeded words ♪
  • 17:55 ♪ Staggering toes circles ending ♪
  • 18:00 ♪ I pray I find it soon ♪
  • 18:04 ♪ In a whisper of hushed undertones ♪
  • 18:08 ♪ The ways whose struggle calls my name ♪
  • 18:14 ♪ Time passes before me ♪
  • 18:18 ♪ Inspired by a need for change ♪
  • 18:22 ♪ Changing inspiration ♪
  • 18:27 ♪ Changing your direction ♪
  • 18:32 ♪ Changing inspiration ♪
  • 18:37 ♪ Changing your direction ♪
  • 18:41 ♪ Oh ♪
  • 19:02 ♪ Changing change change change ♪
  • 19:12 ♪ Changing change change change ♪
  • 19:16 ♪ Change change changing ♪
  • 19:22 ♪ Change change change ♪
  • 19:24 ♪ Changing change ♪
  • 19:26 ♪ Change ♪
  • 19:31 ♪ Change ♪
  • 19:41 Changing inspiration indeed.
  • 19:44 Thank you so much, Somi, for that beautiful performance.
  • 19:47 Now, this marks the end of the first event in our Spring Meetings.
  • 19:52 There's so much more to come, including conversations
  • 19:54 on climate, on debt, and on the vaccine roll out.
  • 19:58 and you can share your thoughts on any of these events
  • 20:01 using the #ResilientRecovery.
  • 20:04 And stay tuned because Paul Blake will be here live in just a minute.
  • 20:08 That's all up next.
  • 20:19 [LIVE: WASHINGTON, DC]
  • 20:22 And it's good to have you back here live with us
  • 20:24 here in the World Bank Group headquarters in Washington, DC.
  • 20:26 If you're just joining us, I'm Paul Blake,
  • 20:28 and over the next half hour or so,
  • 20:30 we'll be continuing the discussion on economic recovery.
  • 20:33 Getting more of the youth perspective
  • 20:34 [LIVE DISCUSSION: POST-PANDEMIC ECONOMIC RECOVERY] and hearing about the climate challenges and actions in Egypt and Mozambique.
  • 20:38 But first, I'm delighted to be joined by Makhtar Diop,
  • 20:40 Managing Director of the International Finance Corporation
  • 20:42 and Manuela Ferro, Vice President for operations policy and country services
  • 20:47 here at the World Bank.
  • 20:48 Thank you both for being here.
  • 20:49 Thank you Paul.
  • 20:49 And to start things off, we received a video question from Mark Alain,
  • 20:53 he's one of our One World ambassadors and he's located in Haiti
  • 20:56 and he wanted to send this question to you, Manuela.
  • 20:59 Hi, I'm Mark Alain
  • 21:01 and this is one of the top questions that was asked on World Bank Live.
  • 21:06 Everyone is hoping for an economic recovery that is rapid, global, and inclusive.
  • 21:12 If that happens, are there any risks
  • 21:15 that this can lead to excessive environmental degradation
  • 21:18 and uncontrolled pressure on natural resources?
  • 21:23 And Manuela, your response to Mark Alain?
  • 21:25 That's a really, really important question
  • 21:28 [MANUELA FERRO; VICE PRESIDENT OF OPERATIONS AND COUNTRY SERVICES, WORLD BANK] because at the end of the day, this pandemic has reminded us
  • 21:31 that we share one planet.
  • 21:34 We share one atmosphere,
  • 21:36 but we share it with each other and with future generations.
  • 21:39 So at the end of the day, we still need a very fast global recovery
  • 21:44 that really gets jobs going, private sector going,
  • 21:48 but at the same time that also makes sure that we safeguard the environment,
  • 21:54 bio-diversity and the climate for the future.
  • 21:56 So at the bank, we have provided $83 billion
  • 22:01 in climate finance over the past five years.
  • 22:04 And we are stepping up our ambition to do more and to do better
  • 22:08 in the next five years.
  • 22:10 We are increasing our climate ambition,
  • 22:13 so that 35% of the financing that we provide is for climate action,
  • 22:19 that we support countries and governments
  • 22:22 to implement the nationally determined contributions,
  • 22:25 that we invest in green and resilient infrastructure,
  • 22:28 and that we help countries implement their commitments
  • 22:31 as part of the Paris Agreement.
  • 22:33 So that's some really massive investment,
  • 22:36 in not only in development, but development with sustainability,
  • 22:40 so that the economy of the future is able to be more resilient
  • 22:44 and we do leave a planet that is resilient, sustainable,
  • 22:49 and green for future generations.
