[LARRY MADOWO] -The pandemic has dealt the global economy an unprecedented
shock. And the recovery is likely to be slow and uneven.
Disadvantages and inequalities have been amplified with harm falling hardest on
poor people, businesses, and countries. Today,
we're going to look ahead to better times and to discuss what's needed to
support a faster and deeper economic recovery that lays the foundation for a
more sustainable and inclusive global economic system.
[DAVID MALPASS] -We're finalizing a new climate change action plan,
which includes a big step up in financing building on our
record climate financing. Over the past two years,
it includes new analytical support to countries as part of integrated
climate and development programs.
We want to achieve as much impact as possible with the increased financing.
Our plan identifies key priorities for action,
with a focus on both adaptation and mitigation.
It also includes a strong focus on a just transition from
coal and we're working toward aligning our financial flows with the
objectives of the Paris agreement. Managing Director Georgieva,
you have been in the forefront of worry about the
inequality in the system.
And I wonder if you could give us some thoughts on that and what can the IMF do
to ease the inequality.
[KRISTALINA GEORGIEVA] -We are upgrading our projections for the year,
but economic fortunes within countries and
across countries are diverging dangerously.
And this is why in these Meetings,
we are focusing on giving everyone a fair
shot. A fair shot in the arm everywhere,
so we can bring the pandemic to a durable
end to underpin sustainable recovery,
but also a fair shot to a chance for a
better life for vulnerable people and for vulnerable countries.
[JANET YELLEN] -I think resilience is important. And to me,
one of the lessons of the crisis is that the global system
should've learned that we need to be better prepared for crises
than we were for this one.
This may not be our very last health crisis ever,
and I hope we will learn that we need to work together to
be better prepared for future crises. We've seen,
certainly, we, in the United States, have seen that
our safety net wasn't all that it should be
to protect the most vulnerable citizens.
We have had to shore it up in a series of ad hoc actions.
And I think making sure that our safety nets work
here and throughout the world, for future crises.
[EMILIO REYES GALINDO, MEXICO] I believe that we, as young people, have a priority role
in building a recovery that's green, resilient, inclusive, and fair.
[LARRY MADOWO] -Before we had a COVID crisis,
we had a climate crisis and it hasn't gone away.
So how can we use the rebuilding process
to ensure that we don't go back to the way things were,
but strive for a greener more sustainable future?
Here to discuss those huge issues are Swietenia Puspa Lestari,
an environmental activist from Indonesia and Karim El Aynaoui,
President of the Policy Center for the New South in Morocco.
[SWIETENIA PUSPA LESTARI] -The older generation tends to have more leverage
because they have the policymaker positions,
they have the funding from the big businesses.
But the youth have the new innovative ideas,
and also the maximum energy,
the time to really mobilize the movement towards
this green recovery, but we cannot do it alone.
We need the older generation to realize it
and also give a chance to collaborate.
And if it happens,
we can make a big impact.
[KARIM EL AYNAOUI] -You should green all investments,
all infrastructure we're doing. It's a posture.
It's a way of looking at things.
We need to minimize the carbon footprint of
any fiscal budgetary spendings.
Today we are asking companies to measure
their carbon footprint, their carbon impact.
I think this should be asked from the government, from public spendings.
[LARRY MADOWO] -Our next discussion also focuses on resilience and innovation by
private companies, both large and small.
Another question that was shared on our website was:
how can greater financial inclusion help boost the recovery
in emerging and developing economies?
[SOLA DAVID-BORHA] -Over 80% of businesses in Sub-Saharan Africa
are SMEs. Many are run by women,
and most of them are in the informal sector.
So we believe at Standard Bank that supporting and enabling
this segment is a critical part of driving Africa's growth.
We have provided an electronic mobile wallet.
This has created a multiplier effect in the
ecosystems of these businesses.
[RANIA AL-MASHAT] -All of us before COVID
were engaged in discussions
whether or not technology is going to crowd out jobs.
I think COVID [has shown] that technology can be a catalyst,
can be a driver towards more growth and being
able to leap beyond the contraction
that happened in the economy.
And therefore, encouraging entrepreneurship, encouraging innovation,
making sure that the startup ecosystem and landscape
is also encouraged,
because that is what will add more resilience
to the economies in the face of any shock
that can come forward.
[ANA KHUTSISHVIL, GEORGIA] -The pandemic has hit us hard financially.
We have zero income.
But I haven't lost hope.
I expect to expand, to advance my business.
And we are twice as motivated, because people are very tired.
[LARRY MADOWO] -Minister Vissoth,
the impact of the pandemic on Cambodia was severe
threatening to push millions further into poverty.
Your government rapidly expanded its cash transfer programs
to over 2.6 million people.
How were you able to do this so quickly?
[VONGSEY VISSOTH] -We cannot invent a new weel.
So we have to take into account what we have as a mechanism:
social assistant program, social protection program,
under the social protection framework we have had.
So we take all the system we have and integrate it
into one scheme,
the social cash transfer program,
which we never did before.
[LARRY MADOWO] -Women are hit particularly hard by the crisis,
with millions working in the service industry.
How can international organizations and governments have to address
millions of jobs lost?
[LINDSAY COATES] -Women are assets. Women are amazing assets.
Governments need to think about how they budget to respond
to, and support women's increased livelihoods, their education,
their wellbeing, their economic and social equality. And if we,
if we apply a gender lens to these big critical decisions,
then we'll see the knock-off effect in increased employment and increased
livelihoods and increased wellbeing for women.
And I think everyone will benefit from that.
[MELINDA GATES] -Hello. In the 20 years I've been working on development,
the Spring Meetings have never felt more urgent.
We all understand that we are in the middle of an international emergency.
Economic growth cannot be resilient
when it leaves so many people out.
The only way to rebuild sustainably
is to make sure that all people enjoy the opportunity
to build wealth and the security to withstand shocks.
Let me be specific.
This crisis has done disproportionate damage to the women and girls
who have been forced to the margins of every economy.
If we want to recover quickly and build a solid foundation for the future,
we need to put women and girls front and center.
[SOMI] -This song "Changing Inspiration" is dedicated to all of you today,
working toward meaningful action.
[SOMI SINGING]