From the Introduction: "The time is now for a historic International Development Association (IDA) replenishment. The world's poorest countries' recovery from the COVID-19 [coronavirus disease 2019] economic downturn will largely hinge on the scale of the emergency relief and investment programs over the next few years. According to the International Monetary Fund (IMF) by the end of 2022, per capita income could be 18 percent below pre-crisis projections for low-income countries and 22 percent for emerging and developing countries. The World Bank estimates that the global pandemic could push between 55 and 63 million people in IDA countries into extreme poverty. IDA is the largest source of concessional loans and grant finance for the world's poorest countries. Its ability to sustain its high levels of crisis financing over the medium-term could profoundly affect the pace and strength of economic recovery for many low-income countries. Due to high pandemic related demand, IDA is frontloading its financial support, creating a significant shortfall for the last year of the three-year replenishment cycle. In this context, IDA donors and management have decided to accelerate the replenishment negotiations for IDA-20 by a year. This will allow IDA to commit the bulk of its current IDA-19 funding program over two years instead of three."
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