The President of the World Bank visits Panama and the Dominican Republic

The president of the World Bank (WB), David Malpass, will celebrate this week and the next official visits in Panama and the Dominican Republic to underscore the importance of boosting competitiveness and facilitating private sector investment in order to accelerate growth and recovery in the face of the current simultaneous crises. The WB reported this Wednesday that Malpass will meet with the presidents, Panamanian, Laurentino Cortizo, and Dominican, Luis Abinader, as well as authorities and partners of the World Bank Group in both countries, including the private sector. The WB president arrived in Panama this Wednesday and will be in the Dominican Republic on March 12 and 13.

"I look forward to these talks in Panama and the Dominican Republic, focused on growth and competitiveness through increased investment."Malpass said. He pointed out that "As in much of the world, people in Latin America and the Caribbean face difficult economic conditions, higher food and fuel prices, rising interest rates and climate costs, as well as a lack of financing.".

"We are working to further facilitate private investment, improve the regulatory environment and accelerate sustainable growth,” he added. On these visits, Malpass will be accompanied by Carlos Felipe Jaramillo, World Bank Vice President for Latin America and the Caribbean, and Alfonso García Mora, IFC Regional Vice President for Europe and Latin America and the Caribbean. The World Bank Group disbursed to the countries of Latin America and the Caribbean between April 1, 2020 and the last full fiscal year (ended June 30, 2022), 49.8 billion dollars, an unprecedented figure, according to the institution.

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"This financial support served to help countries in the region respond to a variety of simultaneous challenges, such as the abrupt economic slowdown, rising inflation, and intensifying food insecurity caused by the Russian invasion of Ukraine, as well as to assist in recovery from the health, economic and social impact of COVID-19".

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