hour. >> welcome to the spring meetings 2020 virtual press conference with world bank president david malpass. president malpass will give brief opening remarks and we will turn to your questions. thank you to all the reporters from around the world who have been submitting questions. we may have to group some of them to get through as many as we can and we may edit for brevity's sake. as you send in questions, please submit only one per outlet. with that, president malpass, over to you. >> thank you and good morning to everyone. i'm happy to speak to all of you.

we are thrilled we can have david malpass with us today on bloomberg. i want to get right to it.is the next step for the world bank? i think our audience worldwide understands chairman powell's mission. they understand with the imf will need to do in beleaguered countries. what is your first order mission at the world bank? david: hello. good to see you. the first order was to set up health care programs for the emergency, and we managed to get 100 countries that have arrangements with the world bank , that provide things like personal protective equipment into the hospitals and so on. that has been good. the next step has been to help the countries get ready for a recovery when it happens. specifically working on the focus that they need to have more transparency on their debt, they need to work on the fuel subsidies. with oil prices down, it is a lot less critical to the people of the country to have the government keep subsidizing gasoline, so that is something they can work on. and then social protection. that means a safety net for the poor. what we are trying to do is get c

i will be talking to david malpass of the world bank later about institutional integrity of the worldaguered world health organization, and every nation for himself. em is distracted and does not care. many countries seem to be fighting for their financial and economic life. how does this play out across may? william: great question, because this is a great time of challenge for financial institutions to do the job and provide the needs of liquidity to not only pay their debt but strengthen their structure. my colleagues at the era -- the how to gearing towards spend money in wall street health systems. emerging markets face a huge challenge of imported infections because with the underreporting so severe, we don't know how the emerging markets are. money is leaving the emerging markets like crazy and coming into the u.s. and other economies. tom: we look at mexico and turkey adapt thing as well -- adapting as well. is there urgency for the imf to act or chairman powell to act, or can they observe as we let this unfold? bias,m: i hate to show my but the best thing policymakers can do

the springto meetings 2020 virtual press bankrence with world president david malpass. president malpass will give weef opening remarks and will turn to your questions. thank you to all the reporters from around the world who have been submitting questions. we may have to group some of to get through as many as we can and we may edit for brevity's sake. you send in questions, please submit only one per outlet. with that, president malpass, over to you. malpass: thank you and good morning to everyone. i'm happy to speak to all of you. wish the circumstances were not as grim. i would start by saying i hope you and your families are healthy and coping in these challenging times. to express my deepest condolences to the millions of around the world suffering from covid-19 and who one to the loved pandemic. i just concluded a very virtual dialogue, low ouron virtual dialogue with development committee. i was joined by managing the i.m.f. and it was good to hear the views from worldolders on how the bank group and i.m.f. can work together to support our member especially the p

shery: world bank president david malpass.up, we speak to the circle k president brian hannasch, on how the coronavirus is impacting retail and consumption in america. this is bloomberg. ♪ shery: welcome back. you are watching bloomberg markets. we have breaking news out of europe. we are hearing from the president of the european council. he says eu leaders have agreed on a clear framework that includes a 540 billion euro package. european leaders for holding virtual meetings in order to approve a two chilean dollar plan for the post-pandemic recovery but they have agreed to billion euros in the package. the talks ended with no real agreement on a recovery package. now urszula vendor land, the president of the eu commission, says that the recovery fund must be linked to the budget and it will be a sound balance between grants and loans. the in north america, coronavirus have caused convenience stores to walk away a fuels proposal for retailer, ending a six-month pursuit. kining me now is the circle ceo brian hannasch. circle

world and president david malpass. no deal on ad with recovery package. as christine lagarde written -- says the block risks doing too little too late. is bloomberg daybreak: europe. inching closer to a recovery plan on thursday. that is after angela merkel pledged to back a huge stimulus package. friends and spain demand reconstruction funded. meanwhile, christine lagarde has warned of doing too little too late as the euro area economies may shrink this year. the central bank expected to increase support for the economy. one in four economists say the ecb could boost emergency bond buying. we will get more impact with the -- at 9:30 a.m. london time. earlier, we were mentioning the fact you think markets are getting increasingly insensitive to market data. the markets still rally. we still have an impact when it comes to eu leaders. do expect the ecb to step up next week and increase bond buying? seen in europe is unfortunately the coordinated action from the european commission. what has supported european economists is individual actions by governments

