[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110878-en":3,"doc-seo-110878-105":29,"detail-sidebar-cat-0-en-105":89},{"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":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110878,13056703019662,"Evangeline","https://ap-avatar.wpscdn.com/avatar/be000253a8e92610077?_k=1778726343310543188",8,"Research & Report","Statement by Ignazio Visco - 103rd Meeting of the Development Committee - April 9, 2021 (Virtual)","Ignazio Visco’s statement addresses the global economic and social fallout from the COVID-19 pandemic, emphasizing how uncertainty has restrained consumption and investment while worsening poverty, inequality, and food insecurity in the poorest countries. The statement highlights priorities for equitable vaccine access through coordinated multilateral action, support for COVAX and national rollouts, and efforts to expand vaccine manufacturing capacity. It also calls for long-term development, digital transformation, climate resilience, and improved debt treatment frameworks for low-income economies.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND THIRD MEETING WASHINGTON, DC – APRIL 9, 2021  \n(VIRTUAL)  \nDC/S/2021-0028 April 9, 2021  \nStatement by  \nIgnazio Visco Governor of the Bank of Italy  \nConstituency of Albania, Greece, Italy, Malta, Portugal, San Marino, and Timor-Leste  \nStatement by  \nIgnazio Visco  \nGovernor of the Bank of Italy  \nConstituency of Albania, Greece, Italy, Malta, Portugal, San Marino, and Timor-Leste  \n103rd Meeting of the Development Committee  \nApril 9, 2021  \nWashington, DC  \n(VIRTUAL)  \nOver a year ago, the world was hit by an exceptional and unexpected shock. The Covid-19 pandemic triggered a profound economic crisis that rapidly became global, causing an unprecedented fall in per capita incomes and an increase in food insecurity, poverty, and inequality—particularly in the poorest countries. Since the pandemic’s outbreak, uncertainty has been curtailing consumption and investment, dampening productivity and potential growth.  \nMonetary and fiscal policies have helped contain the negative impact of the crisis. Today the economic outlook seems to be improving at last, thanks also to the rollout of vaccines made possible by exceptional achievements and cooperation in the scientific research community. However, the recovery is still fragile, subject to a large degree of uncertainty and downside risks. Delays in the distribution of vaccines, limited fiscal space, high indebtedness, and vulnerability to undesired capital flow volatility could impinge on many emerging and developing economies.  \nGranting equitable and timely access to safe, effective and affordable vaccines must remain a priority. As long as the virus continues to spread uncontrollably in any part of the world, no country will be safe. The global pandemic requires a global response, involving stronger multilateral cooperation, increased funding, and laying the foundations for preparedness and resilience.  \nWe praise the World Bank Group (WBG) Management and staff for their hard work in building a rapid emergency health response, and we urge them to persevere in close coordination with COVAX, GAVI, and other Multilateral Development Banks in helping countries purchase and deploy Covid-19 vaccines. National vaccination programs are being rolled out based on the readiness assessments prepared by the WBG and the WHO, which also provide indications on where to channel resources to address weaknesses in national health systems.  \nSuch efforts may be impeded by the uncertainty surrounding vaccine availability. We encourage IFC and MIGA to play a galvanizing, entrepreneurial role in improving vaccine manufacturing capacity at the national or regional level, in coordination with other DFIs and partners in the private sector.  \nInternational coordination, sharing of pandemic plans, and collaborative disease monitoring and diagnosis are necessary steps toward long-term health preparedness and resilience. In service of health as a global public good, we should marshal resources with the help of the private sector. In this regard, the High-Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response,  \nestablished under the Italian Presidency of the G20, will consider practicable solutions to ensure sustainable financing for pandemic prevention, surveillance, preparedness, and response.  \nThe Covid-19 crisis has aggravated debt vulnerabilities in many low-income countries. We welcome the G20’s decision on the DSSI final extension and commend the IMF and the World Bank for the support they have been providing toward a successful implementation of this initiative. The international community must now turn its attention to the \"Common Framework for Debt Treatments beyond the DSSI”, introduced by the G20 to help count","cbCaipktOKIlcoXP","https://ap.wps.com/l/cbCaipktOKIlcoXP","pdf",162162,1,4,"English","en",105,"# Development Committee meeting statement\n## Macroeconomic impact of COVID-19\n## Vaccine access and global cooperation\n## Debt vulnerabilities and Common Framework","[{\"question\":\"What does the statement identify as the main consequences of the COVID-19 pandemic?\",\"answer\":\"It highlights an unprecedented fall in per capita incomes and increases in food insecurity, poverty, and inequality, along with curtailed consumption and investment due to uncertainty.\"},{\"question\":\"How does the statement propose improving vaccine access globally?\",\"answer\":\"It calls for equitable and timely access, stronger multilateral cooperation, coordination with COVAX, and support for national vaccination programs based on assessments by the WBG and WHO.\"},{\"question\":\"What approach does the statement recommend for debt treatment beyond the DSSI?\",\"answer\":\"It urges attention to the Common Framework for Debt Treatments beyond the DSSI and expects complementary work by the IMF and the World Bank, including improved availability and quality of debt 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