World Bank | The Development Podcast - ‘A way to give developing countries more resources in a time when they need it most’ – Helping poor countries suspend their debt service payments during COVID-19

‘A way to give developing countries more resources in a time when they need it most’ – Helping poor countries suspend their debt service payments during COVID-19

08/07/20 • 18 min

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]

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

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

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undefined - ‘They rely on those remittances and without it, how can they live?’ – COVID projected to slash key lifeline for families in the developing world

‘They rely on those remittances and without it, how can they live?’ – COVID projected to slash key lifeline for families in the developing world

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].

Next Episode

‘The Pandemic is Not Gender Neutral’ – How COVID-19 is Uniquely Threatening Women and Girls

On the latest edition of The Development Podcast, we explore the gender dynamics at play during the COVID-19 pandemic with the World Bank’s Global Director for Gender, Caren Grown.

“It turns out actually that the pandemic is not gender neutral,” Grown tells us, explaining that women and girls face distinct risks including increased exposure to the virus on health care front lines, potentially larger impacts to their livelihoods during lockdowns, as well as heightened risk of domestic violence.

As always you can send us your questions and comments: [email protected]