  • 22:51 And looking for those opportunities in their recovery
  • 22:53 to make those green investments.
  • 22:54 And Makhtar, the next question we got was from Manuel, he's in Ecuador.
  • 22:58 He was writing on World Bank Live and he asked,
  • 23:00 "How can we help smaller businesses in our local communities
  • 23:03 recover from the COVID-19 pandemic?"
  • 23:05 And he added onto that,
  • 23:06 "Especially if there are different definitions of what a new normal is?"
  • 23:10 You know as we start to recover and pull out of this.
  • 23:12 I mean, this crisis has been showing us a lot of things.
  • 23:15 [MAKHTAR DIOP; MANAGING DIRECTOR, IFC] That you cannot live in a society without this missing middle.
  • 23:19 These people in the middle who don't have access
  • 23:20 to capital, to credit, to technology, to be able to create jobs.
  • 23:24 We know that MSMEs is the heart of job creation
  • 23:28 in every single country,
  • 23:29 being developed countries, being poor countries.
  • 23:32 Therefore we have decided during this response to the crisis
  • 23:37 to put resources to support MSEs,
  • 23:39 to give them working money for working capital,
  • 23:42 to help them manage their assets.
  • 23:44 We know that with this crisis
  • 23:46 a lot of companies have the assets which are distressed,
  • 23:49 which are facing problems with the banks and they don't know how to solve it.
  • 23:52 So it brings them some technical assistance to understand
  • 23:55 how to manage this asset better and to find mechanisms
  • 23:58 to be able to recycle this asset and give them a new life.
  • 24:02 So that's very important.
  • 24:04 [LIVE DISCUSSION; TOWARD A GREEN POST-PANDEMIC RECOVERY] This crisis also tells us something,
  • 24:06 is that always the boundaries are removed.
  • 24:10 Public, private, global, local goods.
  • 24:13 All these things now are mixed.
  • 24:15 The public sector like Manuela has said,
  • 24:17 has to turn to the private sector to be able to boost the economy.
  • 24:21 The private sector, without a stimulus from their government, cannot survive.
  • 24:26 So... and without that,
  • 24:28 we cannot start addressing the global public good and climate change.
  • 24:32 We have an economy which are stop and go with crisis,
  • 24:35 Ebola, coronavirus, and all these shocks.
  • 24:39 So now we have a new opportunity to think about all these in an holistic manner.
  • 24:45 We'll put global, public, private, public,
  • 24:48 to look at a problem of the planet, this planet is facing.
  • 24:52 So looking for a comprehensive approach there.
  • 24:54 And Manuela for the next one,
  • 24:56 this is another question we got on World Bank Live.
  • 24:58 And I think it's really, take us back to basics here.
  • 25:00 Can, you know, as Vice President of operations,
  • 25:02 can you talk about how the world bank is helping poor economies recover
  • 25:06 from COVID-19, just broadly the approach?
  • 25:09 So we responded very quickly as soon as the pandemic hit,
  • 25:14 and we're working along four fronts.
  • 25:16 The first one and foremost is saving lives,
  • 25:19 is providing the health support to countries
  • 25:22 so that they can fight the health effects of the pandemic.
  • 25:26 And now a huge effort on vaccines, supporting countries in having access
  • 25:31 to COVID vaccines that are safe and effective,
  • 25:34 and, more importantly, also put them into people's arms.
  • 25:38 So that's the first pillar of our response.
  • 25:40 On the second side, we are providing countries with support for safety nets.
  • 25:45 Most of the developing countries have limited support
  • 25:49 for households where family members lost jobs
  • 25:53 and need support to maintain a livelihood and support their families.
  • 25:58 The third area of action is supporting firms,
  • 26:01 so that firms can survive this pandemic and can be on the other side,
  • 26:06 driving the recovery as Makhatar mentioned.
  • 26:09 I imagine you two are in touch a lot on that point.
  • 26:11 Very much so, and they are gonna be the sources of recovery
  • 26:15 and of job creation in the future.
  • 26:18 And the fourth pillar, we talked a little bit about already,
  • 26:21 which is really building the foundations
  • 26:23 for sustainable, inclusive, and green recovery
  • 26:26 that is both fast, but builds resilience into the systems and countries' systems
  • 26:32 so that they also are able to attract more investment, survive shocks better,
  • 26:38 be it natural disasters, be it climate, be it health,
  • 26:41 and do better on the other side.
