Statement by H.E. Gernot Blümel - 102nd Meeting of the Development Committee - October 16, 2020 - COVID-19 Crisis Response

Jul 19, 2026

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Statement by Austria’s Minister of Finance, H.E. Gernot Blümel, delivered on behalf of multiple countries at the 102nd Development Committee meeting (virtual) on October 16, 2020. It thanks the World Bank Group for rapid and large-scale crisis support, highlights the Cascade approach and knowledge-based lessons, and urges continued focus on Twin Goals amid rising extreme poverty. It calls for strengthened cooperation, financial capacity innovations for IBRD/IDA, and higher-impact, high-quality knowledge products while tracking IDA voting rights and shareholding reviews.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

AccessFree to download

102nd Meeting Statement

Crisis response achievements and cooperation

Uncertain outlook and focus on vulnerable groups

IBRD/IDA financing capacity and financial innovations

Knowledge agenda and development impacts

IDA voting rights and shareholding review updates

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fund on the Transfer of Real Resources to Developing Countries) ONE HUNDRED AND TWO MEETING WASHINGTON, DC – OCTOBER 16, 2020 (VIRTUAL) DC/S/2020-0068 October 16, 2020 Statement by H.E. Gernot Blümel Minister of Finance Austria On behalf of Austria, Belarus, Belgium, Czech Republic, Hungary, Kosovo, Luxembourg, Slovakia, Slovenia and Turkey Statement by H.E. Gernot Blümel Minister of Finance Austria On behalf of Austria, Belarus, Belgium, Czech Republic, Hungary, Kosovo, Luxembourg, Slovakia, Slovenia and Turkey 102nd Meeting of the Development Committee October 16, 2020 Washington, DC (VIRTUAL) First and foremost, we would like to express our appreciation to all staff ofthe WBG who are working hard under these difficult circumstances. We would also like to commend the WBG for its fastest and largest crisis response in history to help developing countries strengthen their pandemic response, increase disease surveillance, improve public health interventions, help the private sector continue to operate and sustain jobs, and prepare countries for resilient, inclusive and sustainable recovery. Enhanced cooperation across the WB, IFC and MIGA, applying the Cascade approach with a focus on speed, scale, and selectivity is the right way going forward. We highly appreciate that the WBG’s crisis response builds on its knowledge, expertise and lessons learnt and is in line with the commitments made in the 2018 IBRD and IFC Capital Packages as well as the IDA19 replenishment. We also commend Management for being on track to deliver on the corporate targets and strategies including on Gender Equality, Climate Change and FCV, and for stepping up its support across the client spectrum. In our view, the COVID crisis is not only an enormous challenge but also provides opportunities to accelerate program delivery, to support transformative investments and reform policies, and to strengthen further our focus on the poorest and most vulnerable environments and countries. We acknowledge the importance of the WBG’s global footprint, especially in the current situation, and emphasize the need for adjusting the operational model to the new requirements in a fast, efficient way while maintaining quality and effectiveness. The economic outlook and the prospects for recovery remain highly uncertain. The crisis has been hitting the poorest and vulnerable, including women, children and the disabled, the most. Therefore, the WBG as global leader of the development community should keep focusing on its mission and Twin Goals even during the most challenging times and in the toughest environments. Extreme poverty is rising and achieving the Sustainable Development Goals has become more difficult than ever. A coherent approach and enhanced cooperation at the global, regional, and country levels, including on mobilizing the private sector, are of utmost importance to mitigate the wider socio-economic impacts ofthe current crisis. The 2018 IBRD/IFC Capital Packages and the IDA19 replenishment provided the WBG with significant firepower which enabled it to respond to the crisis. IBRD and IDA are currently adequately resourced to respond to the COVID-19 crisis, even under severely stressed downside scenarios. However, their resources are being stretched in unprecedented ways as continued high demand will exceed financing capacity as the frontloading of lending volumes in FY20-21 will require downward adjustments thereafter. Considering the limited financing capacity beyond FY21 to meet the high demand for IBRD/IDA lending, we call on Management to explore innovative ways to enhance the WBG’s financial capacities, such as risk sharing mechanisms, co-financing, balance sheets optimization across the WBG etc. In particular, we see significant potential to fu

FAQs

What does the statement emphasize about the World Bank Group’s COVID-19 response?

It praises the WBG’s fastest and largest crisis response, focusing on speed, scale, and selectivity, and highlights improved pandemic preparedness, surveillance, and support for jobs through the private sector.

Why does the statement discuss IBRD and IDA resources and financing capacity?

It argues resources are stretched because high demand will exceed financing capacity, especially after FY20–21 frontloading, and therefore calls for innovative approaches to enhance WBG financial capacities.

What follow-up items does the statement request regarding IDA reviews?

It thanks for progress on the IDA Voting Rights Review, looks toward completion by the IDA19 mid-term review in 2021, and encourages technical work for gradual IBRD shareholding adjustment and an IFC benchmark for the next shareholding review.

Jul 19, 2026

Uploaded by Ophelia