WB appoints new vice president for Europe and Central Asia

WB appoints new vice president for Europe and Central Asia

BAKU, Azerbaijan, May 4

By Nargiz Sadikhova - Trend:

A Swedish national Anna Bjerde was appointed the new World Bank Vice President for Europe and Central Asia, Trend reports with reference to the World Bank (WB).

The WB said that Bjerde takes leadership of the Europe and Central Asia region during an exceptionally challenging time for the Bank’s client countries.

The COVID-19 pandemic has left many countries battling severe health, social and economic impacts. Amid continued uncertainty, the WB’s latest Europe and Central Asia Economic Update suggests various negative growth scenarios for the region, including a major recession in 2020, with growth contracting to between −4.4 and −2.8 percent.

“As Vice President for Europe and Central Asia, I will work very closely with governments in client countries to help them achieve strong development outcomes, but our immediate focus is on addressing the health and economic impacts of the COVID-19 pandemic,” Bjerde said.

She said that in the short-term, the WB is providing fast-track financing and policy tools to help protect people’s lives and livelihoods, whereas in the medium-term, the bank will help countries cushion the economic and fiscal fallout from the crisis through appropriate policy measures and financing.

To date, the WB has committed over $1.4 billion to help countries in Europe and Central Asia mitigate the impacts of COVID-19.

Since April 2, 2020, around $490 million has been approved through new emergency response projects. In addition, up to $925 million is being reallocated, used, or made available from existing projects and lending, including additional financing, to help countries with their COVID-19 response.

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Follow the author on twitter: @nargiz_sadikh

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