my sense is there's very good integrity of the flow of money from the world bank. f the international organizations around the world, it is hard to generalize into those, but for the world bank, we have a system where we are looking hard at what we want to achieve for the country, and then the integrity of the flow of money. i think most americans would support that idea. if you can have some confidence that money is going into people , the u.s. is aes generous country, and that shows up. tom: i am glad you brought that up, and i saw that famous "fast" in your personal remittances the other day. across america, it is shocking the amount of money that is remitted across the world bank. explain to us the dearth of remittances right now, and what this means to the poorer countries. david: i am so glad you raised that. , that almostries often want to find jobs and they cross borders to do it, but as soon as they have a job, often they are finding ways to send money back to their families. is that people have lost their jobs in the events to economies. you see that in bo

. >> welcome to the spring meetings 2020 virtual press conference with world bank president david malpass. tice.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. we continue welcoming them now. 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. 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. i want to express my deepest condolences to the millions of people around the world suffering from covid-19 and who have lost a loved one to the pandemic. i just concluded a very productive virtual dialogue, low carbon, virtual dialogue with our development committee. i was joined by managing director of the i.m.f. and it was good t

world bank planning to support african countries? malpass: we're supporting countries in several ways. one is the immediate health crisis so we want to address mentioned the 100 countries that we intend to have programs in by the end of april and many of those, most of in sub-saharan africa. that, thistion to food supply chain issue is something that needs lots of work. the bank brings global expertise this. the people that i work with they day were involved with sars epidemic and global ebola crisis and global response and also the food crisis that hit very hard think in 2009. so we are able to bring those -- that expertise to bear on this crisis. so i guess to shorten the it's, we will be doing a broad range of response by all we look the bank as forward or as we try to deal shocks that hit individual sectors, that hit the food the health sector and there's a giant bank effort address these and i should include and mention the i.f.c., financeional corporation, is working actively with companies to try to keep the jobs going and mee

the world bank has to provide leadership. what is your action plan to approve their ability to respond? -- improve their ability to respond? >> it is a deep recession. with the advanced countries shut down, the poor countries do not have markets, they do not have remittances. they have been used to getting money from people sending money back home. we are trying to strengthen the health care systems themselves. in eachdifferent country. some countries need more hospital beds. some need more equipment. 100 programs in just a month is a very impressive -- people --ked hard both in countries the world bank has offices in a lot of countries that have to connect, often by videoconference to get the list of things that were needed in the country. that is all going on. we are trying to do bulk purchasing and advanced purchasing to help troops of countries at the same time. beginning,ned at the we had two presidents of the world bank. and coloradohysics college. we have a president some would say is anti-science. he has recently gone

david: that is a hard question, valid to ask the world bank to defend that. rnance structures are pretty strong. loan fories ask for a a given area or grant, the world then we canrants, look at the system the country is proposing to use to monitor that. my sense is there is very good integrity of the flow of money from the world bank. there are so many of these international organizations around the world, it is hard to generalize. shery: world bank president david malpass. coming 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 wit

and the world bank for a 2nd because we know that kenya has asked the i.m.f. and the world bank for help is that money going to be sufficient for 10 years needs do you think. adding great now anything helps you know like harry did i mean we are all living in the present at a time which is not empirical data or where the fire absolutely kinds saw as 2 separate fish and see that might be hard one to tell what we can probably starts to decouple efficiency so that's the little we get from the i am not that well order and that you know even the private sector you know can be utilized properly i have seen all sectors greats now working together the private sector is becoming more important for it in providing to me shuns expertise in different capacities where we have got in and maybe even all these efforts are going to help improving efficiencies in the long run i represent the private sector and enable kenya you know has been contributing in a smaller rate missing our technology to assist in conduct tracing maybe messaging contacts tracking those who are being man

