Supporting the World Bank Group to lead a worldwide COVID-19 economic recovery effort.

IV 116TH CONGRESS 2D SESSION H. RES. 939 Supporting the World Bank Group to lead a worldwide COVID–19 economic recovery effort. IN THE HOUSE OF REPRESENTATIVES APRIL 23, 2020 Mr. BRENDAN F. BOYLE of Pennsylvania submitted the following resolution; which was referred to the Committee on Financial Services RESOLUTION Supporting the World Bank Group to lead a worldwide COVID–19 economic recovery effort. Whereas the worldwide COVID–19 pandemic is having a pro- found and serious impact on the global economy; Whereas the world is highly interconnected, and working to- gether can defeat the spread of COVID–19; Whereas the poorest and most vulnerable countries could be hit the hardest by the COVID–19 pandemic by over- whelming their health care system and upending develop- ment projects; Whereas many of the world’s low- and middle-income coun- tries are still in the early stages of the COVID–19 pan- demic, but the effects of the pandemic are already being VerDate Sep 11 2014 22:07 Apr 23, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\HR939.IH HR939 pamtmann on DSKBC07HB2PROD with BILLS 2 •HRES 939 IH felt, as health systems are strained, and many aspects of society are injured; Whereas it is in the international security and prosperity in- terest of the United States to bolster economic and polit- ical stability in developing countries; Whereas, since its creation in 1944, the World Bank Group has been dedicated to providing financial assistance to developing countries to promote economic development; Whereas the World Bank Group finances critical development projects that would otherwise go unfunded by private in- vestors, is uniquely positioned to address cross-border de- velopment challenges, and can effectively allocate aid globally based on need; Whereas high-income countries will be able to recover from the COVID–19 pandemic on their own, but low- and mid- dle-income countries will struggle and need economic and technical assistance the World Bank Group can provide; and Whereas, in April, the World Bank Group announced efforts to respond to the COVID–19 pandemic in order to strengthen developing country responses and shorten the time to economically and socially recover: Now, therefore, be it Resolved, That it is the sense of the House of Rep- 1 resentatives that— 2 (1) the United States should support the World 3 Bank Group to lead a worldwide effort to economi- 4 cally construct those areas around the world that 5 VerDate Sep 11 2014 22:07 Apr 23, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\HR939.IH HR939 pamtmann on DSKBC07HB2PROD with BILLS 3 •HRES 939 IH have been and will be economically devastated by the 1 effects of the COVID–19 pandemic; and 2 (2) the United States recognizes the world 3 needs to work together more collaboratively in order 4 to overcome our shared challenges. 5 Æ VerDate Sep 11 2014 22:07 Apr 23, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\HR939.IH HR939 pamtmann on DSKBC07HB2PROD with BILLS