Statement by H.E. Salman bin Khalifa Al Khalifa - 102nd Meeting of the Development Committee - October 16, 2020 - Washington, DC (Virtual)

Jul 19, 2026

Statement by H.E. Salman bin Khalifa Al Khalifa on behalf of multiple countries addresses the global impact of the COVID-19 pandemic on economies and healthcare systems, with disproportionate effects on poor and vulnerable populations. It highlights expected long-lasting damage in emerging market and developing economies, including poverty increases, widening inequality, capital outflows, and disruptions to trade and supply linkages. The statement calls for strengthened public health systems, short-term crisis response, and reforms to enable robust, inclusive, sustainable growth, including support for equitable COVID-19 vaccine access.

LanguageEnglish

CategoryResearch & Report

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Pages4

Reading Time10 min

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Development Committee

One Hundred and Two Meeting - Washington, DC - October 16, 2020 (Virtual)

Statement by H.E. Salman bin Khalifa Al Khalifa

Economic and social impacts of the pandemic on EMDEs

Priorities for crisis response, reforms, and resilience

WBG financing, operational capacity, and contingency planning

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 TWO MEETINGWASHINGTON,DC-OCTOBER16,2020(VIRTUAL) DC/S/2020-0043 October 16,2020 ### Statement by H.E.Salman bin Khalifa Al KhalifaMinister of Finance and National Economy Kingdom of Bahrain on behalf of Bahrain,Egypt,Iraq,Jordan,Kuwait,Lebanon,Libya,Maldives,Oman,Qatar,United Arab Emirates,and Yemen # Statement by H.E.Salman bin Khalifa AI KhalifaMinister of Finance and National Economy # Kingdom of Bahrain on behalf of Bahrain,Egypt,Iraq,Jordan,Kuwait,Lebanon,Libya,Maldives,Oman,Qatar,United Arab Emirates,and Yemen 102nd Meeting of the Development Committee ### October 16,2020 # Washington,DC (VIRTUAL) The COVID-19 pandemic has placed a massive toll on both the global economy and country healthcaresystems,disproportionately on the poor and vulnerable,triggering a deep global recession with vast humancapital impacts.Containment measures required to address the health crisis,combined with reducedeconomic activity,have culminated in an unprecedented combination of negative shocks in many emergingmarket and developing economies(EMDEs),including in the Middle East and North Africa(MENA)region.This is expected to leave long-lasting scars through multiple channels,including record capitaloutflows,erosion of human capital and fragmentation of global trade and supply linkages. The impacts are expected to be most severe for EMDEs that rely heavily on trade,tourism,services andforeign investment.Per capita incomes in the majority of EMDEs are expected to shrink in 2020,placingmillions back into poverty and widening the inequality gap.EMDEs are also impacted by external factorsfrom weaker activity in major economies,sharp declines in commodity prices and tightening of globalfinancial conditions.As this crisis has the potential to erase hard fought development gains for manycountries,Middle-Income Countries(MICs),Fragile and Conflict-affected Situations(FCS)and SmallStates in particular,are experiencing a rapid decline in economic growth,which severely inhibits theirability to provide inclusive basic services and adequate social protection measures.Subsequently,povertyreduction has suffered its worst setback in decades and many developing countries are falling behind inprogress towards the twin goals and SDGs. Moreover,the pandemic is intensifying existing drivers of fragility and exacerbating instability in FCSsettings as well as vulnerabilities facing small island developing states.Furthermore,with widespreadgender gaps in human capital development,women are likely to suffer significant consequences of COVID- 19,especially in the informal sector,where they constitute a large percentage of the labor force.This crisisunderscores the significance of devising a short-term crisis response to help the most vulnerable groups andthe economy weather the negative repercussions of the crisis,while creating the foundation for long-termdevelopment to support countries in building back better. Because EMDEs are particularly vulnerable,it is critical to provide support aimed at strengthening theirpublic health systems,reducing the short-term effects of the pandemic on economic activity andemployment and,once the health crisis wanes,to implement reforms that reinvigorate robust,inclusive andsustainable growth. As crises may create windows of opportunity for reforms,the WBG willhave an integral role in assistingcountries in identifying and implementing reforms that are sensitive to various political economies and enhance institutional resilience.We acknowledge that the WBG has certainly exerted immense effortstowards implementing an exceptional response to an unprecedented crisis and believe that it is pivotal tomaintain this momentum,while scaling up the WBG's financial an

FAQs

What are the main economic impacts of COVID-19 described in the statement?

The statement links COVID-19 to a deep global recession, negative shocks in emerging market and developing economies, record capital outflows, erosion of human capital, and fragmentation of global trade and supply linkages.

Why does the statement emphasize support for EMDEs specifically?

It argues EMDEs are especially vulnerable because they rely heavily on trade, tourism, services, and foreign investment, and because external factors like weaker activity, commodity price declines, and tighter global financial conditions further worsen outcomes.

What does the statement call for regarding vaccine access and WBG financing?

It welcomes and supports fast-track financing for the purchase and deployment of COVID-19 vaccines to ensure equitable access for all countries, including the poorest and most vulnerable, while also urging assessment of operational and financial capacity for FY22 and beyond.

Jul 19, 2026

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