"The 2020 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) focused on the impact of COVID-19 on the global outlook, the pathway to recovery, and developments in the international financial system.
The event, which convened from 12-18 October primarily in a virtual format, included meetings of the Development Committee and the International Monetary and Financial Committee (IMFC).
Addressing the 2020 Annual Meetings plenary, WBG President David Malpas highlighted the COVID-19 pandemic’s “enormous” toll, particularly on the poorest countries, which are “likely to suffer the longest and hardest.” He identified four most urgent aspects of “rebuilding in better ways”: alleviating poverty and inequality; addressing the loss of human capital; reducing the debt burdens of the poorest countries; and fostering an inclusive and resilient recovery. Recognizing the “staggering” scale of the challenges ahead, Malpass expressed confidence that “sustainable solutions will emerge.” He stressed the role of strong governance systems in encouraging innovation, which, with “new uses for existing assets, workers using their skills in new ways, and a reset on excessive debt burdens,” can facilitate innovation and change."
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