Official statements (by IFIs, multilateral forums, governments and officials)
Date | Title (linked) | Institution / Author | Comments / Related issues |
Ongoing | World Bank and COVID19 | World Bank | Includes: World Bank Group Increases COVID-19 Response to $14 Billion To Help Sustain Economies, Protect Jobs (IFC package focusing on private sector) |
6 April 2020 | Development Finance Institutions join forces to respond to COVID-19 in developing countries | DFIs | “The Development Finance Institutions (DFIs) of 16 OECD countries, grouped under the DFI Alliance, issued a joint statement to announce they will work together to respond to the COVID-19 global pandemic in developing countries. The group will work collaboratively to bring liquidity to the market, support companies impacted by the virus, and promote new investment in global health, safety, and economic sustainability.” About the DFI Alliance: “U.S. International Development Finance Corporation (DFC), FinDev Canada, and the Association of European Development Finance Institutions (EDFI*), currently counting 15 “bilateral” member institutions within the field of development finance for the private sector in emerging and frontier markets, formed the “DFI Alliance” in 2019 as a framework for their active cooperative engagement.” |
3 April 2020 | EIB Group moves to scale up economic response to COVID-19 crisis | EIB | “Extraordinary Board of Directors discussed the EIB Group’s proposed response to economic effects of COVID-19 crisis: a €25 billion pan-European guarantee fund to support up to €200 billion for the European economy. The Board also approved key elements of an emergency measure package announced in March” |
26 March 2020 | Extraordinary G20 Leaders’ Summit: Statement on COVID-19 | G20 | “We will work swiftly and decisively with the front-line international organizations, notably the WHO, IMF, WBG, and multilateral and regional development banks to deploy a robust, coherent, coordinated, and rapid financial package and to address any gaps in their toolkit. We stand ready to strengthen the global financial safety nets. We call upon all these organizations to further step up coordination of their actions, including with the private sector, to support emerging and developing countries facing the health, economic, and social shocks of COVID-19.” |
23 March 2020 | Remarks by World Bank Group President David Malpass on G20 Finance Ministers Conference Call on COVID-19 | David Malpass, WBG president | “The breadth and speed of our response is critical to its effectiveness. On March 17, the World Bank and IFC Boards approved a $14 billion package to respond to COVID-19. Of that, IFC is making $8 billion available in relatively fast-acting financial support for private companies.” “Countries will need to implement structural reforms to help shorten the time to recovery and create confidence that the recovery can be strong. For those countries that have excessive regulations, subsidies, licensing regimes, trade protection or litigiousness as obstacles, we will work with them to foster markets, choice and faster growth prospects during the recovery.” |
20 March 2020 | “An immediate human rights response to counter the COVID-19 and the global recession ahead is an urgent priority” | Juan Pablo Bohoslavsky, UN Independent Expert on the effects of foreign debt and human rights | “Over the last years, we have witnessed the adverse consequences of the marketization and privatization of a number of essential services, including health care and public health. So-called ‘cost-saving’ policies have been implemented in many countries. These developments must be reversed urgently so that States are able to meet the human rights and fiscal challenges posed by the COVID-19 crisis”. |
Official analysis and resources (by IFIs, multilateral forums, governments or officials)
Date | Title (linked) | Institution / Author | Comments / Related issues |
Ongoing | Policy Responses to COVID19 | IMF | This policy tracker summarizes the key economic responses governments are taking to limit the human and economic impact of the COVID-19 pandemic. The tracker includes 193 economies. |
Ongoing | IMF and COVID19 | IMF | Includes a regional series: AFR: In It Together: Protecting the Health of Africa’s People and their Economies LAC: COVID-19 Pandemic and Latin America and the Caribbean: Time for Strong Policy Actions ME&CA: COVID-19 Pandemic and the Middle East and Central Asia: Region Facing Dual Shock |
Ongoing | Tackling coronavirus (COVID-19) Contributing to a global effort | OECD | Economic impact estimates and policy responses by OECD countries |
Ongoing | Q&A: COVID-19 pandemic – impact on food and agriculture | FAO | There is also a list of analysis and highlights |
18 March | COVID-19 and the world of work: Impact and policy responses | ILO | ILO’s preliminary assessment concerning the possible impacts on the world of work and policy options to mitigate these impacts |
