April 23, 2020 – As the continuing health consequences of the devastating COVID-19 pandemic are being felt across the globe, no country has been spared, but the impacts are particularly acute in vulnerable middle- and lower-income countries.
The scale and scope of the COVID-19 pandemic requires that all stakeholders come together to develop broad-based approaches to this pandemic crisis. Critically, without immediate support from international development finance institutions, the ability of vulnerable countries to reopen and resume economic activity once the pandemic is contained and addressed, will be severely compromised.
As part of the international response to address the health, economic and social crisis from this pandemic, the G-20 countries, including the G-20 Finance Ministers, have coordinated closely with the International Monetary Fund (IMF) and the World Bank Group and regional development banks, to mobilize resources to address urgent needs.
We call upon the G-20 and leadership of the international financial institutions to support those countries requiring assistance for the health care assets to combat the COVID-19 pandemic.
Additionally, we urge these countries and institutions to allocate necessary resources for:
- sufficient funds for governments to offer credit facilities to maintain and avoid the liquidation of businesses in export sectors vital to the economies of these vulnerable countries,
- funding to governments to support functioning social protection programs, including income to meet the basic needs of their work force so that they can be supported while they wait to resume their jobs once businesses can be reopened, and
- technical and financial support necessary for the export and other economic sectors in these countries so that workplaces can resume operation safely taking into account strategies to mitigate COVID-19 risk.