We have made progress in the last 20 years. David Malpass says the Covid-19 crisis is ‘worse than the financial crisis of 2008 and for Latin America worse than the debt crisis of the 1980s’. The stimulus in advanced countries has been targeted on advanced countries, to the extent that a major inequality problem has gotten worse.

“The immediate problem is one of poverty.

“It is evident that some countries are unable to repay the debt they have taken on. David R. Malpass, 13 th President of the World Bank Group.

David Malpass says private banks, investment funds are not doing enough to help countries struggling due to coronavirus. Mr. Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States.

Coronavirus India News highlights | Tamil Nadu reports 5,088 fresh COVID-19 cases, 68 deaths, Sanitisation of rides, staggered timings, natural ventilation: Centre's guidelines for entertainment parks, IMA questions govt on ayurveda, yoga-based treatment of COVID-19, Centre allows political gatherings in Bihar, bypoll constituencies with conditions, Moderna will not enforce COVID-19 vaccine patents during pandemic. That’s not fair to the taxpayers of the countries providing development assistance and means poor countries don’t have the resources to deal with the humanitarian crisis”. Malpass also pointed out that developing countries might face difficulties in administering education amid the pandemic, which may further lead to significant issues for them in the future. COVID-19 impact | Child mortality rate in developing countries may... #BabaKaDhaba trends after heart-breaking video of elderly couple moves... Companies restore salaries ahead of festive season, thanks to economic... White House security official is gravely ill with COVID-19. Debt problems were intensifying, Malpass said, because while the gross domestic product of poor countries was going down, the amount they owed was not. The effect of the aid measures is therefore less than it could be,” the World Bank head said. Rich countries last month backed an extension of the G20’s Debt Service Suspension Initiative (DSSI), approved in April to help developing nations survive the coronavirus pandemic, which has seen 43 of a potential 73 eligible countries defer $5 billion in “official sector” debt payments. — Reuters. We must therefore also reduce the debt level. The World Bank president said the prospect of people going hungry was “gravely concerning”, noting the threat to food security as the year progressed. Ideas for Profit | TCS Q2 review: Why the IT major is a promising bet? "Our early estimates suggest a potential increase of up to 45 percent in child mortality because of health service shortfalls and reduction in access to food," news agency ANI quoted Malpass as saying.

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Amid warnings the pandemic could push 100 million people into extreme poverty, Mr. Malpass renewed his call for private banks and investment funds to get involved too.

So rigorous tests are compulsory. Decent harvests and food imports were currently keeping the threat of famine at bay, but Malpass said: “ While there is no food shortage problem now if the situation continues it could become one”.

Malpass said it was a “huge tragedy” that the crisis had prevented many children in poor countries from going to school. World Bank President David Malpass (Image: Reuters), Subscribe to Moneycontrol Pro and get 365 bonus InterMiles!

The first issue, "Banking in the Time of COVID-19", features... “It is evident that some countries are unable to repay the debt they have taken on. His five-year term began on April 9. Available for everyone, funded by readers. World Bank President David Malpass on October 5 predicted an increase of up to 45 percent in child mortality rate in developing countries due to the steep rise in COVID-19 cases globally.

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