Civil society (and think tank) analysis, resources and statements
Date | Title (linked) | Institution / Author | Comments / Related issues |
Ongoing | Early Warning System: COVID-19 Projects by Development Banks | International Accountability Project | Database with info on COVID-19 projects |
Ongoing | Tracking Covid-19 financing at Development Banks | Coalition for Human Rights in Development | “We have tracked commitments of over USD 58 billion for emergency Covid-19 response by multilateral development banks in the last month, and especially in the last couple of weeks. The banks also appear to be coordinating their responses”. |
07 April 2020 | COVID-19 crisis highlights urgency of reconsidering World Bank’s MFD approach | BWP | “World Bank contributes to instability triggered by COVID-19 by pushing MFD agenda. Expansion of MFD takes place despite lack of evidence of development impact. World Bank continues to ignore other available policy options” |
04 April | Covid as Critical Juncture | Duncan Green, Oxfam and LSE | Strategic piece on the impacts of COVID-19 in the work of aid advocates. “‘Critical Junctures’ are the scandals, crises or conflicts that can throw the status quo and power relations into the air, opening the door to previously unthinkable reforms. (…) So what might be the longer term impacts of Covid-19?” |
01 April 2020 | The COVID-19 Crisis Is the Time for the World Bank to Embrace Bold Economic Policies | Center for Global Development | “The cost of bad economic policy advice for member countries is high given today’s stakes. The World Bank should be using is global pulpit to encourage countries to take big, bold, and—to the extent possible—targeted economic policy actions that protect lives and livelihoods.” |
Development Finance Institutions and the coronavirus crisis | Stephany Griffith-Jones and Dirk Willem te Velde, ODI | “While DFIs aim to be additional to the market, they have not been sufficiently counter-cyclical in past crises. That has to change, as poor country firms and their workers face major hardship now. Today’s crisis is larger than those in the past. We suggest shareholders provide regulatory and financial space for DFIs to fast-track new investments, allow for some repayment postponements and announce a Bounce Back Better facility, to save companies and workers from bankruptcy and to protect previous transformation efforts so that the bounce-back is faster and better.” | |
31 March 2020 | Statement by Global Unions: The Spring Meetings of the IMF and World Bank must produce a plan to coordinate economic stimulus, public health action and debt relief | Global Unions (ITUC) | |
30 Mar | Latin America and the outbreak of COVID-19: a chronicle of multiple crises (Part 1 & Part 2) | Eurodad and Latindadd | Spanish: América Latina y la epidemia de COVID-19: una crónica de múltiples crisis (Part 1 & Part 2) |
30 March 2020 | How to confront the coronavirus catastrophe. The Global Public Health Plan and Emergency Response needed now | Oxfam briefing | See summary here |
23 March 2020 | Fighting Coronavirus: It’s Time to Invest in Universal Public Health | Isabel Ortiz and Thomas Stubb | In Spanish here On the links between austerity and coronavirus crisis |
27 March 2020 | The answer to pandemics? strong public health systems | Wemos | |
27 March 2020 | Understanding the Economic Shock of Coronavirus | Philipp Carlsson-Szlezak, Martin Reeves and Paul Swartz Harvard Business Review | “It is fair to say the risk profile of the Covid-19 crisis is particularly threatening. While there is a policy playbook for dealing with financial crises, no such thing exists for a large-scale real economy freeze. There is no off-the-shelf cure for liquidity problems of entire real economies.” |
26 March 2020 | Coronavirus: the need for a progressive internationalist response | TNI | It includes some immediate priorities to “protect those made vulnerable by the global economic order” and some proposals for civil society responses. |
25 March 2020 | This global pandemic must be the impetus for a new era of international cooperation and financing for Global Public | Gail Hurley, Development initiatives | On the future of development finance. “The coronavirus crisis has laid bare the limitations of private finance, on which enormous expectations have been placed regarding SDG financing.” |
24 March 2020 | A Greater Depression? | Nouriel Roubini, Project Syndicate (published in several media worldwide) | “With the COVID-19 pandemic still spiraling out of control, the best economic outcome that anyone can hope for is a recession deeper than that following the 2008 financial crisis. But given the flailing policy response so far, the chances of a far worse outcome are increasing by the day.” |