Debt in emerging market and developing economies has surged to a record high since the outbreak of COVID-19, but new analysis from the World Bank Group shows that the global and country-by-country systems for tracking it are proving to be grossly inadequate. Join the live discussion!
On April 7th, the World Bank invited several leading experts to explore perspectives on a new global financial architecture for debt. Speakers discussed lessons from past restructuring efforts, the private sector’s role, and the increased need for debt transparency.
On October 13, David Malpass and global experts kicked off the 2020 Annual Meetings of the World Bank and IMF with a detailed and important discussion about comprehensive solutions for rising public debt levels.
Debt service suspension for the poorest countries could mean billions more to fight and recover from #COVID19. Global Director @MarcelloEstevao explains how this initiative could help low-income countries. The Resilient Recovery Series includes in-depth interviews with the Bank’s leading experts focused on health, social, and economic responses, as well as policies, institutions, and investments that will be critical to resilient, inclusive, and sustainable recovery. Check out the previous episodes!
The IMF and World Bank invite you to a conversation with IMF Managing Director Kristalina Georgieva and World Bank President David Malpass on the debt situation in lower-income economies. They will discuss how these countries can best mobilize the funding necessary for development while ensuring public debt sustainability.
The conversation will be moderated by Anna Gelpern, Professor of Law at Georgetown University, followed by a Q&A session with the audience.
For the full transcript.
In front of a packed house in James D. Wolfensohn Atrium, Liliana Rojas-Suarez, senior fellow at the Center for Global Development, led an expert panel in a discussion of the trade-offs between debt and growth facing developing countries.
Across the board, the panelists agreed that when done strategically, borrowing is not a problem per se. Matthew Rycroft of DFID explained that although we should be concerned about overly rapid increases in debt amounts, in many cases, debt is a pre-requisite to growth. The real concern, explained Minister Cardenas of Colombia, is when countries borrow and fail to grow.
Panelists also reached consensus around the ways external shocks, including refugee crises, can cause public debt levels to rise. For Minister Imad Fakhoury of Jordan, having a foundation of fiscal stability and a five-year growth plan focused on employment has been crucial to enabling the country to welcome refugees. For Colombia, which sees thousands of people cross its borders each day, Minister ...
In a speech ahead of the World Bank Group-International Monetary Fund Spring Meetings, World Bank Group President Jim Yong Kim will address the need for a new approach to development finance to meet the aspirations of the world’s 7 billion people and make this generation the first in history to end extreme poverty.
Last year world leaders adopted a bold set of global goals to end extreme poverty and create a more sustainable, prosperous world. But what will it take to achieve them and where will the resources be found? Our development structures and their financial supports are under increasing pressure and facing strong headwinds in the shape of a challenging global economy, rising inequality, conflict and fragility as well as natural disasters and pandemics. How can we continue to build on the progress we have made and ensure it is not eroded away by our current challenges?
Join a conversation with top development and finance leaders on the trends that are reshaping the development landscape and a vision for delivering a world free of extreme poverty where there is opportunity for all.
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