. >> welcome to the spring meetings 2020 virtual press conference with world bank president david malpassce.avid pace -- david president malpass will give brief opening remarks and we will turn to your questions. thank you to all the reporters from around the world who have been submitting questions.

a conversation with the world bank president, david malpass. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. ♪ tom: this morning, it is eight days until may and from germany to georgia we try to figure out how to restart, reopen, resuscitate our collective economies amid a clear and present danger. china reports zero deaths. korea report -- prepares for a second wave of deaths. pence says in june the pandemic will be largely in the past. millions claiming they have no job. we see the report at 8:30. team a new shin and team powell fight off deflation -- team mnichin and team powell fight off deflation. i need to go to europe where there is an amazing urgency in stimulus and you see it in the inflation-

the springto meetings 2020 virtual press bankrence with world president david malpass. president malpass will give weef opening remarks and will turn to your questions. thank you to all the reporters from around the world who have been submitting questions. we may have to group some of to get through as many as we can and we may edit for brevity's sake. you send in questions, please submit only one per outlet. with that, president malpass, over to you. malpass: thank you and good morning to everyone. i'm happy to speak to all of you. wish the circumstances were not as grim. i would start by saying i hope you and your families are healthy and coping in these challenging times. to express my deepest ol

coronavirus during a spring meeting with the international monetary fund which finished today david malpass private praised a debt relief initiative this week by g 20 economies i.m.f. chief crystal ina georgia urged governments and the private sector to step up their efforts to help africa and other emerging economies with the pandemic that's what she had to say earlier in the meeting. we are very encouraged by the unanimous support of the membership for the doubling of x. istream urgency financing which combined with speed means that. by the end of this month some 50 countries receive help and we have a. request that 102 at this moment. both spoken in favor of debt relief to poor countries what concrete proposals put forward. try get hard and the world bank is offering $160.00 a 1000000000 u.s. dollars in aid for developing countries the g 20 countries earlier offered suspending debt for developing countries and then the i.m.f. has put together a one trillion you ass dollar lending package in addition there is also some debt relief for $25.00 countries using the c.c.r. t. fund that was dat

malpass, i don't know if you have any final words you wish to say? david: well, that was a mouthful. as far as closing words for the news media, i think we need to think about the -- everyone in this system trying to break out of the boxes, break out of the boundaries, and do all that can be done in order to move us forward. that is what the world bank has been trying to do. i know the imf is trying to do that. i see that governments are trying to do that, think in new ways, and i really think private sector are being very creative in trying to find their way through, and also, we did not talk about it, but one of the things going on is a very active research in vaccines, in therapeutics, in health care systems that i think will have a positive impact, so we can all hope for that, and work hard on it, and we're trying to do that at the world bank. thanks. >> thank you. and thanks to everyone for joining us this morning. i know that folks are in tough time zones forgetting on press simplynces, so i would ask, in closing to stay safe and , healthy. thank you

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money doing director of the international monetary fund giver and the president of the world bank david malpass in i did in 2 tests we had also working hard to accelerate the development production and equitable distribution of a vaccine yesterday i spoke to president demand will mark carreau north friends bill gates and other partners to discuss how to prevent another part by getting vaccines from labs to people as fast as possible and as a deadly as possible the commitment from president marc grown from bill gates and also from prime minister boris johnson is hard it would mean. i also spoke to the prime minister of barbados and the current chair of the caribbean countries about the challenges faced by small island developing states in gaining access to test kits and other supplies no country should be left behind and i would like to use this opportunity to appreciate the strong leadership by the prime minister of but a bit was steering the response in the caribbean today i also spoke to the president of the european commission. one day lynn and the prime minister of finland sanomat in about

