Egypt’s central bank governor urges World Bank, IMF for greater support to developing countries

Egypt’s Central Bank Governor Hassan Abdalla has called on the World Bank and International Monetary Fund (IMF) to support financing developing countries’ efforts to stem the spread of coronavirus pandemic, which caused a global economic downturn.

Abdallah’s remarks were on Friday during at the plenary session of the Boards of Governors of the WB and the IMF, on the sidelines of the IMF-WBG annual meetings in Washington D.C.

He said the world economy is still suffering from the repercussions of the war in Ukraine and the continued spread of the coronavirus pandemic.

The IMF and the World Bank could have a greater part in backing members state in light of the current economic circumstances, the Egyptian official added.

Abdallah concluded his remarks by saying that the IMF needs to keep working with partners to ensure debt sustainability, while the World Bank should assist in preventing hard-earned development gains from being reversed, especially in the poorest countries.