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

also coming up the world bank and the international monetary fund to call for widespread debt relief for poor countries bottling the coronavirus. on to preparing for the worst high side of africa as early response to the coronavirus has helped save also an even bigger disaster. this is the business on cape ferguson thanks for joining me the chinese economy has strong for the 1st time in almost 3 decades authorities say there was a 6.8 percent decline in the 1st quarter of this year this after the coronavirus paralyzed production of lead to business across the country the government is preparing to step up stimulus measures to offset the impact. from more let's go to details his financial correspondent against costa in new york yes these figures from china would have been unimaginable a few months ago are investors rockholt. well that's what you are what to expect and those numbers clearly show you that it is a long pause thanks to recovery in march part of the chinese economy called to me already got reopened but still we saw those figures how much consumer spending actually drop but

there is very good integrity of the flow of money from the world bank. ational organizations around the world. it is hard to generalize. anna: that was world bank president david malpass speaking to tom keene. they were talking a lot 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 co

the world bank says remittances are projected to drop by nearly 20% this year. the sharp decline is worth an estimated $109 billion. it's expected to have a huge economic impact on low and middle income countries. the world bank says it's largely the result of falling wages and employment as host countries suffer the effects of the pandemic. the hardest hit regions are europe and central asia with a projected drop of nearly 28% followed by sub-saharan africa at about 23% and south asia with a negative 22%. the world bank says remittances to low and middle-income countries reached a record $554 billion last year. it says that studies show remittances have contributed to alleviate poverty, improve nutrition, boost spending on education, and reduce child labor. the world bank says effective social protection systems are crucial in both developing and advanced nations to safeguard the poor and vulnerable during the crisis. >>> south african president cyril ramaphosa has announced that his government will relax a nationwiwide lockdown and rereo the economy in p phase

my sense is there is very good integrity of the flow of money from the world bank. it gets hard. ations around the world, it is hard to generalize into those. tom: david malpass from the world bank, a spirited conversation. i cannot say enough about going to the 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 1

say when we brought everyone together we brought the international organizations i'm after in the world bank of the un of the w.h.o. but we'd also brought national leaders together in one forum the g 20 and what's missing at the moment is this concerted action together by world leaders and even if america is reluctant to start with and even if china is operating bilaterally i think the european union japan the rest of asia africa pushing us along i think we could get this global coordination and it's necessary one to finance the search for a cure and for a vaccine and from diagnostics and therapeutics secondly to build capacity because we're building each other at the moment for limited capacity we've got to build capacity in test kits and build it and ventilators never thing else and suddenly of course driven the 2nd and 3rd round of disease which has to be done by acting collectively and you recently helped pen an open letter to the g. 20 it was signed by more than $200.00 former world leaders and called for a coordinated global response to the krajina virus code do you think should lead t

the world bank and the international monetary fund the calling on creditor nations to provide debt relief to the world's poorest nations amid the coronavirus pandemic rich nations have deployed unlimited funding to combat the pandemic and its economic cost the united states and federal reserve of so far pledge 6 trillion dollars but poorer nations don't have the financial firepower of the world's richest nations so the move to ease the pressure on the poorest nations comes at a crucial time health services in rich nations are being stretched by the crisis developing and poor nations will require support the world bank is making available $12000000000.00 to support health and primary care services in low and middle income nations and the i.m.f. has made $50000000000.00 available to support emerging markets are rising powers are also under pressure india for example where $1300000000.00 people are on the lockdown spends 3.7 percent of its g.d.p. on health care that's less than china which spends almost 5 percent according to data from the world bank. and the next hot spot for the pandemic c

say when we brought everyone together we brought the international organizations i met from the world bank of the un of the w.h.o. but we'd also brought national leaders together in one forum the g 20 and what's missing at the moment is this concert to action together by world leaders and even if america is reluctant to start with and even if china is operating bilaterally i think the european union japan the rest of asia africa pushing us along i think we can get this global coordination and it's necessary one to finance the search for a cure and for a vaccine and from diagnostics and therapeutics secondly to build capacity because we're building each other at the moment for limited capacity we've got to build capacity in test kits and build it and ventilators never thing else and suddenly of course driven the 2nd and 3rd round of disease which has to be done by acting collectively they recently helped pen an open letter to the g. 20 it was signed by more than $200.00 former world leaders and called for a coordinated global response to the crown a virus do you think should lean that respo

