Debt problems were intensifying, Malpass said, because while the gross domestic product of poor countries was going down, the amount they owed was not. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. David Malpass says private banks, investment funds are not doing enough to help countries struggling due to coronavirus. Malpass said it was a “huge tragedy” that the crisis had prevented many children in poor countries from going to school. David R. Malpass, 13 th President of the World Bank Group. COVID-19 impact | Child mortality rate in developing countries may... #BabaKaDhaba trends after heart-breaking video of elderly couple moves... Companies restore salaries ahead of festive season, thanks to economic... White House security official is gravely ill with COVID-19. World Bank President David Malpass has said up to … Debt cancellation needed to help poorest countries: World Bank president David Malpass. This can be called debt relief or cancellation,” Mr. Malpass told Handelsblatt business daily in an interview. World Bank President David Malpass (Image: Reuters), Subscribe to Moneycontrol Pro and get 365 bonus InterMiles! 172@29@17@141!~!172@29@0@53!~!|news|coronavirus|covid-19-impact-child-mortality-rate-in-developing-countries-may-shoot-up-to-45-world-bank-5926831.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false. Malpass said the terms under which countries borrowed needed to be more transparent and said it was important that agreements included creditors that had so far not taken part in debt deals, such as private sector investors and China’s development bank. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. So rigorous tests are compulsory. This can be called debt relief or cancellation,” Mr. Malpass told, “The enormous budget deficits and debt payments are overwhelming these economies. Reproduction of news articles, photos, videos or any other content in whole or in part in any form We must therefore also reduce the debt level. The World Bank president said the prospect of people going hungry was “gravely concerning”, noting the threat to food security as the year progressed. Vaccine development is a long, complex process. Mr. Malpass warned that the pandemic could trigger another debt crisis as some developing countries had already entered a downward spiral of weaker growth and financial trouble. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. Amid warnings the pandemic could push 100 million people into extreme poverty, Mr. Malpass renewed his call for private banks and investment funds to get involved too. Available for everyone, funded by readers. BERLIN — The COVID-19 pandemic could trigger a debt crisis in some countries, so investors must be ready for granting some form of relief that could also include debt cancellation, World Bank President David Malpass was quoted as saying on Sunday. Reversing the Inequality Pandemic: Speech by World Bank Group President David Malpass. "Our early estimates suggest a potential increase of up to 45 percent in child mortality because of health service shortfalls and reduction in access to food," news agency ANI quoted Malpass as saying. 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