Financial leaders on the economic recovery from culinary to help developing nations recover from the pandemic follow and longterm impact of children not attending in person passing. This is one hour. I am ceo, i have the pleasure of being the moderator for today. This is precisely the focus of this Years World Bank annual meeting which will take place starting week of october 12 and convene Global Leaders from governments, business and civil society. To set the stage for the meeting will hear today from World Bank Group president David Malpass, and what it will take to tackle this crisis, and how we can turn this into an opportunity to build a path towards the resilient and includes a recovery. He will be joined in conversation with nils stieglitz, president of Frankfort School finance and management. But first well hear from doctor jens weidman, president of the Deutsche Bundesbank who join guest from his office in frankfort. He is been president of the German Central Bank since may 2011 2011. Hes a member of the governing council of the ecb, represents germany and the imf and other international bodies, and has been chairman of the board of directors of the bank for International Settlement since november 2015. Welcome. The virtual floor is yours. Venky very much, asiya, for your kind words of welcome. Ladies and gentlemen, its a great pleasure and honor for me to be joining you today. As i go in here knows, inequalities and realizing an inclusive and Sustainable World requires jobs, education, health care, attention to the environment and robust commerce, trade among neighbors and nations. This wise statement was made not recently but more than a year ago by the president of World Bank Group, David Malpass. Given the present crisis, these words sound very pressing pres. A few months ago millions of people lost their jobs and the National Supply chains were broken. Children were unable to go to school, and Health Systems were at a a breaking point. Worst ofer all, many people have died. The world bank chief economist summarized this by saying even by the standards of systemic crisis, this is a once in a Century Global truly Global Crisis. Germany was not spared by the crisis either. In the Second Quarter alone the German Economy shrank by onetenth, the debt and paste of thee contraction were unprecedented. One reason fornped this was that stringent measures taken by the government to keep theke pandemc in check. But consumers and businesses also behave consciously on their own account and help back on spending. When the protective measures were relaxed, people regain their confidence and the economy revived. The German Economy is likely to have grown stronger in the third quarter, albeit from a very depressed level. Though the response initially appears vshaped it is becoming ladder. But its loaded such as this has been expected. The recovery of the German Economy is likely to be protracted and to remain incomplete for some time since Economic Life is still constrained, whether this is due to government requirements or because people are choosing to social distance. But differently, while the first three meters of the crime out of fashion trough were comparatively easy, the upward after the previous levels is still long and fraught with uncertainty. A major source of uncertainty as have the pandemic will continue to unfold. Keeping the disease at bay, learning to achieve containment and decreasing economic costs and eventually overcoming the pandemic are essential to sustaining economic recovery, but that is easier said than done. As rising infection rates across europe highlights and the german industry versus closely linked with apartment countries its important that others regain their economic strength as well. However, the recovery in german also need to some something else, second round needs tols be prevented so they cannot intensify and entrenched economic problems. Monetary policy is playing its part in this, providing base with ample liquidity coupled with lower Interest Rate is crucialnt to ensure that the economic crisis is not further aggravated by the financial system. Another risk is that businesses with previously solid fundamentals and a promising future do not make it through the crisis setting off broad ways of insolvency. Many people lose their jobs and probably will have a hard time finding new employment. Their skills and knowledge would begin to erode which were darkened or individual prospector lowered their lifetime income,. This is where fiscal policy needs to step in, by providing rapid and comprehensive Financial Support for businesses and people during this difficult time. Fiscalal policymakers have taken the right course of action in germany and elsewhere. However, we also need to look at the bigger picture, the Global Nature of the crisis makes it come makes the situation particularly challenging. Above all, for emerging markets and developing countries with their structural liquidity. As a will that kind died in its june report, currently face headwinds from two sites. First, they had to contain the pandemic at home, thereby curbing the domestic economy and second they have to cope with the economic spillovers from the advanced economies, Commodity Prices have spines, tourism almost ground to a halt. Overall, a good spot by 70, 100 million this year according to world bank estimates. Moreover, the world bank feels the Current Crisis by blakemore and deeper scars and typical recessions. In particular disruptions