The Banking Executive Magazine - April 2021

World Bank/IMF Spring Meetings 2021 5. The effects of the covid-19 crisis will be felt for years. Mobility restric- tions and lockdowns have triggered job losses, especially for women, youth, and vulnerable groups, and can undermine social inclusion. School closures have caused un- precedented disruption to education, especially for girls, damaging human capital, with long-term economic im- plications. Inflation and depleted in- comes have raised household indebtedness and food insecurity. We urge the wbg to scale up its work to address rising levels of food inse- curity and to support countries in achieving sdg2 and nutrition for all. It should address the medium and longer-term challenges of food secu- rity and nutrition in a programmatic way and in partnership with other multilaterals, while supporting coun- tries in responding rapidly to already deteriorating food security condi- tions. Fragility, conflict, and violence (fcv) have worsened in many regions. It is urgent to address drivers of fcv, as well as forced displacement and migration. We look forward to the implementation of the fcv strategy. A sustainable and inclusive recovery requires addressing financial sector vulnerabilities, eliminating tax eva- sion, and mobilizing vital invest- ments. Priorities for investment include quality health care, nutrition, and education; social safety nets; digital and other innovative tech- nologies; sustainable and quality in- frastructure; access to energy, including renewable resources; broader opportunities for women and girls; and finance for smes and microenterprises. We urge the wbg to help all client countries revitalize trade, support foreign direct invest- ment, and preserve and create jobs. We note the serious impact of the pandemic in many small states and middle-income countries, where new risks and vulnerabilities are aris- ing; and we urge the wbg and the imf to strengthen efforts to support these countries, in line with their man- dates. We welcome the grid ap- proach and ask the wbg for its effective implementation through country strategies and operations. The wbg is uniquely positioned to tackle the challenges ahead through its convening power, global reach, and capacity to mobilize finance, technical assistance, and knowledge for both the public and private sec- tors. 6. We commend the wbg’s scale-up of climate finance over the past two years, its continuing role as the largest multilateral source of climate investments in developing countries, its emphasis on biodiversity, and its technical and financial support for adaptation, mitigation, and re- silience. We also welcome the wbg and imf’s work to assess the impact of climate change on macroeco- nomic and financial stability. In ad- ISSUE 148 APRIL 2021 the BANKING EXECUTIVE 35