  • 26:43 So it's really comprehensive recovery
  • 26:45 where we're working with partners between the public and the private sector,
  • 26:49 but also with global partners, with our friends across the street at the IMF,
  • 26:54 but also UN, the WHO on health and COVAX.
  • 27:00 So there's really a network of partnerships
  • 27:03 that is helping us, both at the global level and at the local level,
  • 27:08 get this recovery going.
  • 27:09 So everyone's sort of bringing their unique skills to the table
  • 27:12 and capabilities to the table to sort of fortify us in going into the future.
  • 27:16 And Makhtar, we got another question that came in online from Eunice Ntobedzi.
  • 27:22 She's in Botswana.
  • 27:24 And she asks, "Access to clean energy services
  • 27:27 underpins many of the drivers for the Build Back Better agenda.
  • 27:30 How can we make Africa an investment destination
  • 27:33 for clean energy projects and investments?"
  • 27:35 This has been my passion.
  • 27:36 For the last 10 years I've been talking about that.
  • 27:39 I've been working about that
  • 27:40 and we've been working with Manuela a lot on these issues.
  • 27:44 Let me give you a couple of things that have been done in the last decade.
  • 27:48 When I was a Vice President for Africa, I started in 2012.
  • 27:52 So cost of the kilowatt of renewable energy generated by solar was 23 cents.
  • 27:59 When I left, it was 60 cents.
  • 28:01 So huge leap forward.
  • 28:03 Technology is cheaper.
  • 28:05 It's more accessible, it's faster.
  • 28:07 Let's turn on wind energy.
  • 28:09 My own country recently I've integrated one of the largest wind--
  • 28:13 Senegal?
  • 28:14 Senegal, yes, I'm from Senegal.
  • 28:17 One of the largest wind energy, generated energy company.
  • 28:23 Countries are talking about hydrogen now, more and more green hydrogen.
  • 28:27 So there is multiple-front progress made
  • 28:30 on technology becoming cheaper and cheaper.
  • 28:32 So batteries are becoming cheaper and cheaper.
  • 28:35 And so we have an opportunity now to really bring that energy.
  • 28:39 What are the constraints?
  • 28:40 Currently is the constraint is...
  • 28:42 And that's where the work between the public and the private is so important.
  • 28:46 We have a lot of investors want to invest in renewable energy.
  • 28:51 So constraints are that the grid is not robust enough.
  • 28:55 So there's not enough distribution in country.
  • 28:57 And that most of the time it's done by the state owned enterprises.
  • 29:00 So the reforms that Manuela and the colleague at the bank are pushing for
  • 29:05 will help crowding in private sector
  • 29:08 and really bring a lot of electricity on the grid.
  • 29:12 We have a very ambitious program in Africa
  • 29:16 as a World Bank Group which is called LeAP,
  • 29:18 where we are trying really to increase significantly access.
  • 29:23 And we hope that in the next decade
  • 29:26 you will be able to reach universal access in Africa for electricity.
  • 29:31 And we'll be able to do it in a clean way
  • 29:33 because natural resources are abundant in Africa,
  • 29:36 being hydro in DRC or Cameroon,
  • 29:39 or being solar in the Zaire part of Africa.
  • 29:42 Fantastic, well thank you so much for being here.
  • 29:44 Makhtar Diop, Manuela Ferro, really appreciate you taking the time today.
  • 29:47 Thank you.
  • 29:51 [SAN JOSÉ, COSTA RICA] Hola! I'm Cynthia Flores in San Jose, Costa Rica,
  • 29:54 and you are watching the World Bank Group IMF Spring Meetings.
  • 30:01 Well throughout these meetings
  • 30:02 [LIVE: WASHINGTON, DC] we're highlighting the voices of youth leaders around the world,
  • 30:05 hearing their stories, perspectives, and suggestions
  • 30:07 [YOUTH PERSPECTIVE ON ECONOMIC RECOVERY] for a resilient recovery from COVID-19.
  • 30:10 Today, we hear from Aleena in Pakistan,
  • 30:12 Temitope in Nigeria, and Stephen in Kenya.
  • 30:16 [HOW CAN YOUTH IN YOUR COUNTRY PARTICIPATE]
  • 30:18 [IN A RESILIENT RECOVERY FROM THE COVID-19 PANDEMIC?]
  • 30:22 [TEMITOPE MANDY, NIGERIA] COVID-19 has impacted all of our lives, both economically and socially.
  • 30:26 In order for there to be a resilient recovery from the pandemic,
  • 30:30 youth has to be at the heart of it.