to schooling and access to primary health care likely to have a Lasting Impact on individuals but also as economists say at the aggregate level. According to unesco calculations over 90 of worldwide were impacted when School Closures peaked but as many as half of them are still affected today. Indeed, any schools remain closed, especially in the middle east, the americas and africa. Whats more, Remote Learning capabilities are often far worse in less developed countries than they are in industrial nations. With all the parts of the population having access to underline courses. Only one in seven Primary School pupils have Internet Access at home. Recently a world bank calculation has shown the possible consequences of disruptions in the education pandemic. E to the the number of what in terms of learning adjusted years of schooling couldld fall an averae by more than half a year, and this could lower expected lifetime earnings by 5 . And as access to School Learning does not serve people equally, the Current Crisis is also likely to exacerbate income inequality especially in india. The magazine they economist recently summed the problem up particularly well. I quote, this coronavirus affects everyone, but not equally. The rich shrug off the economic shock. The poor cannot. Fortunately the world bank is very much a key player in Global Crisis management and in supporting low income countries. Since the beginning of the crisis it has been up to provide funds quickly and also efficiently. For example, the Emergency Health supporters reached hundred 111 countries overall the group will be mobilizing resources added unprecedented scale. With that it is high time to introduce to you theto head of this institution, the driving force behind its crisis response. I would like to welcome David Malpass come present at the World Bank Group for the past one and half years. International economist and unusually a holder of a bachelors degree major in physics, david has been working very different settings over his lifetime. I imagine during your career you often are quite intuitively of principleevel using it to achieve maximum progress with a given amount of force. You did this at various private sector enterprises, including a long stint as chief economist at bear stearns. Later when you start your own company but you also served the public, spending many years at the u. S. Treasury as far back as the reagan administration. Your task at the time included a wealth of foreign and develop Development Policy issues which already brought you into contact with a world bank. In 2017 you return to the u. S. Treasury and became undersecretary of the treasury forr International Affairs and you represent the United States and international settings. Our paths crossed at numerous g7 and g20 beatings. David, tom kean the editor about a Bloomberg News once praised a whole host of your talents. What he stressed most of all though was your hands on approach. Two paraphrase his words, others stopped but you didnt. Ee quality such as this are important, particularly in times of crisis. So it is with great anticipation that we await hearing what you have to say today about the outlook for the Global Economy and the impact of the pandemic in developing countries and the world bank agenda. I wish you all a fruitful and intense debate. The decedent. David, the floor is yours. Good to see you. I get very much, jens, for that very much nice introduction. Thanks also to Asiya Mohammed and thanks to Frankfort School and to the Deutsche Bundesbank for hosting berkeley. I look for to engaging with you and taking questions from students who will be future Business Leaders and a postcovert world. I am here to set the stage ahead of the imf and World Bank Annual meeting which will focus primarily on covid and that, and also engage partners in urgent discussions on Human Capital, Climate Change, and digital development. Before i i begin i would be res not to mention that this is the first time that the positioning speech for the World Bank Group annual meeting is being held in continental europe. Germany is a major anchor for the World Bank Group in the rest of europe. It is the fourth largest shareholder and the fourthlargest contributor, and chancellor merkel has always been a strong supporter of World Bank Group priorities, including tackling debt and covid as well as action onl Global Public goods. I understand that these priorities are also the focus of germanys eu presidency, which runs to the end of the 2020. As jens said, the covid19 pandemic is a a crisis like the other. Its toll has been massive, and people in the poorest countries are likely to suffer the most and the locus. The pandemic has taken lives and disrupted livelihoods in every corner of the globe. Its not more economies into simultaneous recession than at any time since 1870. And it could lead to the first wave of a lost decade burdened by weak growth and the collapse in many health and Education Systems and accepted that. The pandemic has already changed our world decisively and force upon the world of painful transformation that has changed everything. The way we work, the extent to which we travel, and the man in which we communicate, teach and learn. It is rapidly elevated some industries, especially the technology sector, while pushing others towards obsolescence. Our approach has been comprehensive focused on saving lives, protecting the poor and vulnerable, ensuring Sustainable Business growth and rebuilding in