[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109682-en":3,"doc-seo-109682-105":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},109682,1374391975076,"Riley","https://ap-avatar.wpscdn.com/avatar/14000253ca4ec9f6853?x-image-process=image/resize,m_fixed,w_180,h_180&k=1783305029341752051",8,"Research & Report","Statement by H.E. Nadia Calvino - 101st Meeting of the Development Committee - April 17, 2020","This statement addresses the global COVID-19 pandemic and calls for coordinated, innovative action to limit human and socioeconomic damage. It highlights that emerging markets and developing economies face greater vulnerability due to weaker public health capacities and additional shocks, including financial stress, commodity price declines, and procurement constraints. It emphasizes the need for simultaneous health and recovery support, exceptional financing terms, and strengthened multilateral coordination to preserve living standards while supporting inclusion, gender, climate priorities, and free trade.","Public Diclosure Authorized  \nPublic Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committeeof the  \nBoards of Governors of the Bank and the Fundon theTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND ONE MEETINGWASHINGTON,DC-APRIL17,2020(VIRTUAL)  \nStatement by  \nH.E.Nadia CalvinoMinister of Economy and Digitalization  \nSpain  \nOn behalf of Costa Rica,EI Salvador,Guatemala,Honduras,Mexico,Nicaragua,Kingdom of Spain,and RepúblicaBolivariana de Venezuela  \nDC/S/2020-0015  \nApril 17,2020  \n# Statement by\n\nH.E.Nadia CalvinoMinister of Economy and Digitalization  \n# Spain\n\nOn behalf of Costa Rica,EI Salvador,Guatemala,Honduras,Mexico,Nicaragua,Kingdom ofSpain,and República Bolivariana de Venezuela  \n101ᵗMeeting of the Development Committee  \nApril 17,2020  \nWashington,DC  \n(VIRTUAL)  \nThe COVID-19 outbreak has turned into a global pandemic that requires global action.Asthe pandemic unfolds to every country,with a dramatic human toll and unprecedented social andeconomic impact,it requires unprecedent,innovative and coordinated solutions.There is no roomfor inward looking measures.We need to show political,social and economic commitment.Bretton Woods institutions must lead the international community to minimize the cost in lives ofthis pandemic and preserve the standard of living of the people.  \nEmerging markets and developing economies are more vulnerable to the public healthdamages of the COVID-19.Although the COVID-19 is arriving later to these countries,theircapacities and means to contain the expansion of the virus are more limited.Countries are makinga great effort to face the situation,but at the same time,their health systems are weaker and lessprepared to deal with ill people.Therefore,the extent and fatality of the pandemic is expected tobe larger in these countries if we do not act in a determined,timely and accurate manner.  \nThe economic and social implications of this pandemic are also expected to be larger in thesecountries.On top of the supply and demand side shocks that are affecting every economy,theseeconomies are suffering two additional shocks.One is the financial shock,due to capital outflows,foreign exchange instability and freeze in remittances.The other is a shock in commodity prices,that is also negatively affecting many of these economies.In addition,many of these countriesstruggle with procurement of medical equipment and currently are facing rising prices and delayeddelivery times hampered by export protectionism.  \nThe financial needs to deal with the health,economic and social challenges are well abovetheir capacities in the current juncture.The health of the population and the economic recoverygo hand by hand.Hence,both need to be attended simultaneously to reach the recovery pointsooner.The combination of these shocks will leave fiscal stance with very little space in a timewhere extraordinary additional expenses are needed to deal with the public health and socialimplications of the virus.In addition,financing support is needed by SMEs to weather thequarantine of the economy and be ready to start once it is over.Therefore,if these economies donot get the required financing,the current liquidity constraint may turn into a solvency crisis that  \ncould turn the envisaged short-lived recession into a deep and long lasting one.In short,there is arisk of raising poverty,together with and share prosperity and stability reversal.  \nWe welcome the rapid and ambitious reaction of the World Bank and the IMF to supportclient countries.We appreciate the swift decisions of the World Bank to help client countries intheir effort to strengthen their health care systems for prevention and mitigation of COVID-19impact,as well as the fast track approved to face these urgent needs and the support on procurementof medical items.We also welcome the proposal to restructure and frontload the lending capacityto deal with the economic and social challenges of this pandemic,as well as","cbCaiivGZKnTkyzU","https://ap.wps.com/l/cbCaiivGZKnTkyzU","pdf",405400,2,1,3,"English","en",105,"# Statement by\n## Context and global need for action\n## Vulnerabilities of emerging markets\n## Financial and social implications\n## Support from the World Bank and IMF\n## Coordination among partners and exceptional measures","[{\"question\":\"Why does the statement emphasize coordinated global action during COVID-19?\",\"answer\":\"The statement argues that the pandemic has become a global crisis with dramatic human and socioeconomic impacts, requiring political, social, and economic commitment and coordinated solutions without inward-looking measures.\"},{\"question\":\"What additional shocks does the statement say developing economies face?\",\"answer\":\"It highlights a financial shock from capital outflows, exchange instability, and frozen remittances, alongside a commodity price shock and procurement difficulties for medical equipment that lead to higher prices and delayed deliveries.\"},{\"question\":\"What financing and policy approach does the statement urge from the World Bank and IMF?\",\"answer\":\"It welcomes rapid responses and requests continued readiness, closer collaboration with client countries, redesigned programs for recovery, and exceptional flexibility in fiscal assessments and assistance terms such as interest rates, grace periods, and maturities.\"}]","Statement by H.E. 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