The IMF and the World Bank early on understood that the crisis and the economic recession … would be very broad and very deep . . . [Their push on the G20 to suspend debt payments for dozens of low-income countries] was the first major step in ensuring that the pandemic didn’t trigger a debt crisis that could have longer term consequences.
There's a whole big segment in most developing countries that don't have access to traditional lending mechanisms, and digital is much quicker, transparent and equitable. And there's less opportunity for corruption. You don't have the middleman.
A large-scale federal infrastructure investment program that is deliberately designed for maximum workforce impact can help accelerate reemployment, prevent scarring, and boost long-term inclusive and sustainable growth.
"The Congress was very clear in rewriting the legislation, in writing the Build Act, in giving the DFC a very strong development mandate that fits in with U.S. foreign policy. It did not have a domestic mandate."
"We really need much more of a systemic transformation in economies. So now you see country after country coming out with recovery plans like the European Green Deal that emphasize environmental sustainability and social inclusion. There's a tremendous mindset change."