Developing countries are under tremendous strain while attempting to respond to the coronavirus pandemic. 

To try and free-up resources so that they can better protect lives and livelihoods, the World Bank Group and International Monetary Fund in April called on creditors to allow lower income countries to suspend their bilateral debt service payments and focus resources on responding to the pandemic. The plan – called the Debt Service Suspension Initiative (DSSI) – was taken up by G20 Finance Ministers.

On this edition of the Development Podcast, we hear from the World Bank Group’s Global Director for Macroeconomics, Trade and Investment, Marcello Estevão, who answers our questions on how the program works and just how effective it has been.

And send us your questions and comments: [email protected]

In recent years, remittances were on the rise, playing an increasingly important role in global development.  They eclipsed foreign aid in the ‘90s and surpassed foreign direct investment last year. Then COVID-19 and the subsequent lockdowns hit. 

Dilip Ratha, the World Bank’s Lead Economist for Migration and Remittances, tells us that he thinks there will be a 20% drop in those flows this year, as migrants struggle to find work. And that matters, he says, because many families depend on those funds for their basic needs.  

We also get the view from Manilla, from where Katrina Hontomin joins us to talk through how remittances shaped her life – from her early education to today. 

And Raka has the latest development data to help us make sense of the story. 

It all comes to you from the World Bank Group in Washington, DC and around the world! 

And as always, we welcome your feedback, questions, and ideas. Email us using [email protected]. 

Call it the “great lockdown”, the “coronavirus recession” or another moniker – whatever your label, the facts are clear: this unprecedented pandemic is having an unprecedented impact on the private sector.

While the full scale of the damage to companies and jobs is still being assessed, the International Finance Corporation’s Stephanie Von Friedeburg says: “developed country or a developing country, locking down an economy creates insolvency”.

“What we're going to see is a rise in unemployment and a loss of jobs. Liquidity issues at the firm level. And the longer the lockdown lasts, the more probability of insolvency”.

We hear from Stephanie about her plans to support the private sector during the COVID-19 response and recovery.

Plus, Raka runs us through the latest forecasts for the global economy from our colleagues behind the Global Economic Prospects.

All that and more from the World Bank Group in Washington, DC and around the world!

And as always, we welcome your feedback, questions, and ideas. Email us using [email protected].

Millions of people’s food security and livelihoods are under threat from historic locust swarms that are decimating cropland in East Africa, the Middle East, and South Asia. As affected countries work to respond, experts tell the Development Podcast that the ongoing COVID-19 pandemic is complicating response efforts.

With the World Bank stepping up to support countries, we hear from two of the experts behind the $500 million (USD) program – Afrah Al-Ahmadi and Melissa Williams.

We also take a listener's question about the Bank's Young Professionals Program. Send your questions to [email protected].

It all comes to you from the World Bank in Washington, DC and around the world. Listen, rate, review and subscribe!

Show notes:

Behind the Mission: World Bank Young Professionals discuss their experience: https://live.worldbank.org/behind-mission-world-bank-group-young-professionals-program

The Young Professionals Program homepage: https://www.worldbank.org/en/about/careers/programs-and-internships/young-professionals-program

As healthcare workers continue to tirelessly fight the coronavirus, countries around the globe are starting to look towards recovery from the pandemic.

In a special interview David Malpass, the World Bank Group’s President, shares his thoughts on the crisis response so far and lays out his vision for the road ahead – how to promote economic growth, support the poorest, and sustain businesses and jobs.

The Group’s president shared his views on the unique risks and opportunities for developing countries as they look to mount a sustainable recovery.

“It's a double impact. They're vulnerable to the pandemic - to COVID-19 itself and people are dying in the countries,” Malpass said. “But then this added problem is they just don't have the resources and the capacity in order to protect their economies.”

“But we're moving to the to the next stage of designing programs that will maintain the economies and be ready as a recovery takes hold - we hope in the second half of 2020,” he said.

Just in time for International Women's Day, this special bonus episode the Development Podcast looks at Women, Business, and the Law - major research analyzing female economic inclusion worldwide.

Just eight countries have a perfect score of 100 and globally, on-average women have just three quarters of the rights of men. But researchers are seeing progress and reason for hope.