TO tackle COVID-19 and climate change, the World Bank Group and the International Monetary Fund (IMF) launched a High-Level Advisory Group (HLAG) on sustainable and inclusive recovery and growth to help secure a strong recovery and set a path for green, resilient, and inclusive development over the coming decade.

The HLAG will be jointly led by Ms Mari Pangestu, Managing Director for Development Policy and Partnerships, World Bank; Ms Ceyla Pazarbasioglu, Director of IMF’s Strategy, Policy and Review Department; and Mr Nicholas Stern of the London School of Economics.

The group aims to advance understanding of key policy and institutional issues that will inform a response to multiple interconnected challenges, "the two crises, which are exacerbating poverty and inequality, as well as structural weaknesses that existed before the pandemic."

Comprised of experts from research institutions, private sector, and governments, in addition to senior staff of the World Bank Group and IMF, the advisory group will propose ideas and frameworks for strategic and practical national and global action.

"The poor and most vulnerable have been hit hardest by COVID-19, as well as climate change, and other challenges. I look forward to this HLAG offering new ideas for impactful action, both at country-level and globally, to foster green, resilient and inclusive development and help developing countries get back on track to reduce poverty and inequality," said Mr David Malpass, President, World Bank Group.

Over the next 18 months, the HLAG will marshal the combined and complementary policy experience and analytical strengths of its members to set out practical proposals.

These would contribute towards a sustainable and inclusive recovery, as well as setting the agenda for a sustained transformation based on new perspectives and models of growth and development.