we will have to give the world bank and the i.m.f. power to lend and to grant more money all these things are going to be necessary and it ought to be synchronized and brought together in one plan and i hope and try to win the i.m.f. and world bank meet they will agree that a plan that includes debt relief is a required it has to be pushed forward as fran thank you so much for talking with us that was former u.k. prime minister gordon brown thank you. here's a quick roundup of some other coronavirus developments around the world the world health organization says it's certain the world has still not seen the peak of the outbreak it says 90 percent of confirmed cases so far are in europe and the united states. u.s. coronavirus deaths have risen by single day record of more than 2200 people denmark is reopening childcare centers primary schools and some shops today it was one of the 1st countries in europe to impose a lockdown and finland is lifting roadblocks around its capital its 1st measure to ease its restrictions also a 99 year ol

we at the imf are mobilizing strongly, working together with the world bank and other international financial institutions, bringing the world together to provide protection against this crisis. we have $1 trillion war chest and we are determined to use as much as necessary in attacking the economy from this risis. we are mobilizing emergency financing assistance to countries, and i can tell you, we have never seen ever such a growing demand for emergency financing. already over 90 countries have been placing requests to the imf or it. this emergency financing is to underpin the appeal that you and i are putting out, and it is please prioritize health xpenditures. use money to pay doctors and nurses. make sure hospitals function, that there are makeshift clinics where necessary, and protect your economy, the most vulnerable people first so they can hold onto workers because the highest risk we see is a wave of bankruptcies and layoffs that would make the recovery from this crisis harder. third, in this line of financial espect -- support, we have the big 1, 1 trillion. we have the emergency f

you see, i would bring the imf, the world bank, the who and the un leaders together, but i would havedual continents around the world and i would form that into an executive like the g20, which met in 2009, and day—to—day and week—to—week decisions in some areas could be devolved to these people and then we get on with the business of doing what they said they would do when they met on march 26 but haven't actually yet followed through, and that would be, for example, putting this $8 billion, which is only $1 per person — $1 per person around the world — behind the search for the vaccine and cure. building capacity, again — that's a technical issue. once you agree it has got to be done, you build up your productive capacity and you build up the ability to get these bits of equipment into different countries instead of undercutting each other and competing with each other, and then you build up your resilience for the future by coordinating your fiscal policy. now, all these things can be done, so i don't think it's, as you say, that people are not recognising they've got to do this. i

the imf and world bank prepare to meet amid the most down -- the worst downturn since the 1930's. the new reality of collapsed trade and mounting unemployment. oily: we are seeing reversing gains as much as a percent at one point in london .25%, sames now down for wti. we had the reduction coming from opec and its allies are that would have been the sickest -- single largest in history. goldman sachs but says it is insufficient. u.s. futures gained at the open, reversing earlier prices. the nikkei futures also down 1%. we have markets closed on holidays including australia and new zealand. global cases also affecting sentiment in the markets. those cases rising towards 2 million with the united states the epicenter of you break after fatalities in the country surpassed italy. there are signs of optimism in the hotspots like new york. let's bring in sophie kamaruddin with the latest. we have seen president trump. .ager to reopen the economy we are seeing cautious optimism from governor cuomo. despite new york state seeing a more than 9000 cases there. you have governor cuomo saying

. >> next, world bank president david malpass on the global economy. answered questions on financial transparency, work from home challenges in developing countries, and the pandemic's effect on tourism. this virtual press briefing is in our. -- an 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.

. >> the imf and the world bank will hold digital software to hold a meeting. the global lenders will face a new reality of shuttered economies, collapsing trade and mounting unemployment. the world economy is suffering its worst recession since the 1930's with upcoming data set to reinforce the gloom. indonesia's tightening restrictions on cities around jakarta as infections top 4000. the philippines is ready to act again to support the economy in what bsp governor says is a once-in-a-lifetime crisis. crisis hasd the halted plans to open its stock market. ex-patss has sent fleeing. lockdownl extend its through the end of the month.

