“My sense is there’s good coordination,” World Bank President David Malpass said yesterday about the global response to the coronavirus pandemic. “The world effort is focused on trying to get to a very broad response to COVID.”
Malpass reiterated that the World Bank isover the next 15 months to support the "economic rebuilding that needs to be done" because of the pandemic.
The recovery in developing nations also is linked to what happens in major economies such as the U.S. and Europe, Malpass added. "The thing that would help the developing world the most is strong growth in the developed world," Malpass said, calling on global central banks to do their part to ensure small businesses can weather the economic storm.
The International Finance Corporation, which is part of the World Bank, is trying to do that in developing nations, Malpass said. The IFC "is providing directly working capital lines of credit to keep small businesses opening so that they can be ready for a recovery," he said.
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