WORLD BANK / COVID-19 GLOBAL ECONOMY

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06-May-2020 00:01:31
The Chief Operating Officer of the International Finance Corporation, Stephanie Von Friedeburg, expressed concern about the effects of the COVID-19 pandemic on the global economy and said, “we have already seen somewhere in the range of 100 billion dollars leave emerging markets” since the beginning of January. World Bank

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STORY: WORLD BANK / COVID-19 GLOBAL ECONOMY
TRT: 01:31
SOURCE: WORLD BANK
RESTRICTIONS: PLEASE CREDIT WFP ON SCREEN
LANGUAGES: ENGLISH / NATS

DATELINE: 6 MAY 2020, WASHINGTON, DC / FILE

SHOTLIST:

FILE - WASHINGTON, DC

1. Pan right, exterior World Bank,

6 MAY 2020, WASHINGTON, DC

2. SOUNDBITE (English) Stephanie Von Friedeburg, Chief Operating Officer, International Finance Corporation, World Bank Group: World Bank Group:
“If you look at production, employment, trade, all are down, and I worry greatly for emerging markets. We have already seen somewhere in the range of 100 billion dollars leave emerging markets since – since the beginning of January. And we're estimating that foreign direct investment will be down 40 percent in both 2020 and 2021 from its base in 2019.”

FILE - WASHINGTON, DC

3. Wide shot, exterior World Bank,

6 MAY 2020, WASHINGTON, DC

4. SOUNDBITE (English) Stephanie Von Friedeburg, Chief Operating Officer, International Finance Corporation, World Bank Group:
“I would start by saying it doesn't matter whether you're in a developed country or a developing country, locking down an economy creates insolvency. And what we're going to see is a rise in unemployment and a loss of jobs, liquidity issues at the firm level. And the longer the lockdown lasts, the more probability of insolvency.”

FILE - WASHINGTON, DC

5. Pan right, exterior World Bank,

6 MAY 2020, WASHINGTON, DC

6. SOUNDBITE (English) Stephanie Von Friedeburg, Chief Operating Officer, International Finance Corporation, World Bank Group:
“Think ‘Relief. Restructure. Recovery.’ So, on the relief phase, which is really phase one where we are, our intention is to try to the extent possible to help prevent the destruction of markets and the destruction of companies. We're trying to ensure to the extent possible that we keep as many jobs as we can in emerging markets.”

FILE - WASHINGTON, DC

7. Wide shot, exterior World Bank,

STORYLINE:

The Chief Operating Officer of the International Finance Corporation, Stephanie Von Friedeburg,
Today (6 May) expressed concern about the effects of the COVID-19 pandemic on the global economy and said, “we have already seen somewhere in the range of 100 billion dollars leave emerging markets” since the beginning of January.

Briefing via video teleconference, Von Friedeburg noted that “production, employment, trade, all are down” in emerging markets, and added that estimates indicate “foreign direct investment will be down 40 percent in both 2020 and 2021 from its base in 2019.”

The World Bank official said, “it doesn't matter whether you're in a developed country or a developing country, locking down an economy creates insolvency.” She said, “a rise in unemployment and a loss of jobs, liquidity issues at the firm level” are expected, adding that “the longer the lockdown lasts, the more probability of insolvency.”

Von Friedeburg said we are currently in the relief phase, “which is really phase one where we are, our intention is to try to the extent possible to help prevent the destruction of markets and the destruction of companies” and the World Bank Group is “trying to ensure to the extent possible that we keep as many jobs as we can in emerging markets.”

The International Finance Corporation is the World Bank Group institution that works on private sector matters.
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