[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110931-en":3,"doc-seo-110931-105":29,"detail-sidebar-cat-0-en-105":82},{"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},110931,1374391974585,"Genevieve","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","WBG Governor's Statement No. 3 - Statement by Youssef El Khalil (October 14, 2021)","Statement by Youssef El Khalil, Governor of the Bank for Lebanon on behalf of the Arab Governors, outlines major regional challenges following the COVID-19 crisis and sets expectations for support from the WBG and the IMF. It focuses on low COVID-19 vaccination rates and access to health tools, the need to strengthen health, education and social protection for human capital, and calls for improved domestic resource mobilization, fiscal efficiency, and knowledge transfer. It also addresses debt sustainability, transparency, and transition from DSSI to the Common Framework, including support for LICs, FCV countries, and structured resilience financing.","Public Disclosure Authorized Public Disclosure Authorized  \nWBG Governor's Statement No. 3  \nOctober 14, 2021  \nStatement by the Hon. YOUSSEF EL KHALIL, Governor of the Bank for LEBANON, ON BEHALF OF THE ARAB GOVERNORS  \nStatement by the Hon. Youssef El Khalil,  \nGovernor of the Bank for Lebanon,  \non Behalf of the Arab Governors  \nAlthough Arab countries’ swift and comprehensive policy responses to the COVID-19 pandemic have helped contain the virus and its social and economic impact, most of our region is still grappling with the fallout of the crisis: reversal of hard-earned poverty reduction  \ngains, exacerbated inequality, stressed health systems, increased need for social safety nets, and negative impact on human capital, among others. Against this backdrop, we highlight below some of the major challenges facing us and our expectations of support from the WBG and the IMF.  \nAccess to Vaccines: We are concerned at the low--15% as of September 2021-vaccination rate and the considerable financing and supply-side challenges facing low-income and FCV countries in the region. We welcome initiatives such as the IMF’s COVID-19 Vaccine Window under the Rapid Credit Facility and Rapid Financing Instrument, the Bank’s expanded financing envelope of $20 billion and IFC’s Global Health MPA financing. However, we expect the WBG, IMF, WTO and WHO to play a leadership role in tracking, coordinating and advancing delivery of COVID-19 health tools and vaccines to our region, financing of vaccines manufacturing in developing countries, addressing vaccines absorptive capacity, country readiness issues and advocacy for donations of excess doses.  \nHuman Capital: We note with concern the projection that, in the MENA region, on average, a child born today would expect to achieve only a low level of his/her full productivity before the impacts of the pandemic are accounted for and emphasize the need for enhanced WBG support to health, education and social protection sectors.  \nFiscal Frameworks: The importance of domestic resource mobilization (DRM) and efficiency and effectiveness of public expenditures to create the fiscal space for the much-needed investments in growth and the SDGs is self-evident. We call on the WBG and the IMF to strengthen their technical assistance, policy advice and knowledge transfer in the DRM space, and to support the development of domestic capital markets. We also encourage IMF and the WBG to evaluate the impact of the proposed minimum tax on multinational companies (MNCs) on our countries and provide them technical assistance and advice to adapt to it.  \nDebt Related Issues: We welcome the IMF and the WBG's comprehensive approach to addressing debt sustainability and debt transparency issues, supporting the G20 Debt Service Suspension Initiative (DSSI) and the Common Framework (CF) for debt resolution, as well as  \nIDA’s Sustainable Development Financing Policy (SDFP) . We also commend the IMF debt service relief operations through the Catastrophe Containment and Relief Trust. The IMF should continue to have a leading role in improving the international debt architecture, strengthening the international framework for sovereign debt resolution, and ensuring fair burden-sharing between public and private creditors. In this regard, the IMF and the WBG can play an important role by assisting eligible member countries to develop and implement effective strategies to engage with private creditors. We underscore the need for effective transition from the DSSI to CF for eligible LICs.  \nDifferentiated Approach to Support Various Country Typologies:  \nThe IMF Resilience and Sustainability Trust (RST): The proposed RST could help a significant segment of the Fund’s membership in addressing macro-critical issues related to economic resilience and sustainability and address challenges such as climate change, health, and refugee flows. It should benefit both LICs and MICs and complement the IMF’s core lending with additional r","cbCaiqEhdl6WiG2U","https://ap.wps.com/l/cbCaiqEhdl6WiG2U","pdf",295165,1,7,"English","en",105,"# Access to Vaccines\n# Human Capital\n# Fiscal Frameworks and Domestic Resource Mobilization\n# Debt Related Issues and International Debt Architecture\n# Differentiated Approach to Support Various Country Typologies\n## IMF Resilience and Sustainability Trust (RST)\n## Low-Income Countries (LICs)\n## FCV Countries","[{\"question\":\"What is the statement’s position on debt sustainability and transparency?\",\"answer\":\"It welcomes comprehensive approaches to debt sustainability and transparency, including support for the G20 DSSI and the Common Framework for debt resolution. 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