Covid 19 and role of World Bank

84

World Bank President David Malpass recently highlighted the need for long-term, integrated strategies that emphasise green, inclusive and resilient development” to tackle COVID-19 the pandemic of inequality, he further mentioned. Underlining the importance of helping countries improve their readiness for future pandemics through policies supporting sustainable development, he urged policymakers to avoid repeating the errors of the past.  World Bank representatives also reiterated the same discourse at the Spring Meetings and  UN Financing for Development Forum. Yet, one of the Bank’s most powerful policy advice tools, the Doing Business rankings, continues to produce skewed policy prescriptions that obstruct developing countries’ pandemic recovery efforts and constrain their resilience to future crises. For 17 years, political leaders and policymakers around the world have peered anxiously over the Bank’s annual Doing Business report. The Bank’s flagship publication ranks 190 economies on how easy and cheap it is for companies to do business there. The fewer regulations, the higher a country scores on the Doing Business index, increasing its chances of attracting foreign investment. According to the Bank, this leads to economic growth with trickle-down benefits to the population. In short the resilient policies are really important and need an inclusion to ease the financial difficulties causing by covid 19. The developing countries needs  special support from international funding organizations to tackle with all such mentioned financial issues.

 

Comments are closed.

Subscribe to Newsletter
close-link