  • 30:32 In Nigeria, we youths are the catalysts of inclusion.
  • 30:36 We are active responders and we are role models.
  • 30:39 [STEPHEN AMIMO MUGACHO, KENYA] Kenyan youths can participate in the resilience recovery
  • 30:43 of COVID-19 by creating businesses, starting small enterprises.
  • 30:49 These businesses will employ as many people as possible.
  • 30:54 Ways us youths can help cause a resilient recovery from the pandemic
  • 30:57 would include using our social media to spread accurate information
  • 31:01 and creating a habit that would help us to integrate as a community
  • 31:05 not necessarily face to face,
  • 31:07 but helping us to integrate and depending on each other.
  • 31:09 Whatever initiative the youth is taking,
  • 31:12 [ALEENA KAREEM, PAKISTAN] they need to focus on the fact that we have only one planet
  • 31:15 and all the need should be fulfilled
  • 31:17 with a very special focus on inclusion, as well as climate action.
  • 31:21 They can also help by participating in the conversation of recovery
  • 31:26 by bringing up ideas, new ideas that can live in this situation.
  • 31:32 Yes, COVID-19 is still going on, so we need solutions.
  • 31:35 We need ideas, and these ideas can be brought from youths.
  • 31:38 It's important in Nigeria as we go through this pandemic,
  • 31:41 I want us to always remember that to win
  • 31:44 we need to depend on each other and help each other.
  • 31:47 Thank you.
  • 31:48 #YOUTHONCOVID
  • 31:58 [DHAKA, BANGLEDESH] Hello, I'm Shibu Kashariya in Dhaka, Bangladesh,
  • 32:00 and you are watching World Bank Group IMF Spring Meetings.
  • 32:07 [LIVE: WASHINGTON, DC] And my colleague Srimathi Sridhar joins us now on the set
  • 32:10 here at the World Bank Group headquarters in Washington, DC,
  • 32:12 and Sri, throughout the week,
  • 32:13 we've been encouraging people to go over to live.worldbank.org,
  • 32:17 vote in our polls, we have a different poll each day, this week.
  • 32:20 Remind us what the question is for today's event.
  • 32:23 Thanks Paul, so today's poll asks "what should be a priority
  • 32:26 to achieve an inclusive and economic recovery?"
  • 32:29 And what are our options?
  • 32:30 So the five options are, policy advice, financial assistance,
  • 32:34 protecting the poor and vulnerable, helping countries purchase vaccines,
  • 32:38 and finally debt suspension.
  • 32:40 All right, well, let's go through these one by one.
  • 32:42 What's in first place?
  • 32:44 First place is protecting the poor and vulnerable with 35.1% of the votes.
  • 32:49 And second place?
  • 32:50 [SRIMATHI DRIDHAR; WORLD BANK GROUP] Second place is policy advice with 19.5% of votes.
  • 32:55 And run us through the rest.
  • 32:55 And in third place we have financial assistance coming in at 17.9%.
  • 33:00 Helping countries purchase vaccines is 16.2%.
  • 33:04 And finally debt suspension comes in at 11.3%
  • 33:07 And it's interesting that protecting the poor and vulnerable...
  • 33:10 you know that one in some ways
  • 33:11 [POLL RESULTS] it kind of encapsulates, encompasses the other options.
  • 33:14 I can see why a lot of people out there would have voted for that one.
  • 33:17 Debt suspension, this is the, you know, that one
  • 33:19 it's obviously been a priority for the bank, we talk a lot about it.
  • 33:22 You know, you can find some of that in the resources
  • 33:24 on live.world bank.org for the event.
  • 33:27 Both today and certainly for tomorrow's event on debt, coming in fifth place.
  • 33:31 But I imagine that, you know, that one's quite a technical one.
  • 33:33 -You know, if I-- -It's probably why, yeah.
  • 33:34 I'm not sure if I worked here I would understand the nitty gritty.
  • 33:36 I'm not even sure I do understand the nitty gritty of it, so.
  • 33:38 I remember when I voted, I...
  • 33:40 My vote was with helping countries purchase vaccines, but--
  • 33:43 It certainly feels like the key to kind of unlocking
  • 33:47 the economies around the world.
  • 33:48 Well, let's jump ahead to our country profiles.
  • 33:51 So all this week, we'll be looking at the different challenges,
  • 33:54 triumphs, the actions, that countries are taking
  • 33:57 when it comes to climate change.
