Statement by H.E. Nadia Calvino - 104th Meeting of the Development Committee - October 15, 2021

Jul 19, 2026

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Statement by H.E. Nadia Calvino, Vice President and Minister for Economy and Digitalization of Spain, on behalf of multiple countries, addresses the uneven global recovery from the COVID-19 crisis. It emphasizes that ending the pandemic through worldwide vaccine access is the first priority, supported by World Bank financing and multilateral coordination. It also calls for rebuilding greener, more resilient and equitable economies while mobilizing private capital, and highlights middle-income countries’ heightened social and economic challenges, urging improved diagnostics and tailored support to advance SDGs and reduce poverty.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

Overview of the uneven recovery

Vaccine access and global coordination

Rebuilding economies: greener, resilient, equitable

Private capital mobilization and Middle-Income Countries

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committeeof the Boards of Governors of the Bank and the Fundon theTransfer of Real Resources to Developing Countries) ONE HUNDRED AND FOURTHMEETINGWASHINGTON,DC-OCTOBER15,2021 DC/S/2021-0052 October 15,2021 # Statement by H.E.Nadia Calvino Vice President and Minister for Economy andDigitalization Spain On behalf of Costa Rica,EI Salvador,Guatemala,Honduras,Mexico,Nicaragua,and Kingdom of Spain Statement by H.E.Nadia Calvino Vice President and Minister for Economy andDigitalization Spain On behalf of Costa Rica,EI Salvador,Guatemala,Honduras,Mexico,Nicaragua,and Kingdom of Spain 104Meeting of the Development Committee October 15,2021 Washington,DC The recovery from the unprecedented global economic crisis triggered by the COVID 19 pandemicis taking place,many economies are reopening,and the expectations are improving.The situationtoday is better than when we last met in April and,to reach this point,government and centralbank support has proven instrumental.Additionally,vaccines are -and will continue to be -decisive in determining the speed and certainty of growth in the months ahead. However strong in some countries,the recovery remains uneven,and GDP is still below pre-pandemic levels,particularly among many of the World Bank's client countries.Furthermore,thecrisis is leaving a structural and long-lasting footprint,both economically and socially,in many ofthose countries,where progress towards reducing poverty in a sustainable manner has beenreversed by the pandemic.Today,achieving the Sustainable Development Goals (SDGs)and theWorld Bank's twin goals seems much more elusive than pre-COVID. The countries I represent are evidence of this uneven recovery.Spain,an advanced economy thatwas deeply hit by the pandemic.But thanks to the large percentage of the population already fullyvaccinated (around 78%)and the support measures put in place,the government is forecastinggrowth of 6.5%this year and of 7%in 2022,with GDP returning to pre-crisis levels at thebeginning of 2022. In contrast,the Latin American and the Caribbean (LAC)has been the hardest-hit region by thepandemic.And while each of the LAC countries faces different circumstances,vaccination ratesand specific challenges,and despite the efforts made to face the crisis,in many of them returningto pre pandemic GDP levels will take longer.The damage caused by the pandemic in this regionwill leave deep and long-lasting consequences on growth,poverty reduction and human capital.All this has a particular impact on women and children. The World Bank's response to the pandemic has been broad and timely.The institution has livedup to its commitment to deploy US$160bn since April 2020 to June 2021 to assist with theeconomic,health and social consequences of the crisis that its client countries are facing.Icommend the Bank for the unprecedented effort made.But,unfortunately,there is still work ahead.I will refer to three areas. First,ending the pandemic is the necessary condition for a full,rapid,and global recovery.Therefore,ensuring that vaccines reach every country and community should be our number one priority in the short term.I welcome the support that the World Bank has provided in this front,with US$20bn financing made available,as well as its participation in the Multilateral LeadersTask Force,together with the IMF,the WHO and the WTO.This Task Force represents a well-designed and much needed coordination effort that is yielding results in identifying the main areasof action to accelerate vaccine delivery to developing countries,scale up vaccine production,promote effective deployment to LICs and MICs,and addressing existing bottlenecks.In sum,every effort and energy should be put into facilitating access to affordable vaccines and helpingcountries deploy them timely and effectively. Second and in parallel to the former,o

FAQs

What does the statement identify as the main condition for a full global recovery?

Ending the pandemic is described as the necessary condition. Ensuring vaccines reach every country and community is presented as the top short-term priority.

How does the statement evaluate the World Bank’s pandemic response so far?

It highlights a broad and timely response, noting the commitment to deploy US$160bn since April 2020 to June 2021, while still stressing that work remains ahead.

What priorities are proposed beyond ending the pandemic?

The statement calls for rebuilding economies in a greener, more resilient, and more equitable way, and for mobilizing private capital to support the GRID agenda, tailored to low- and middle-income needs.

Jul 19, 2026

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