The @WorldBank Development Committee just released their communique from today's (virtual) annual meetings session. A couple highlights:
"The WBG should further the response while keeping a firm focus on the twin goals of ending extreme poverty and fostering shared prosperity in a sustainable manner, as well as on the IDA19 and capital commitments, while supporting progress toward the SDGs."
"We commend the WBG for the speed and scale of its COVID-19 response across countries."
Welcomes the $12B commitment from IBRD/IDA for COVID-19 vaccine purchasing and distribution:
"We encourage the WBG to assist with affordable and equitable access to tests, treatments, and vaccines for developing countries.
"...we encourage intensified action to build robust health systems with universal coverage, thus increasing preparedness and resilience against future pandemics." — plus a nod to digital technology.
A broad call for rebuilding better "and addressing the challenges to economic and environmental vulnerabilities, including climate change."
Calls on the bank, "to help countries strengthen social safety nets and facilitate the movement of capital and labor toward sectors that will be productive and sustainable in the post-pandemic context."
Commends, "exceptional delivery in final quarter of FY 2020, with $45 billion in commitments consisting of $32 billion from IBRD/IDA, $11 billion from IFC, and $2 billion from MIGA, including via their fast-track facilities, for operations in more than 100 countries."
"support extension of the Debt Service Suspension Initiative by 6 months and to examine, by the time of the 2021 Spring Meetings, if economic + financial situation requires to extend further the DSSI by another 6 months, with targeted complements to April 2020 DSSI Term Sheet."
"While protecting current ratings + low cost of funding, we encourage MDBs to go further in their collective efforts in supporting the DSSI, including through providing net positive flows to DSSI-eligible countries during the suspension period, including the extension period."
"We encourage the WBG to explore additional proposals for COVID-19 emergency financing for IDA countries in its discussions with IDA deputies."

Here's some context there:…

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More from @AlterIgoe

16 Oct
Here's @USTreasury's statement to the IMFC and @WorldBank Development Committee (happening today). Doesn't mention support for IDA $25B emergency funding proposal.…
"During these challenging economic times, critical that WB manage financial resources judiciously + transparently, w clear justifications for allocations to countries w robust access to other financing sources, so as not to burden shareholders w premature calls for new financing"
"As we move towards recovery, we encourage countries to see in this crisis an opportunity to improve debt management and pursue structural reforms that lay the foundation for stronger medium-term growth, economic resilience, and debt sustainability."
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