  • 33:58 Today, we're going to first hear from Egypt,
  • 34:01 and I understand you've been talking
  • 34:02 to one of our World Bank leading experts on Egypt.
  • 34:05 Yes, so I spoke to Ayat Soliman.
  • 34:07 She is the regional sustainable development director
  • 34:09 for the Middle East and North Africa region.
  • 34:11 Started off by asking her what some of Egypt's sustainability challenges are.
  • 34:14 Let's take a look.
  • 34:15 So if you ask me about the challenges that Egypt is facing,
  • 34:19 [AYAT SOLIMAN; REGIONAL DIRECTOR FOR SUSTAINABLE DEVELOPMENT, MENA REGION] it is the country with the biggest population
  • 34:21 in the middle Eastern and North Africa,
  • 34:23 and one which is highly dependent on scarce natural resources.
  • 34:27 So if you just take water as a first natural resource,
  • 34:31 it is facing increasing scarcity and availability of water resources.
  • 34:37 And it's the resource that they depend on for its agriculture.
  • 34:42 Eighty-five percent of the water is used for agriculture,
  • 34:46 which is making it of course highly vulnerable
  • 34:49 to any changes in that resource availability.
  • 34:53 The other example of resources that are scarce,
  • 34:56 natural resources, is arable land.
  • 34:59 And again, we are seeing that available land for agriculture production
  • 35:04 is increasingly under pressure with increased population growth
  • 35:08 and other dimensions of pollution, etc.
  • 35:12 If you look at that, just in terms of the availability of resources,
  • 35:15 that's one dimension of challenge, of sustainability challenge,
  • 35:18 but then you add to it the environmental pollution, the urbanization challenges,
  • 35:22 and all of these resources are coming under increasing pressure.
  • 35:26 And finally, climate change is adding another dimension
  • 35:30 of pressure to the availability of these resources for future use.
  • 35:35 And we are seeing increasing risks of climate impacting water availability,
  • 35:40 droughts, floods, but also sea level rise,
  • 35:42 which is good impact in Nile Delta
  • 35:45 and the coastal areas with coastal erosion,
  • 35:48 sea level intrusion, and impact the delta area,
  • 35:52 which is where majority of the population lives.
  • 35:55 And speaking of challenges, let's talk about COVID-19.
  • 35:59 How has the World Bank been helping Egypt bounce back from the pandemic?
  • 36:03 Well, first I would like to say that actually Egypt,
  • 36:05 compared to other middle East and North Africa countries,
  • 36:07 has been rather resilient in the face of the pandemic.
  • 36:11 It has seen growth rates of about 5% GDP growth
  • 36:14 compared to negative growth rates in some of the other countries in MENA.
  • 36:18 But at the same time, of course the pandemic has hit
  • 36:19 and it has hit hard across the globe.
  • 36:22 And so flows of investment, flows of tourists and jobs,
  • 36:27 the opportunities as a result of that have, of course suffered.
  • 36:31 And we have as the World Bank Group also engaged Egypt very much
  • 36:37 in the first response of the pandemic
  • 36:38 whether it is on the health side or social protection side,
  • 36:41 to have the most vulnerable groups
  • 36:43 in terms of the first response to the pandemic.
  • 36:47 And at the same time,
  • 36:48 we have engaged on some of the broader recovery frame
  • 36:51 in terms of, enabling and supporting a green, inclusive, and resilient recovery.
  • 36:57 And how has the bank also been supporting the country
  • 36:59 and taking ambitious climate action?
  • 37:03 The first one is food systems, water scarcity, and natural capital,
  • 37:08 and really looking at the transformation
  • 37:10 of agriculture to climate-smart agriculture,
  • 37:13 resilient agriculture, better farming practices,
  • 37:16 introducing the technologies, looking at water use efficiency
  • 37:19 and making every drop of water count.
  • 37:23 The second area is on clean energy and low carbon mobility.
  • 37:27 That's also another one I mentioned.
  • 37:28 I mentioned the Benben example and also the Cairo air pollution,
  • 37:33 but more can be done.
  • 37:34 And I know that Egypt has ambitious targets for renewable energy,
  • 37:39 and we will look forward to helping Egypt
  • 37:42 in assessing the cost of transition, looking at options,
  • 37:46 and prioritizing the opportunities that would be best for job creation,
  • 37:49 as well as long-term sustainability.
  • 37:52 The third area is around climate-smart cities and resilient coastal economies.
