World Bank President: 60% of low-income countries in debt distress or high risk
During his participation in the opening session of the meetings of the World Bank and the International Monetary Fund, headed by the Governor of the Central Bank of Egypt
World Bank Group President David Malpass called on the Bretton Woods institutions to reconsider the roles of governors, capital flows and various developments in dealing with climate change and global commodity price inflation.
Malpass said in his speech at the opening session of the meetings of the World Bank and the International Monetary Fund, chaired by Hassan Abdallah, Governor of the Central Bank of Egypt, today, Friday, in the US capital, Washington, that the grants and concessional financing provided by these institutions are of utmost importance for development in low-income countries, more than 60% of which suffer from debt distress or high risks, noting that the commitment to these countries and development projects, including global public goods, is an important and essential part of the development of the World Bank Group.
He noted that the group has been scaling up operational support to countries in waves in response to the COVID-19 pandemic, and now in response to high inflation, food and security risks, and the Russian war, for which the World Bank has mobilized $30 billion in emergency financing for Ukraine, including parallel financing guarantees from the United States, the United Kingdom, the European Union, and Japan, noting that about $11 billion has already been disbursed to provide additional support.
The Bank also established a multi-donor trust fund to assist the Ukrainian government to support its capacity to deliver services, guide planning efforts, and complete recovery and reconstruction.
Egypt is participating strongly in the meetings of the International Monetary Fund and the World Bank, held in the American capital, which reflects its pivotal and major role in the Middle East and Africa region and its effective contribution to all international efforts aimed at enhancing global security and peace.
Egypt received numerous commendations from senior officials participating in this year’s fall meetings, particularly those related to monetary policy management, inflation control, social protection measures, and climate change efforts.