better ways. Today i am going to focus on four four urgent aspects of this work. St first, the need to redouble efforts to alleviate poverty and inequality. Second, the associated loss of Human Capital and what must be done to restore it. Third, thehe urgent need to up e poorest countries make their Government Debt more transparent and permanently reduced their debt burdens. Those are two necessary steps to attract effective investment. And finally, how can we cooperate to facilitate the changes needed for an inclusive and resilient recovery . First, onec poverty on inequali, covid19 is different and present setback to the worldwide effort to end extreme poverty, raised median incomes and create shared prosperity. Jens has referred to the world banks new poverty under poverty projects which suggests that 2021, by 2021 an additional 110150 Million People will have fallen into extreme poverty living on less than 1. 90 per day. This means the pandemic and global recession may push over 1. 4 of the worlds population into extreme poverty. The Current Crisis is a sharp contrast from the recession of 2008 which focused much of its damage on Financial Assets and advanced hit advanced economies harder than developing country. Mistimed economic downturn is broader, much deeper, and has hit in formal Sector Workers and the poor, especially women a and children, harder than those with higher incomes and assets. One reason for the differential impact is the advanced economies sweeping expansion of Government Spending programs. Rich countries have had the resources to protect their citizens to an extent many developing countries have not. Another is centralbank asset purchases. Such purchases is unprecedented and hasur successfully propped up Global Financial markets. This benefits the welltodo and those with guaranteed pensions, especially in the rich world, but its not clear either in textbook theory or in practice how 0 Interest Rates and every expanding government asset and liability balances will translate into new jobs, profitable Small Businesses, arising median income, key steps in reversing inequality. Economr macroeconomic tools and stabilizers and suffer from weaker Health Care Systems and social safety nets. For them, there is no faster way to reverse the sudden reduction in their sales to consumers in advanced economies or the almost overnight collapse in tourism nces from family members working abroad. It is clear that sustainable recovery will require both that and if its all people come benefits all people, not just those in positions of power come in an interconnected world where people are more informed than ever before, this pandemic of inequality with rising poverty and declining median income, will increasingly be a threat to the maintenance of social order and political stability and you the defense of democracy even to the defense of democracy. Capital,n human developing countries were making significant process before covid19, and notably, we are starting to close gender gaps. Human capital is what drives the sustainable Economic Growth and poverty reduction. It consists of knowledge, skills, and quality of health that people gain over their lives. It is associated with higher earnings for people, higher income for countries, and stronger cohesion in society. Since the outbreak, however, more than 1. 6 billion children in developing countries have been out of school because of potentialimplying a loss of as much as 10 chilean dollars of lifetime earnings for these students. Genderbased violence is on the rise, and Child Mortality is also likely to increase in coming years. Our early estimates suggest that potential increase of up to 45 in Child Mortality because of healthservice shortfalls and reduction in access to food. These setbacks imply a longterm hit to productivity, income growth, and social cohesion, which is why we are doing everything we can to bolster help and education in developing countries. In the areas of health, the World Bank Group worked with our group in march to establish a fasttrack Covid Response that establish Emergency Support to 111 countries so far. Most projects are in advanced stages of disbursement for the purchase of covidrelated Health Supplies such as masks and emergency room equipment. Our goal was to take broad, fast action early and to provide positive flows to the worlds poorest countries. Were making Good Progress towards our announced 15month target of 160 billion in surge financing, much of it to the poorest countries and private sectors for trade finance and working capital. Over 50 billion of that support takes the form of grants or lowray come alongmaturity loans, providing Key Resources to maintain or expand Health Care Systems and social safety nets. Both are likely to play a key nearterm role in survival and health for millions of families. We are also taking action to help developing countries with covid vaccines and therapeutics. I announced last week that by ournding and expanding fasttrack approach to address the covid emergency can we plan to make available up to 12 billion to countries for the purchase and deployment of , once theaccines vaccines have been approved by multiple stringent regulatory agencies around the world. Our privatesector arm, the International Finance corporation, ifc funding for the adolescent Girls Initiative for learning and employment, which aims to improve secondary Education Opportunities among girls. The project is expected to benefit more than 6 Million