  • 37:59 And I mention that because sea level rise but also increasing urbanization
  • 38:03 are really quite increasing risks for countries
  • 38:07 like Egypt with high populations and high population living on coastal areas.
  • 38:11 And then the final area is on climate finance
  • 38:15 and the whole of government approach.
  • 38:17 How to attract green investments, including with the private sector,
  • 38:21 to a country like Egypt based on ambitious agendas.
  • 38:25 And finally Ayat, before I let you go,
  • 38:27 what gives you hope and inspires you in the job that you're doing?
  • 38:31 If you asked me, from where I sit,
  • 38:33 especially in the Middle East and North Africa region,
  • 38:36 I think two things give me hope.
  • 38:38 One is young people, their passion, and their demands for a better future.
  • 38:45 And the second thing that gives me hope is innovation.
  • 38:48 There's so much innovation happening in sustainable development areas.
  • 38:52 All these innovations, many of which actually are coming from young people
  • 38:56 that are passionate about development and about sustainable development,
  • 39:00 give me hope because those are the solutions of the future.
  • 39:03 And I think that combination is what is going to
  • 39:06 make the future more sustainable and more resilient.
  • 39:09 Well, thank you so much for joining me here today, Ayat,
  • 39:11 and for telling us more about the World Bank's role in Egypt.
  • 39:16 [WASHINGTON, DC] Hi, I'm Fahil Fayez
  • 39:17 and you're watching the World Bank Group IMF Spring Meetings.
  • 39:23 And Sri, throughout these meetings, we're encouraging people
  • 39:25 to use the #ResilientRecovery to talk about the week.
  • 39:28 And then today, the hashtag is #InclusiveFuture.
  • 39:30 You've been talking to some of our social media experts.
  • 39:32 [JOIN THE CONVERSATION: #INCLUSIVE FUTURE] We have live bloggers online who are following the conversation
  • 39:35 and answering people's questions.
  • 39:36 And then our social media experts who are sort of following the conversation
  • 39:39 across Twitter, Facebook, LinkedIn, and a number of other platforms.
  • 39:43 What have they been telling you about what the conversation has been like?
  • 39:45 So Paul, I just spoke to them.
  • 39:47 The conversation today has been great for #InclusiveFuture.
  • 39:50 It's been mentioned over a thousand times on social
  • 39:52 and the conversation is still going,
  • 39:54 especially in countries like Nigeria, Egypt, France, and the UK.
  • 39:59 Hello to everyone who's out there in those countries and everywhere else.
  • 40:02 Talk to me a little bit more about what they're telling you.
  • 40:03 So we have some special shout outs here that I'd like to give out.
  • 40:06 We have Faheem Azizi, who's watching from Afghanistan,
  • 40:09 Imogen Wade in the UK, Ali Khan Sachu in Kenya,
  • 40:13 Chuchu Mapaku in Cameroon, and Alejandro García in Peru.
  • 40:17 So big hi to all of you.
  • 40:18 Yes hello, and we've been given a list
  • 40:20 of some of the notable messages and tweets.
  • 40:22 Why don't we go through a couple of those?
  • 40:24 Yeah sure, so the first, we have youth advocate Neil Dang from Kenya
  • 40:27 and Josh Allad from Nigeria who are here with us,
  • 40:30 who have joined the conversation on Twitter
  • 40:32 as well as Haitian technologist, economist,
  • 40:35 and One Young World fellow, Mark Alain.
  • 40:37 Yeah, Mark Alain actually sent us that question for Makhtar earlier.
  • 40:40 So if you missed that, you can watch it back a little later on.
  • 40:44 And we also had Bente Mikkelsen from the World Health Organization
  • 40:47 who advocated for an inclusive future by tweeting
  • 40:49 about how those with diabetes are in increased risk
  • 40:52 of severe disease and death from COVID-19,
  • 40:54 and run us through a couple more of the other ones.
  • 40:56 Well, we also have the UNICEF's Gonzalo Licona, One Young World,
  • 41:00 and thank you to Mahana at the UNDP for encouraging everyone on Twitter
  • 41:05 to follow the inclusive future and resilient recovery discussion.
  • 41:08 So that's great.
  • 41:09 And finally, Jon Sward from the Bretton Woods Projects
  • 41:11 calls for more resources for green development.
  • 41:14 He'll definitely, and anyone else interested in that,
  • 41:15 want to tune in on Thursday for our event on climate and green recovery.
  • 41:20 but thank you so much.
  • 41:21 And thanks to all of our social media experts
  • 41:23 and the people who are out there joining the conversation online.
