World Bank Group President David Malpass spoke about the Coronavirus (COVID-19) pandemic, and the economic shutdown of the advanced economies, which will result in the first major recession in ASEAN countries since the 1997 Asian financial crisis. He described how in East Asia and the Pacific, the World Bank Group has been taking broad and fast action to support developing countries in the face of this pandemic. He announced earlier this week that he had proposed to the Board to make available up to twelve billion US dollars of fast-track financing to countries for the purchase and deployment of Coronavirus (COVID-19) vaccines. He urged the G20 to extend the debt moratorium through 2021 and to consider further options for debt reduction, resolution, and increased transparency. He described the Coronavirus (COVID-19) impact on trade and global value chains, which is critical to the region's growth prospects. He believed that prospects for the East Asia and Pacific region show room for positive outcomes. He concluded by saying that, continued international cooperation to maintain an open and rules-based trading system will be essential for achieving a sustainable and inclusive global economic recovery.