Girls using tv, radio, and Remote Learning tools. Is debt. Urgent topic a combination of factors has led to a wave of excessive debt in countries with no margin for ever. Global Financial Markets are dominated by lowInterest Rates, creating a reach for yield fervor that invites access. Excess. This is reinforced by an imbalance in the global debt system that puts sovereign debt in a unique territory that favors creditors over people in the borrowing countries. There is not a sovereign bankruptcy process that allows for partial payment and reduction of claims. As a result, people even the destituteest and most , are required to pay the as long asGovernment Debt creditors pursue claims. Even socalled full for creditors who requires the distress claims on secondary markets, exploit the penalty interest clauses judgments to ratchet up the value of the claims, and use attachment of assets and payments to enforce debt service, even those creditors must be paid. In the worstcase, it is the modern equivalent of debtors prison. Further, the political incentive an opportunity for government officials to borrow heavily has increased. Their creditors benefit from the availability of longmaturity debt because the repayment cycle is often well after the political cycle. This undermines accountability for debt, making transparency much more important than in the past. An added factor in the current wave of debt is the rapid growth of new official lenders, especially several of chinas wellcapitalized creditors. They have expanded their portfolios dramatically and are not fully participating in the debt rescheduling processes that were developed to soften previous rates of debt. To take a First Step Towards debt relief for the poorest countries, the World Bank Spring meetings in march, i proposed a moratorium on debt payments by the poorest countries. It was partly in response to covid and the need for countries to have physical space and also a recognition that a debt crisis was underway for the poorest countries, recalling the challenges of full for creditors i mentioned earlier. , g7,endorsement by the g20 and paris club, the Debt Service Suspension initiative, dssi, took effect on may 1. The dssi has enabled estimate significant process on debt transparency, which will help borrowing countries and creditors make more informed borrowing and investment decisions. This years edition of the world Bank International debt statistics, to be released next monday, october 12, will provide more details and more disaggregated data on sovereign debt than ever before in the nearly 70year history. Many more steps are needed on debt relief. One avenue is to broaden and extent the current Debt Initiative so there is time to work out a more permanent solution. The world bank and imf has called on the g20 to extend the end ofrelief through the 2021, and we are highlighting the need to urge the participation of all of their private and bilateral Public Sector creditors in the d ssi. Private creditors and nonparticipating bilateral creditors should not be allowed to free ride on the debt relief of others and at the expense of the worlds poor. Suspension is an important stop gap, but its not enough. First, too many creditors are not participating, leaving the debt relief too shallow to meet the physical needs of the inequality pandemic around us. Second, debt payments are simply deferred, not reduced. It doesnt produce light at the end of the debt tunnel. This is particularly apparent in todays low for long financing environment. The normal time value of money simply isnt working, so the creditors of a deferral of payments with a compounding of interest often means the burden of debt goes up with time, not down. Nethistorical use of present value equations in debt restructuring has to be to theized for fairness people in the debtor countries. The risk is it will take years or decades for the countries to convince creditors to reduce their debt burdens enough to help restart growth and investment. Given the depth of the pandemic, i believe we need to move with urgency to provide a meaningful reduction in the stock of debt distress. Ies in debt under the current system, however, each country, no matter how poor, has to fight it out with each creditor. Creditors are usually better financed with the highest lawyers representing them, often in u. S. And u. K. Courts that make debt restructuring difficult. That thesey possible countries, two of the biggest contributors to development, can do more to reconcile their Public Policies toward the poorest countries and their laws protecting the rights of creditors to demand repayments from these countries. Several steps are needed. First, full participation in the moratorium. Second, full transparency. Third, a careful analysis of the debtrys long term sustainability this. Degree of transparency and analysis would also be strongly beneficial for the public commitments of developed countries such as outlay projections for public pension funds. Fourth, we need new tools to push forward with the reduction of the stock of debt for the poorest countries. The world bank and imf are proposing to the Development Committee a joint action plan for the end of 2020 for Debt Reduction for either countries in unsustainable debt situations. Fosteringtopic is on an inclusive and resilient recovery. Covid19 has demonstrated with deadly effect that National Borders offered little protections against some calamities. It has underscored the deep connections