[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109672-en":3,"doc-seo-109672-105":30,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":11},109672,13056703019404,"Miles","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Statement by H.E. Mohammed A. Al-Jadaan - 101st Meeting of the Development Committee - April 17, 2020 - Washington, DC (Virtual)","Statement by H.E. Mohammed A. Al-Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, addresses the extraordinary challenge posed by the COVID-19 pandemic and its rapid spread across health and the global economy. It calls for aggressive, globally coordinated action to protect vulnerable populations, contain transmission, reduce morbidity and mortality, and provide financial support to restore economic and financial stability. The statement highlights cooperation with the WBG and IMF, flexibility for countries facing arrears or debt distress, and measures supporting supply chains and private-sector engagement.","Public Disclosure Authorized  \nPublic Disclosure Authorized  \n### DEVELOPMENT COMMITTEE\n\n(Joint Ministerial Committeeof the  \nBoards of Governors of the Bank and the Fundon theTransfer of Real Resources to Developing Countries)  \n### ONE HUNDRED AND ONE MEETINGWASHINGTON,DC-APRIL17,2020(VIRTUAL)\n\nStatement by  \nH.E.Mohammed A.Al-JadaanMinister of Finance  \nThe Kingdom of Saudi Arabia  \nDC/S/2020-0027  \nApril 17,2020  \n### Statement by\n\nH.E.Mohammed A.Al-JadaanMinister of Finance  \n# The Kingdom of Saudi Arabia\n\n### 101tMeeting of the Development Committee\n\n# April 17,2020\n\n### Washington,DC\n\n(VIRTUAL)  \nThis Development Committee is being held at an extraordinarily challenging time when the world isconfronted with the fast-spreading COVID-19 pandemic.It has not only created an unprecedentedhealth emergency but has also pushed the global economy into a crisis bigger than the global financial crisisof 2008-2009.It has severely restricted movement of people,goods and provision of services;increasedvolatility in commodity prices;jolted financial markets wiping out a huge amount of market capitalization;disrupted supply chains;and contracted the real sectors leading to output and job losses.  \nThe vast potential of the medium to long-term health and economic impacts of the pandemic calls foran aggressive,globally coordinated response.It is imperative that this extraordinary pandemic receivesextraordinary response to protect the people inflicted by the virus and contain its spread to reduce morbidityand mortality of the most vulnerable;and in parallel,provide financial support to reduce the social andeconomic impacts of the virus,all of which is critical for restoring economic and financial stability.  \nWe commend WBG and IMF for a swift announcement of emergency response to client countries bysetting aside significant capital resources and adopting expedited disbursement processes.Policymakers in the developing world are confronted with serious challenges in addressing the health andeconomic impacts of the pandemic shock,with many countries having little or no fiscal space.Weencourage WBG and IMF to work together and coordinate with other international and regionalorganizations in helping countries impacted by the pandemic.Flexibility is also needed to engage withcountries which are in arrears,debt distress,are near their exposure limits or hosting refugees.  \n### With support from IFC and MIGA,the private sector can play a critical role in resorting andstrengthening supply chains,which will involve support to firms of all sizes-small,medium and large.Strengthened with additional capital that the shareholders have agreed to provide,IFC especially needs toexploit the full potential of the cascade approach to support existing and new private sector clients.In thatcontext,I encourage IFC to step-up its financing,innovative technology solutions and firm-level advisorysupport.\n\nThe situation of low income and FCV countries is worrisome,given their limited capacity andpreparedness and increased liquidity needs for an effective response to the crisis.We are concernedabout the impairment or crippling of national and global supply chains and distribution networksparticularly where they involve poor countries.We welcome IDA's rapid and flexible response to supportvulnerable countries,including through the innovative instruments of the Crisis Response Window.Withthe recent strong IDA 19 replenishment and IBRD capital increase,the World Bank is well positioned to  \nassist countries to improve their crisis-preparedness,address weak and overwhelmed health systems,andmitigate the risk of social unrest and fragility that could potentially wipe out a generation of economicprogress and poverty reduction.  \nTo advance coordinated response,the Saudi G20 presidency convened an extraordinary virtualsummit of the G20 Leaders on March 26.Leaders committed to do whatever it takes to overcome theimpacts of COVID-19 in cooperation with the WHO,IMF,the World ","cbCaiqL1CeuLyV1S","https://ap.wps.com/l/cbCaiqL1CeuLyV1S","pdf",397124,2,1,3,"English","en",105,"# Development Committee\n## One Hundred and One Meeting (Virtual)\n## Statement by H.E. Mohammed A. Al-Jadaan\n## COVID-19 impacts and required coordinated response\n## Support from WBG, IMF, and private sector\n## Debt relief and G20 actions\n## Domestic measures in Saudi Arabia","[{\"question\":\"What does the statement identify as the key challenge created by COVID-19?\",\"answer\":\"It emphasizes the fast-spreading COVID-19 pandemic as both an unprecedented health emergency and a major shock to the global economy, disrupting movement, services, commodity markets, supply chains, and employment.\"},{\"question\":\"What response does the statement call for from the international community?\",\"answer\":\"It calls for an aggressive, globally coordinated response to protect vulnerable people, contain the virus, reduce morbidity and mortality, and provide financial support to mitigate social and economic impacts while restoring stability.\"},{\"question\":\"How does the statement describe support and coordination roles for WBG and IMF?\",\"answer\":\"It commends WBG and IMF for emergency response announcements, encourages them to coordinate together and with other organizations, and stresses flexibility for countries with arrears, debt distress, capacity limits, or refugee-hosting needs.\"}]","Statement by H.E. 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