By; Caribbean Business Report
“Today I am very proud to announce a new debt pause option for countries suffering in the aftermath of a natural disaster. That was made possible because of YOU. You are the Bank stakeholders; you are the shareholders. This is YOUR Bank.”These are the words of Ajay Banga, President of the World Bank.He made the pronouncement standing next to Barbados Prime Minister Mia Amor Mottley at a World Bank event in Paris.
The World Bank Group announced a suite of new and expanded actions to help countries respond quickly and effectively to an ever-growing onslaught of crises.
At the Summit for a New Global Financial Pact, Ajay Banga announced an expanded toolkit for crisis preparedness, response, and recovery that includes:
(1) pausing debt repayments;(2) redirecting financing;(3) linking crisis preparedness and financing; (4); backstopping development projects with private sector support, and
(5) building enhanced catastrophe insurance without debt.
The World Bank Group aims to create a world free of poverty on a liveable planet.
Listen to the announcement here