between economic systems, human health, and global wellbeing. It has concentrated our minds on Building Systems that will better protect all countries the next time, especially the poorest and most vulnerable citizens. It is critical that countries work toward their climate and environmental goals. A high priority for the world is to lower the Carbon Emissions from Electricity Generation, new,ng the termination of coal, and Oil DependentPower Generation projects and the wind down of existing high carbon generators. Many of the largest emitters in the developing world, but i must say also in the developed world, are still not making sufficient progress in this area. The worldandemic, bank group has remained the largest multilateral financier of climate action. Over the last five years, we have provided 83 billion in climate related investments. Our work has helped 120 Million People in over 50 countries gain access to weather data and also Early Warning systems, crucial to saving lives and disasters in disasters. Of 34 gigawatts in Renewable Energy into grids helping communities, businesses, and economies thrive. Yearhappy to say in fiscal 2020 completed june 30, my first full year as president , the more bank group made climate related investments than at any time in its history. We intend to step up that work over the next five years. We are helping countries put an economic value on biodiversity, including forests, land, and water resources, so they can better manage these natural assets. We are helping them assess how Climate Risks affect women and others who are already vulnerable. We are also working with governments to eliminate or redirect environmentally harmful fuel subsidies and to reduce trade barriers for food and medical supplies. Global progress in this area has remained slow. Could19 spending packages have a decisive effect on promoting more low Carbon Energy sources and facilitating a stronger, more resilient recovery. On the economy itself, recognizing the severity of the , anturn and likely longevity key step in the sustainable recovery will be for economies and people to allow change and embrace it. Countries will need to allow capital, labor, skills, and innovation to shift to a Business Post covid environment. In conclusion, i raise the urgency of addressing poverty, inequality, Human Capital, Debt Reduction, Climate Change and economic adaptability and elements as ensuring resiliency. This once in a century crisis has demonstrated by history doesnt exactly repeat itself, because humankind does learn from its mistakes. The pandemic so far has not triggered the devastating side. Ffects of earlier crashes neither hyperinflation nor. Eflation nor widespread famine even though the loss of income and inequality of the impact have been worse than in most past crises, the Global Economic response so far has been much bigger than we might have expected at the start of this crisis. The Development Response will need to be extended and ofensified, both in terms the Health Emergency and the efforts to help countries find effective support systems and recovery plans. Greater cooperation will enable us to share knowledge and develop and apply Effective Solutions far more swiftly. It will enable innovators to thelop a vaccine that beats virus and restores confidence in the future. Working through all channels, my hope and my belief is that we can shorten the downturn and build a Strong Foundation for a durable model of prosperity, one that can lift all countries and all people. Thank you very much. Much for thosery excellent points. The president by of who will provide a reaction and is joining us today from the campus in frankfurt. He previously served as Vice President of development, part of the management department, and as a professor of strategic management. He worked as an associate professor of the university of Southern Denmark and teaches strategy and organizational design. Welcome. Kindank you for the introduction and also giving me the opportunity to share some thoughts with you today. Malpass, thank you for your inspiring and important speech. I think it highlights the challenges of and the solution to the global pandemic. I would like to make three points. First of all, i really appreciate how you perceive the pandemic as a truly Global Challenge that affects developing countries even more strongly than the developed economy. Improvedowth and prosperity will only pick up again when the Global Community tackles the covid19 Health Crisis together and i firmly purely National Responses will have limited effects. The same is true for the second challenge we face, that is Climate Change. My first point. Second point, i agree the does not only but also produces a challenge for education. We believe education is a powerful engine for the girls and we offer many programs in developing countries and emerging markets. In the fat past couple months, we have to move teaching online, especially summer schools. Of having side effect record numbers of participants from the developing countries and we made substantial investments into technology and experienced firsthand how Digital Technology and transformation is breaking down barriers and making education a lot more accessible than just a year ago. I think the experience demonstrates that Digital Transformation opens up many new opportunities, not just in education, and thereby provides a foundation for static sustainable growth. Last point, i agree excessive Government Debt puts a burden