  • 41:26 Let's do another country spotlight now.
  • 41:28 For this one, we're going to go to Mozambique.
  • 41:30 [COUNTRY SPOTLIGHT ON MOZAMBIQUE] And it's from the region that I spoke to Hector Gomez Ang.
  • 41:34 he's the International Finance Corporations country manager for Mozambique,
  • 41:38 and a number of other countries in that sort of neighborhood there.
  • 41:41 I spoke to him specifically about Mozambique.
  • 41:43 And I asked him about the challenges that Mozambicans are facing
  • 41:46 when it comes to climate change.
  • 41:48 So I don't know, maybe a little bit of context,
  • 41:50 Mozambique is a 30 million people country.
  • 41:53 [HECTOR GOMEZ ANG; COUNTRY MANAGER, MOZAMBIQUE, IFC] You know, it's a very low-income country.
  • 41:55 It's high inequality.
  • 41:57 More than 60% of people live in poverty, right?
  • 41:59 So it's very, very dependent on donors.
  • 42:01 And so this is the context, very, very, very structural issues.
  • 42:05 And at the same time, it's been in a crisis since 2016.
  • 42:09 And then that's been compounded with COVID
  • 42:11 and it's been compounded with the hurricanes it just suffered two years ago.
  • 42:16 So that's sort of the setting
  • 42:19 but it's a country that has massive potential, okay?
  • 42:21 So it has a lot of mineral resources.
  • 42:23 It has you know, natural gas reserves that are projects that are already ongoing
  • 42:29 and will bring a lot of investment into the country.
  • 42:32 And it's a country that has a lot of agricultural resources.
  • 42:35 So I think really the challenge, if you need to sum it up,
  • 42:38 is how can Mozambique move forward and take advantage of those resources
  • 42:43 in a sustainable and inclusive way?
  • 42:45 You know, in a way that it benefits the people of Mozambique.
  • 42:49 And let's talk about that a little bit.
  • 42:50 You're the country manager for the International Finance Corporation
  • 42:53 for Mozambique and a number of other countries in the neighborhood there,
  • 42:57 what's the long-term strategy in Mozambique?
  • 43:00 Well, in Mozambique, we follow a very disciplined approach, right?
  • 43:03 So we just went through a very in-depth study about the opportunities
  • 43:09 for the private sector and we identified, you know,
  • 43:10 there's agri-business, there is energy, there is tourism,
  • 43:14 there's transport logistics given Mozambique's position.
  • 43:18 And we also came to the conclusion that we will need a different approach.
  • 43:21 You know, what brought us here won't take us forward.
  • 43:24 So what we are using and doing in Mozambique
  • 43:26 is we're using every single tool that the World Bank Group has,
  • 43:29 that IFC and the World Bank Group has.
  • 43:30 So in terms of financing, in terms of funding, were using everything.
  • 43:34 And we're also approaching it in a different way
  • 43:37 because there's such complex problems in Mozambique
  • 43:39 that no single institution can deal with them on its own, right?
  • 43:43 Let's talk about a specific project.
  • 43:44 I understand the International Finance Corporation has invested
  • 43:47 in the first large scale solar plant in Mozambique.
  • 43:50 I believe it's called the Mocuba Solar Project.
  • 43:53 Tell us about the long-term impacts of that on the country.
  • 43:57 Mocuba is a landmark transaction, right?
  • 44:00 I think not only for us, but for Mozambique.
  • 44:02 It was the first sort of large scale solar plant in the country.
  • 44:07 It was the largest, at the time of its construction,
  • 44:10 it was the largest in Sub-Saharan Africa.
  • 44:12 It was one of the first projects in the region
  • 44:14 that was looking at climate resilience.
  • 44:18 It injects power closer to what is needed.
  • 44:22 So you avoid having to have long transmission lines
  • 44:26 that from a client perspective and in a country that is hit by hurricanes
  • 44:29 and is hit floods every now and then,
  • 44:31 it's a you know, it's a layer of protection.
  • 44:34 So all of that together, we think it's a landmark
  • 44:37 and the way to go forward in Mozambique.
  • 44:40 That sounds fascinating.
  • 44:41 while I have you I also want to ask about COVID-19.
  • 44:44 What's been the impact in Mozambique
  • 44:46 and what does a resilient recovery look like in the country?
  • 44:49 Mozambique is well positioned for recovery.
  • 44:52 Potentially for a quick one, because it has this project
  • 44:54 to explore mineral resources that are very ongoing
  • 44:58 and the ones that will start, right?