maria: david malpass, the president at the world bank. coming up.s having to look forward to now, one of the league's top agents is next on this year's virtual draft coming up. and then america comes together, tune in this thursday night for fox business' virtual town hall with mark cuban. he'll be breaking down how the country can come back economically from this crisis. you don't want to miss it. stay with us. to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. maria: welcome back. demonstrationings popping up all over the country against the corn shelter in -- current shelter in place orders. rallies are planned this week

tom: david malpass from the world bank, a spirited conversation. world bank website and seeing the granularity of he and his bureaucracy moving country to country trying to provide assistance to nations that really need support of their medical infrastructure. it was extraordinary. we have much more coming up for the morning on bloomberg "surveillance." the pwc global chairman will join us on what pwc sees across this pandemic. this is bloomberg. good morning. ♪ ♪ viviana: you are watching bloomberg "surveillance." lufthansa is running out of cash. aeir survival depends on multibillion dollar bailout from four countries. a rescue is discussing package of up to $11 billion. negotiators are taking part in talks but are hung up on what would be involved. jcpenney started preparing for a potential bankruptcy falling. they are discussing a loan that would keep it operating during a chapter 11 restructuring. the coronavirus forcing it to close its doors. apple is rejecting claims by a cybersecurity forum, finding no evidence hackers exported -- ,xploited

world bankpresident david malpass: >> covid-19 pandemic is causing deep economic harm and threateningerase decades of economic progress and poverty reduction. we're expecting a major global recession. our estimaes suggest a much deeper downturn than the great recession. >> reporter: germany's top economic official echoed that concern. >> ( translated the german economy is in a situation that is more serious than anything we period.n the post-war it will be probably more severe than what we've seen durid the banking stock market crisis. >> reporter: still,'sermany-- euroargest economy-- is poised to lift its partial lockdown.l schools wistart-- in stages-- beginning may 4. but a ban on large gatherings, like sporting events and concerts has been extended to august 31. and today t united nations warned that over the next three cases in africa could increase to 10 million. a u.n. report said the worst- case scenario would be 3.3 million deaths. in kenya, doctors are already preparing. thinfection is still going through the community but we expect an inevitable surge and that should be ha

keeping supply chains open is crucial to the economic and medical fight against crony virus chief david malpass made the comments at the end of a series of virtual meetings with i.m.f. officials. it's important for all those involved in the suit food supply chain and also the medical supply chain to maintain open markets and i'll say the same thing on the import sign that countries need to allow trade in order to have. prosperity or to cushion the blow now from the economic downturn. let's head to the middle east now a businesses in iran's capital will begin reopening on saturday months despite. the country warning of a 2nd wave of infections but the government has been scaling back the lockdown as it shifts its focus to saving the economy from complete collapse same. ancient bazaars are the beating heart of the city the coronavirus means it's beating a little softer these days. with stay at home order still in effect the call to prayer comes from an empty mosque the city's bread makers carry on to make sure people have enough to eat i mean i've got my work is easy we're comfortable we have no

anna: that was world bank president david malpass speaking to tom keene. about emerging markets. one investor who is consistently on top of stocks is the developing world as assets have never looked so promising. said the firm --ecasts in 18% manager's optimism is buoyed by earnings growth, dividends, and currency performance. that is the story when it comes to emerging market equities. where does that leave us in terms of opportunities on the credit side? let's talk to dominic armstrong. ceo of a capital company, and he joins us on the phone. great to speak with you. how do you go about finding opportunities in emerging-market credits at the moment, given the headwinds they face? guest: good morning to you. you're absolutely right. it is fascinating what has changed in the last six looking for 40 great ideas through the course of the year to having a knife between our teeth. it is hand to hand combat every single day with those headwinds because there has been extraordinary activity. the market itself is largely an illusion of the market. it is very diffi