on the Younger Generation hit hard by the covid19 pandemic, but also in private enterprise. I think its of really great use today that they put a lot more emphasis on debt relief and active Debt Management as a response to the pandemic. Me as aiously interests professor of strategy is how the world will adapt longterm strategy to foster sustainable and inclusive growth moving forward. Thank you. Malpass, over to you. Thank you. I heard the first part but i miss the last part of that comment. Thanks for your work. The sound went out. Sorry. Im very, very sorry for that. As i said, i think what really interests me is in your speech you toldd us about how the world bank is going to rise to the challenge posed by the covid19 pandemic. What im interested in as well is how the world bank is going to adapt their longterm strategy moving forward given the current challenges. Ok, tha. Im sorry, we have kind of a delay in the system. If im hesitating in a response, it is a little bit the delay. Your points were very well taken. One of the things we are trying the spots of International Coordination and working with people that are the effective in delivering mission of the world bank. We are very focused on developing countries, but we also recognize the pandemic is a grave crisis for the developed countries as well. One of the things we want to do is learn from developed countries what is applicable in developing. One of the areas where people all around the world have some of the same challenges is in getting back to school. How do you do it well and effectively . Im glad to hear that Frankfurt School has had more participation by developing country students. Thats great and that shows the importance of doodle conductivity. Theres nothing good in total thats coming out of the pandemic, but there are good things in terms of the advances oftechnology and the uses distanced learning that i think are quite positive. Whatn sometimes say challenges are making us stronger. One of the things we can try to strengthen is the way people in confronting the same challenge. It is interesting and humbling that everyone around the world is facing the same thing at the which is a very rare, if ever, occurrence for humankind. We can try to find ways we in common tackle communication challenges, the technology. Hallenges, and the recovery thank you so much, mr. Malpass. Back to you, professor. I found it very interesting what you said at the end, that we are learning together and we have to frame the crisis together and we have to find solutions together. Do you also feel this could become the template of how we can also tackle the climate and align policies within the Global Community, given that fundamental challenge we are all facing . There can be a lot of learning experience from people working together to confront the covid challenge. Remarks,ioned in my the key effect of the Climate Change is lower carbon electrician emissions from electricity production and it is proving a challenge around the world. Different countries approach it differently. Approachesre many that are useful and needed. It is a little like the covid challenge where we need action in multiple areas in order to make headway. The same is true on climate. That meansuntries, they dont have Electricity Generation at all, so they need to start from a low level of output and have low carbon sources that can push them forward. For other countries, they already have generation in a high carbon variety of Electricity Generation. That is quite a different type of approach to what they are going to do. One example of that is south africa, which has substantial Electricity Generation of the high carbon output. In pakistan, there is a big of electricity underway, even when the come hydroelectricod generation capacity and the access to natural gas from the middle east, and a large investment in solar and wind that the world bank has been instrumental in encouraging. Dichotomy where the total Energy Production is going up on the high carbon side , when what you want is lower carbon, very low Carbon Energy sources. These are energies that i think dialogue can help, data can help, and knowledge can help that is similar to covid. Excellent conversation, gentlemen. You raised excellent points. We will now take a few questions from our future leaders. Please allow me to turn it over to our school students. So much for your insight. , with my germany friend from india. We are both students at Frankfurt School. We have thought about the role and responsibility of the European Union, especially during this pandemic and beyond. As you mentioned, the pandemic has posed major challenges not just to developing countries but also to developed ones. As a result of Greater International Cooperation and collective responsibility needed in this time of crisis. On these lines, mr. Malpass, our question is, are the effective policies the world bank and the European Union together have implemented in order to support the developing ,conomies during the pandemic and if not, are there any upcoming policies that you think can significantly contribute to an inclusive and resilient recovery from the pandemic . Thank you. Very interesting questions. Variousclosely with ands of the European Union as you know, we are part of a large set of policymakers and regulatory policies and funding for the Development Programs around the world. We interact on each of those levels often through brussels, but also in National Capital as well. Can Work