The Banking Executive Magazine - April 2021

World Bank/IMF Spring Meetings 2021 countries in response to the covid-19 pandemic. We also welcome usd 12.4 billion in financing provided to low-income countries by the imf since the start of the pandemic and mobilization of about usd 24 billion in new loan resources for the poverty reduction and growth trust (prgt). We welcome the contributions provided to date to the catastrophe contain- ment and relief trust (ccrt) and call on more contributions so that debt serv- ice relief can be provided until april 2022. Going forward, the imf estimates that low-income countries would need to deploy around usd 200 billion up to 2025 to step up response to the pan- demic and build external buffers and an additional usd 250 billion in in- vestment spending to accelerate their income convergence with advanced economies. We will deploy all tools to help countries close this financing gap. In recognition of the critical role of the international development as- sociation (ida), we welcome advanc- ing ida-20 by one year. An ambitious and successful ida replenishment by december 2021, underpinned by a strong policy framework, will sup- port a green, resilient and inclusive recovery in ida countries as they ad- dress both the immediate and longer- term impacts of the pandemic. We call on ida to explore how to further use its own balance sheet to unlock additional resources for ida countries in a sustainable manner while main- taining its aaa rating. We call on the wbg to scale up its efforts to mobilize private financing. We also call on the imf to enhance its concessional lend- ing capacity and to explore, together with its members, additional options to mobilize resources to support vul- nerable countries, including through the prgt and the ccrt. We also call on the imf to explore additional tools for all vulnerable countries. We encour- age mdbs to make the best use of available resources to serve their clients, including by implementing the g20 action plan on balance sheet optimisation. We also encourage fur- ther progress on exploring potential new measures to maximize their de- velopment impact, according to their respective mandates and while pro- tecting their credit ratings. We reaf- firm the importance of enhancing coordination among development partners at multilateral, regional and country level. We look forward to further updates by mdbs on progress in implementing country-owned pilot platforms. We reiterate our commitment to strengthening long-term financial re- silience and supporting inclusive growth, including through promoting sustainable capital flows, developing local currency capital markets and maintaining a strong and effective global financial safety net with a strong, quota-based, and adequately resourced imf at its center. We look forward to the forthcoming review of the imf’s institutional view on the lib- eralization and management of cap- ital flows. We welcome the preservation of the overall imf lend- ISSUE 148 APRIL 2021 the BANKING EXECUTIVE 31