Pandemic worsened inequality, hitting vulnerable groups hard: IsDB chief

By Gokhan Ergocun

SHARM EL-SHEIKH, Egypt (AA) – The COVID-19 pandemic worsened the already prevailing inequality, affecting more than two-thirds of the world population, especially women and migrant workers, the chairman of the Islamic Development Bank (IsDB) Group said on Thursday.

Speaking at the group's annual event in Egypt, Muhammad Al Jasser stressed the pandemic further increased poverty and widened inequalities, making the situation worse for vulnerable groups.

He said half a billion people had already been pushed into extreme poverty before the pandemic due to the health expenditures.

"Given that one in three people in our member countries lives in multi-dimensional poverty, it is no surprise that fighting poverty has always been at the core of our partnerships and engagements with our member states," he added.

He underlined that the pandemic has further compelled the bank as a development institution to strengthen its efforts in this endeavor to ensure a more inclusive recovery in the member countries.

With this objective, the IsDB Group has renewed its partnership with the Oxford Poverty and Human Development Initiative, he said and added that both institutions have undertaken to publish a series of briefs in the coming years on multi-dimensional poverty to inform and enhance the IsDB Group's policies and interventions in its member states.

He said: "Addressing major social issues requires reconsidering how public policy and market intervention are envisioned.

"In this context, there is a need to develop unconventional socially responsible solutions to address unmet social needs."

Organized in the Red Sea resort city of Sharm el-Sheikh, the four-day meeting began on Wednesday under the main theme of "Beyond Recovery: Resilience and Sustainability."