Together and we do that. The world bank is heavily involved in two of the organizations that are involved andaccines, therapeutics, the development of vaccination campaigns. We also work with the global funds which the European Union has been a participant in. Its a good relationship. I would say that some of the challenges sometimes could be more focused. One of them is the Eastern European sides of the European Union faces large energy thinknges that i improvements can be made. That is one aspect of it. I wanted to also mention the leadership of the European Union cants human rights focus continue to be strong and be a leader for the world. Sayther areas, i want to that development itself is very much a country level and Knowledge Level activity. The world bank is wellpositioned to interact with countries directly and to invite additions and comments and cofinancing. Process,ed the covid the Covid Response was specifically designed to invite cofinancing by institutes such as the European Unions and the vaccine programs as well allow and invite cofinancing. That is one way the European Union could directly apply funding into some of the most the poorest countries around the world if it were so inclined. It is a very efficient way to to extend assistance. Being uniquely confronted by this pandemic we are thinking of about future challenges but also about the place of developing regarding especially it is our responsibility to better life who do not have the same privileges as we do. My home country ecuador is suffering under the effects of the Climate Crisis. Agriculture is our main sector but floods and droughts are affecting the people. The Climate Crisis is a challenge that was created especially by rich countries, but developing countries are suffering the most. What more can be improved by the world bank and what can be done to correct this for our generation . Thank you. In my remarks, i alluded to one of the challenges as we try and move toward lower carbon Electricity Generation which is the challenge for developed countries themselves. This is captured in your question that the developed are continuing to expand their high carbon at a time when it throughal effects Global Public goods. We are working actively on various aspects of Global Public the costrecognize applied to people outside these countries own borders. China, we are working on marine plastics. They are a large emitter of marine plastics which has an effect on countries all over the world, including ecuador, which has substantial investments and dependency on fishing, the fish industry, and it is one of their mainstays and is very affected by the environment and by climate issues. So we can all Work Together on programs the world bank has. They are specifically aimed at addressing the challenges and the financier of the benefits through the various programs. You have addressed so many key plants. Asia, europe, north america clean water and before we leave today let us share messages of hope and inspiration i think its important i think its important to understand it creates many, many opportunities but at the same time i think we need private enterprise to pursue these opportunities. This is something we will also have to focus on indeed it with the covid19 crisis. Sometimes i wish to a little more emphasis on how we can work entrepreneurship in private enterprise, in dealing with the crisis. Thank you. Mr. Malpass, this in questiono you. I appreciate his answer. I kept from my spoke remarks a section on how to help entrepreneurs, Small Businesses in this time of crisis in change. Just to directly continue the point he made, one of the important parts of recovering from covid would be preparing for that different kind of the economy that will, post covid. One part of it is a very financial challenge of how do you allow assets to move to the new economy, how do you allow people and their skills to adjust to a new environment . So thats one of the big challenges for the developing world that we cant simply reflect all of the previous assets as being writeoffs. We have to r find ways that many of the previously built assets and skills the people, that Human Capital, has to be utilized in a different way in the post covid environment. The digital connectivity can help a lot, but also leadership. We need people to embrace change and it to be a social and event a global kind of spirit that we can get ahead and there it cane resilient into the future. Thank you. Thank you, gentlemen. I am heartened by the vision that you have shared today of the speakers were utilizing their influence and institutions to tackle the impact of this pandemic. More than anything, covid19 has taught us to value each other and to value human connection. Todays conversation gives me a new sense of optimism that the human spirit will continue to triumph even in the face of this challenge, and that together we can build a more promising future. You can continue to follow the conversation during World Bank Group annual meeting, track world bank. 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And not the Senate Armed Services subcommittee examines the Defense Department supply chain readiness and integrity. Defense under sector for acquisition and sustainment ellen lord testifies. This is just over one hour and 20 minutes. [inaudible conversations] [inaudible conversations] [inaudible conversations] good morning. The hearing, this drink of the subcommittee on readiness and management will come to order