MIL-OSI Translation: World Bank and IMF establish High-Level Advisory Group for Sustainable and Inclusive Recovery and Growth


MIL OSI Translation. Government of the Republic of France statements from French to English –

Source: IMF in French

June 15, 2021

Washington, DC: The World Bank Group and the International Monetary Fund (IMF) today formed the High Level Advisory Group on Sustainable and Inclusive Recovery and Growth. In a world facing both the crisis caused by COVID-19 and that of climate change, this initiative aims to promote a solid recovery and to define the trajectory of green, resilient and inclusive development during the ten coming years.

The High Level Advisory Group will be jointly chaired by Mari Pangestu, Managing Director of the World Bank for Development Policy and Partnerships, Ceyla Pazarbasioglu, Director of the IMF’s Strategy, Policy and Review Department, and Nicholas Stern, of the London School of Economics. It aims to deepen the understanding of fundamental strategic and institutional issues to guide the action to be taken in the face of several interrelated challenges, namely the two crises mentioned above, which exacerbate poverty and inequalities, but also the structural deficiencies that existed before. the pandemic.

Comprised of experts from research, the private sector and government bodies, as well as senior officials from the World Bank Group and the IMF, this new commission will provide ideas and frameworks for far-reaching, strategic action. national and global. It will thus help promote a sustainable and inclusive recovery and define a sustainable transformation agenda reflecting new perspectives and based on new models of growth and development.

“It is the poor and very vulnerable who are hit hardest by the COVID-19 pandemic, climate change and other crises. I look forward to the High Level Advisory Group coming up with new ideas for productive interventions, both nationally and globally, to promote green, resilient and inclusive development and to assist developing countries. development to get back on a path conducive to reducing poverty and inequalities, ”said David Malpass, President of the World Bank Group.

“The world faces two formidable crises – the pandemic and the climate emergency – which demand continued radical and concerted action. The High Level Advisory Group will make a crucial contribution to this effort by analyzing the action to be taken and formulating concrete proposals, and I look forward to this important collaboration ”, notes Kristalina Georgieva, Managing Director of the International Monetary Fund.

Over the next 18 months, the High Level Advisory Group will use the joint and complementary experiences of its members in policy and analysis to come up with concrete proposals. The works will take place in two phases:

During the first phase, the Group will focus on the immediate problem of a sustainable and inclusive recovery, with the aim of providing information in support of the processes followed and the meetings organized in 2021 in preparation for the summit. of the G20 in Rome (in October) and of the COP26 in Glasgow (in November).
During the second phase, he will deepen the analyzes and formulate action plans to promote a sustainable transformation in 2022.

The experts of the High Level Panel are:

Philippe Aghion, professor emeritus of economics at the London School of Economics and Political Science, at the Collège de France and at INSEAD; Montek Ahluwalia, former deputy director of the Indian Planning Commission; Masood Ahmed, president of the Center for Global Development; Timothy Besley, professor of economics and political science at the London School of Economics and Political Science; Amar Bhattacharya, senior partner at the Center for Sustainable Development; Laurence Boone, Chief Economist and Director of the OECD Economics Department; Ottmar Edenhofer, professor of climate change economics at the Technical University of Berlin and director of the Potsdam Institute for Research on the Effects of Climate Change; Gita Gopinath, Economic Advisor and Director of the IMF’s Research Department; Homi Kharas, Senior Associate at the Brookings Institution; Eliana La Ferrara, Fondazione Romeo ed Enrica Invernizzi Chair in Development Economics at Bocconi University; Joaquim Levy, Director of the Department of Economic Strategy and Market Relations at Banco Safra S.A., and former Brazilian Minister of Finance; Zhu Min, former Deputy Managing Director of the IMF; Maria Ramos, President of AngloGold Ashanti Limited and former President and CEO of Absa Group Limited; Carmen Reinhart, Vice President for Development Economics and Chief Economist of the World Bank Group; Andres Velasco, Professor of Public Policy and Dean of the Faculty of Public Policy at the London School of Economics and Political Science.

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Since the start of the COVID-19 pandemic, the World Bank Group engaged over $ 125 billion to face the health, economic and social repercussions of this crisis, thus deploying in record time the largest response in its history. These resources help more than 100 countries to better prepare to fight the pandemic, protect the poor and jobs, and promote a climate-friendly recovery. The Bank also made available $ 12 billion to help low- and middle-income countries acquire and distribute COVID-19 vaccines, as well as testing and treatment. On climate, the World Bank Group is the largest source of multilateral finance for climate action in developing countries, with funding reaching $ 83 billion over the period 2016-2020.

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The IMF, which has been at the forefront of the international response to the pandemic, recently released a 50 billion dollar roadmap to accelerate the equitable distribution of medical products and equipment and help end the health crisis caused by COVID-19 and its devastating effects on people and their livelihoods. Since the start of the pandemic, IMF approved over $ 109 billion in financing for 84 countries , including 52 low-income countries, and carried out capacity building in 160 countries. It also broadened the scope of debt relief provided under its Disaster Assistance and Response Trust Fund (ARC Trust Fund) (a) to benefit 29 of its poorest and most vulnerable Member States, thus covering nearly $ 700 million that would have been owed to it in respect of eligible debt service until October 15, 2021.


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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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