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In addition to overburdening and in some cases leading to the collapse of national health systems, the COVID-19 pandemic has exacerbated the effects of the economic crisis that struck in 2008 (and has still not been resolved), launching the global economy into the deepest recession since World War II, according to forecasts by the World Bank. Meanwhile, low and middle-income countries are dealing with the burden of COVID-19 under worse conditions and handling problems that are partially different, given the peripheral and dependent nature of their economies. For example, according to the International Monetary Fund (IMF), soon after the onset of the pandemic there was a capital flight of more than USD 100 billion from the emerging economies, a movement that led to the hiring of new debt amounting to USD 77 billion in April and May 2020, of which some USD 25 billion came from emergency IMF loans. During the G20 meeting on March 23, 2020, the World Bank Group (WBG) announced that it would provide a rapid relief package of USD 14 billion, USD 8 billion of which through the International Finance Corporation (IFC). First, the emergency relief package has been channeled through the IFC, the WBG agency that lends to the private sector. Second, the World Bank president stated that the release of financing will depend on counterpart policy measures, such as trade liberalisation and deregulation policies (that promote private health markets, for example). Since the World Bank does not exercise immediate control over national policies, it has to use indirect forms of influence in order to convince and commit governments to perform certain actions. In this dynamic, together with the money, the World Bank offers advice and technical assistance. After all, the World Bank normally cloaks proposals of a political nature with technical arguments. Technical proposals only shape public policies when they are linked to a set of conceptions, interests, and objectives that orient the government's action. That is, technical ideas and proposals do not prevail because they are necessarily superior in professional terms, but because they meet the practical needs of central actors. In conclusion, it is important to consider some key changes in global geopolitics. The last twenty years have witnessed growing competition with the World Bank by new bilateral donors (mainly China) through South-South cooperation, which tends to focus on financing projects and avoids political conditionalities.

A atuação do Banco Mundial ameniza ou piora o impacto da pandemia global?