Department of Commerce and International Business, School of Business Studies in association with Internal Quality Assurance Cell (IQAC), Central University of Kerala organised a Professional Development programme to enhance the quality of university education on “The Role of Bretton Woods Institutions and Prominent Central Banks of different countries in the Pandemic Period”. Mr Allen C A Pereira, Former Chairman and Managing Director, Bank of Maharashtra, Former Director, National Institute of Bank Management, Pune, Independent Director, In Solutions Global, Mumbai inaugurated the programme.

Mr. Allen C A Pereira said that Covid 19 pandemic represents the flip side of globalization. He asserted that the pandemic happens to be the worst medical challenge and economic shock the world has ever experienced. He said unlike all other recessions Covid 19 recession is unique and the consequences of action taken to contain the pandemic have different implications. The lockdown imposed to stop the spread has eventually resulted in the entire economic activity coming to a standstill and people losing their jobs. He said that this has happened not only in India but in all parts of the world.  He went on to say how the central banks of different countries are grappling with the measures to contain the inflation that may result because of the excess liquidity injected into the economy.  He mentioned that as per the World Bank estimate the global economies have shrunk by 5.2% and around 150 countries have been facing negative growth. He expressed that all the countries are facing a triple challenge i.e., saving lives, saving livelihoods, and raising resources to manage the former challenges.

He emphasized that this pandemic had led to an unusual joining of hands between the countries to combat the pandemic. He opined that financial support plays a crucial role because the crisis is multidimensional, multi-sectoral, and multidisciplinary. He stated that the World Bank had dolled out billions dollars for a number of countries, more than 50 being developing countries. He commented that the emerging economies shall come with practical and affordable responses to fight the virus by pointing out the World Bank's report that stated, unlike the developed countries developing countries have been a slack in vaccination which has prone to negative growth. He also mentioned that in the pandemic the financial inequalities have increased causing a large gap between the low and high-income groups. He further added that the Central Banks shall look into creating adequate liquidity, ensure that the financial system does not collapse due to loss of funds, and support health infrastructure with liberal financing facilities to create capacities to meet the expected 3rd or 4th wave and also to be prepared to face future pandemics.

Dr T J Joseph, Assistant professor, Department of Economics, Central University of Kerala, gave expert comments and initiated the discussion. The students of the Department of Commerce and International Business discussed the Role of Bretton Woods Institutions and Prominent Central Banks of different countries during the Pandemic. Prof. T Mallikarjunappa, Head, Department of Commerce and International Business, Central University of Kerala, introduced the guests and welcomed the audience. Prof Dr V Balachandran, Dean, School of Business Studies and Dr B R Prasanna Kumar, Finance Officer, Central University of Kerala felicitated the function. Dheera KR, Guest Faculty, Department of Commerce and International Business, proposed the vote of thanks. The program was compered by Vootkuri Radhika and Anagha M, I MCom Students, Central University of Kerala.