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courts from now on the world bank is accountable to people affected by its investments and it can be sued for damages by anyone in the world. kaesong from the middle ages. no it's being. built from the ground up with modern technology. dozens of employees and hundreds of volunteers home looking on jaden long castle in france the biggest medieval reconstruction project in europe. one find down on the road. through spawn d.w. . it's a deadly sin. and the whim of nature. is motivates us. and threatens to ruin us. greed. desire for. dr song. puts it in danger. why are we greedy. we go in search of answers in a documentary film. starts may 21st d.w. . law. this is the w. news live from the fears are growing that brazil could become a new coronavirus hotspot doctors are warning that the health system there is on the brink of collapse of the us for the political term all too as the popular answer corruption justice minister resigned. also coming up the u.s. president almost trump is on the defensive officer just.

world bank share of that $420000000.00. i'm quoting that i need much less a way of us. much to invent all of the much noise got into. all militarily or my loved ones and i think you need a lot of a lot of. going there to find it but they're. not telling. the invent. this adonis up on my life. and i'll call pointed in them to a new coil much the market kunal think of oil company money get that. money on the. that borders have going to be a low power project for their guy construct some sort of again local new mall see mussina v.i.i. the jewel which the. name you love to was up to but they can if you have them into. the new chip that have been the bottom bonnie view as a yacht you might see you have one my good only yasuko does we still want to move julie gayet yellow mogambo really little is given as it was but after a while or. in-depth interview with is it here. on the gentlemanly. full bit is good a look live minute video or a few fish 1000000000 year yes i'm all for them one. the fisherman of true god he bandar part of the people a muslim minority among the kurds coa

coming up later today, a conversation with the world bank president, 3:30 p.m. 0 a.m. in new york. this is bloomberg. ♪ ♪ viviana: you are watching bloomberg "surveillance." credit insse is joining u.s. banks taking an upfront hit from the aronavirus, taking more than billion dollars in write-downs and provisions for bad loans, and saying it may have to make further allowances. ,he parent of mercedes-benz daimler, rejecting a significantly higher -- predicting a significantly higher profit but saying it is hard to tell how much earnings will fall. that is your bloomberg business flash. tom: with us is jeff currie of goldman sachs. i have been watching the collapse of ethanol and hydrocarbons, but far more interesting is sugar indra bill -- in brazil buttressed up against the challenges of politics and the riau -- real. give us the goldman sachs call that links into a diminishing brazilian real. jeff: the entire commodity complex is facing a similar story. the supply is sticky to the downside. the demand has collapsed in the current environment. now,ook at the pla

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courts from now on the world bank is accountable to people affected by its investments and it can be sued for damages by anyone in the world. minus 30 celsius. in a research the. the scientists want to send a message. they're on the frontline of climate change research and we take up their findings. the women are disappearing ice climate change to talk to come so we're just a. minute 30 minutes monte w. happiness fears for everyone this is a very different from primates we have a totally ridiculous sized view of nature david and this is climate change crisis sex how finance includes books you get smarter for free did over your books . they were abducted by the nazis untaken to germany to be raised as citizens of the body. during world war 2 thousands of polish children suffer. even today many of them don't know the real parents well. they've lived with this trauma for decades. telling children the kidnapping campaign of nazi germany starts april 28th monday w. d w news live from berlin new next october fast is off germany cancels its world famous beer festival it is the latest casualt

are mobilizing strongly working together with the world bank and other international financial institutions bringing the world together. to provide protection against this crisis we have one trillion dollars war chest and we are determined to use as much as necessary in that protecting the economy from the scurrying of this crisis. we are mobilizing emergency financing assistance to countries and i can tell you we have never seen ever such a growing demand for emergency financing already over 90 kurd countries have been placed sink request to the i.m.f. for it and this emergency financing east to underpin the appeal that you and i are putting out any t's please priori thyself expenditures use money to pay doctors and nurses make sure of hospitals function that they are makeshift clinics where necessary and protect your economy the most vulnerable people 1st so they can hold on their workers because the highest risk we see is a wave of bankruptcies and layoffs that would make the recovery from this crisis harder 3rd to we in this line of financial support. we have the big one trillion we hav