  • 44:59 So I think, again, we go back to the same issue.
  • 45:02 It's how much can they do...
  • 45:05 How much can Mozambique make these projects to be inclusive, right?
  • 45:08 So it's not something, an isolated project somewhere in far,
  • 45:10 but actually it translating into growth.
  • 45:12 So in one hand I think it has a somewhat privileged position within the region.
  • 45:19 I think also it's an opportunity for a green recovery,
  • 45:21 for a sort of a green growth,
  • 45:23 because you will have a lot of agriculture and you will have tourism
  • 45:27 which will touch on sustainability and resilience as well.
  • 45:30 We all will need to work on helping Mozambique develop the human capacity
  • 45:34 and institutional capacity
  • 45:36 to really take on this big spur of growth that hopefully is coming.
  • 45:41 And finally, probably the easiest question you'll get today.
  • 45:45 Tell me about best part of your job.
  • 45:47 What inspires you in your role there working
  • 45:49 in Mozambique and the countries around it?
  • 45:51 We see ourselves as an enabler, we are not...
  • 45:54 Our mandate to help reduce poverty,
  • 45:57 is fulfilled by what our clients do with our money,
  • 46:00 what our clients do with our advice.
  • 46:02 Right, so and ideally we're trying to reach the state
  • 46:04 where the more commercial success of our clients
  • 46:07 the more development impact, the more positive that opening, right?
  • 46:10 And this is sort of the aim.
  • 46:11 So when you see it happening,
  • 46:13 when actually you see that this actually happening on the ground
  • 46:16 and jobs are being created and communities are better off
  • 46:19 and the country has more power or the country has more food, you know,
  • 46:23 depending on the challenges, then this becomes really inspirational.
  • 46:27 It becomes a very positive feedback loop that inspires you to do more
  • 46:32 and to go the extra mile for the clients.
  • 46:34 I think that's...
  • 46:36 for me at least that's the glue that keeps us together
  • 46:38 in IFC from my perspective.
  • 46:40 Well, Hector Gomez Ang, IFC country manager for Mozambique
  • 46:44 and a number of other countries in the region.
  • 46:46 Thank you so much for taking the time today.
  • 46:49 [MONTELÍBANO, COLOMBIA] Hola! I'm Haido Bedoya in Montelibano, Colombia,
  • 46:52 and you are watching the World Bank Group IMF Spring Meetings.
  • 46:58 Well, Sri, just as we start to wrap up for the day here
  • 47:01 run us through what we can expect for the next three days
  • 47:04 of the Spring Meetings in 2021.
  • 47:07 Sure, Paul, so tomorrow it's all about debt
  • 47:09 and how countries can build a green and resilient future on that topic.
  • 47:13 And then we head into talking about climate and a green recovery
  • 47:16 on Thursday at 11:00 a.m., Washington DC time.
  • 47:20 And I forgot to mention this, but the debt event starts tomorrow
  • 47:22 at 12:00 p.m., Washington, DC time.
  • 47:25 And then Friday, we wrap up talking about COVID-19 and vaccines
  • 47:28 and that starts at 11:00 a.m., Washington, DC time.
  • 47:31 Got it, and if anyone joined us late today,
  • 47:33 if they saw something they wanna go back and re-watch from today's program,
  • 47:37 remind us how they can do that.
  • 47:38 Absolutely, so you can head on over to our World Bank YouTube channel
  • 47:41 and catch back all the replays.
  • 47:43 [JOIN US TOMORROW: LIVE.WORLDBANK.ORG] And also head on over to live.worldbank.org.
  • 47:45 And there folks can go to the specific event pages as well
  • 47:48 and catch up on the conversation.
  • 47:51 And I should be sure to mention that you tomorrow,
  • 47:53 after tomorrow's debt event at about 1:00 p.m. DC time.
  • 47:56 So the event starts at noon, about 1:00 p.m. DC time,
  • 47:59 you'll be in a live discussion with World Bank Group President,
  • 48:02 David Malpass, here on our headquarters set.
  • 48:05 So if folks out there have a question, get that in early.
  • 48:08 Go ahead and get those questions in early
  • 48:10 because that helps us sort of get organized for tomorrow
  • 48:13 and get the best questions to the President.
  • 48:15 So post those at live.world bank.org.
  • 48:17 Absolutely.
  • 48:18 All right, well, until tomorrow at noon DC time,
  • 48:21 thank you so much for joining us, goodbye.

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