COMMENT | IMF, World Bank must support developing countries’ recovery

COMMENT | The Covid-19 pandemic continues to take an unprecedented human and economic toll, wiping away years of modest and uneven progress towards the Sustainable Development Goals (SDGs). Developing countries now need much more support as progress towards the SDGs was ‘not on track’ even before the pandemic.

By end-2022, average incomes are expected to be 18% below pre-crisis levels in low-income countries (LICs) and 22% less in emerging and developing countries excluding China - compared to 13% lower for developed economies.

These lower incomes will push hundreds of millions into extreme poverty and hunger, surviving on incomes under US$1.90 a day. The World Bank estimates the poor increased by 119-124 million in 2020, and by 143-163 million more this year...