world bank share of that $420000000.00. kind of what i need much less and less. much to invent all that much noise going on in there to hear my look when i think clearly i'm not a lot. going on about this. finding these ideas then and then i think about a lot of talent. at times on my life. and i'll call pointed in the into a new coil much. money. what is it but us and the world just how kind of you know. some sort of. wall see mussina g.i. . joe which. they've. built near chippenham a little bump on the view where there's a yacht team i see you have all my good old yasuko those we still need to move. this is given as it was but after a while or. intentionally with this it yet greek myth on the general. thought bit is good a little joke live may looted a few fish 1000000000 years of all of them were. the fisherman of true god he bandar are part of the people a muslim minority along the coach coast and though their history here goes back over 200 years they typically don't show up in any statistics or registries. officially they don't even exist at least not as pe

we'll talk with the world bank president in a little bit along with the imf managing correct georgievaflying from the imf regarding debt forgiveness around the world. the two-year yldie at a fresh three-year low back in a moment shouldn't you pay less when you use less data? now you can. because xfinity mobile gives you more flexible data. you can choose to share data between lines, mix with unlimited, or switch it up at any time. all on the most reliable wireless network. which means you can save money without compromising on coverage. get more flexible data, the most reliable network, and more savings. plus, get $200 off when you buy an eligible phone. that's simple, easy, awesome. go to xfinitymobile.com today. >>> with us on the world bank group's response to the covid-19 pandemic, president of the world bank, president malpass, g goodo see you. usually we'd be sitting in the middle of the imf where bankers get together to hash out the world's problems where is the coordination right now? is it happening? >> hello good morning and yeah, that would be fun to do it that way, but this

this is cooperation between who, the imf, and the world bank. the best way is to trace every contact. restrictions too quickly, it could research and the economic impact could be more severe and prolonged. in saving lives but in the long term social and economic recovery. there are three main areas for countries to focus on. first, what we call on all countries to ensure public health measures are fully funded , contactng testing tracing, collecting data, and communication and information campaigns. second, we also call on countries and partners to strengthen the foundations and that means health workers must be paid their salaries and health facilities need a reliable supply of funding for essential medical supplies. third, call on all countries to .emove financial barriers if people delay or forego care because they can't afford it, they not only harm themselves, they make the pandemic harder to .ontrol and put society at risk several countries are suspending user fees and providing testing and care for covid-19 regardless of a person's insura

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 dating back to the a boulder crisis back in 2015 so some bold moves there from the financial institutions of course the underlying idea and assumption is that those developing countries are simply not able in financially strong enough to combat the pun demick by themselves the secretary general of the united nations gutierrez made that very clear today when he said that africa alone would need $200000000000.00 u.s. dollars in aid to come by over the next weeks and months i had and therefore the assumption is that helping these countries would release basically the money that they spent for paying debts and that this money then can be used to stabilize their national health systems all over the

covid-19s global impact, the president of the world bank is here on helping countries across the worldthis pandemic. stay with us for that. announcer: there are everyday actions to help prevent the spread of respiratory diseases. wash your hands. avoid close contact with people who are sick. avoid touching your eyes, nose and mouth. stay home when you are sick. cover your cough or sneeze. clean and disinfect frequently touched objects with household cleaning spray. for more information, visit cdc.gov/covid19. this message brought to you by the national association of broadcasters and this station. maria: welcome back. good monday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is monday, april 20th. your top stories, 7:30 a.m. on the east coast right now on the button. oil prices taking a dib this morning as the coronavirus has slammed demand, sending prices down sharply. you're talking about almost 30% haircut this morning. oil hitting levels not seen since march of 1999. now at $12.60 a barrel. down 27%. that is weighing on the broader markets for stocks. f