 In this sense, I would like to emphasize that the royal government of Cambodia has not slowed down at all its reform agendas in all sectors on one hand. And on the other hand, our goal is to raise up Cambodia's competitiveness to the East and establishment of favorable environment for business and investment within the countries. Three, the COVID-19 epidemic has impacted negatively the public finance, especially the government's revenue. The loss of revenues require each government to introduce new mechanisms in order to mobilize financial resources to be used for future development. To achieve this goal, I am of the view that public-private partnership PPP is an indispensable and core mechanism that will help solve the financial difficulties of developing countries both during and after the pandemic. During this difficult time, in order to advance their reform agenda, developing countries need global cooperation, particularly the preservation of both bilateral and multilateral partnership, aiming at ensuring an environment for development, peace, and stability at the regional and global level. At the same time, the strengthening and preservation of international investment flows, tourism flow, and smooth and free flows of cross-border trade, particularly the free movement of necessary goods such as foods and medical supplies, or the vital factors for ensuring stability, safety, social balance, and the revive of supply and production change within each countries as well as at the regional and global level. Five, we have to continue strengthening the momentum of globalization, which has significantly contribute to economic growth and create unprecedented conditions for poverty reduction and the promotion of the livelihood of people from all walks of life. In this context, we have to ensure that our cooperative mechanism can still maintain a spirit of openness and support for the multilateral trade system, especially the acceleration of social economic connectivity for each country's development agenda in a sustainable and inclusive manner. Six, without any further delay, we have to start thinking strategically of the restoration and the recovery of the economies once the pandemic subsides. Through accelerating of the implementation of existing and newly introduced plants and mechanisms in a speedy and very effective manner. Seven, at the global level, we have to continue ensuring the sustainability of international aids, particularly financial aids for developing countries, so that they can continue to drive progressively their reform, which are part of the 2030 Agendas for Sustainable Development Goals. In this context, on behalf of the Raja Government of Cambodia, I would like to express my profound gratitude and sincere appreciation to all development partners for their proactive cooperation and technical and financial assistance that have enabled Cambodia to effectively control the spread of the COVID-19. Thank you for your kind attention. Prime Minister, thank you very, very much indeed. A clear and if I may say so, I think rather optimistic statement, which is very good to hear. We need to do exactly as you say, find common cause and make sure that we turn COVID into an opportunity to redouble our efforts to achieve the Sustainable Development Goals. I'm sure there will be a huge amount of interest amongst our participants and in the panels for the range of responses that Cambodia has employed, particularly your focus on not just the immediate response, but making sure that the longer term recovery is front and centre of your overall response, which we know is critical to getting through this crisis. The other element that came out so strongly is your request, your demand for increased global cooperation. Now is not the time for us to turn the power backs on bilateral relations, but also the multilateral system. So thank you very, very much indeed. If I may, I would like to turn now to the Honourable Minister Amadou Hot, Minister of Economy and Planning in Senegal, to hear some thoughts from you. And then if I may, come back to both of you for some further thoughts. Thank you very, very much indeed for such a stimulating opening to our deliberations, Prime Minister. Good morning, everybody. Thank you very much, Susana, for the invitation. Thank you to the World Economic Forum also for organising this. I'm very much pleased to be on this session with His Excellency, the Prime Minister of the Kingdom of Cambodia. We are extremely delighted to share that despite the COVID-19 situation, Senegal has managed with swift actions since the pandemic has started to really take the right measures to make sure that the crisis is under control. Very early during the crisis, we took the steps to basically make sure that the airports were closed to make sure that the health system had the resources to face this pandemic. That's why Senegal actually was ranked by foreign policy as number two in the world basically in terms of managing the crisis and number one in Africa. Despite all of that, we've been also hit by the pandemic from a social but also economic standpoint. Senegal had what we call the plan Senegal Emergent that was launched by His Excellency, President Maquisale, in 2014. And since then, our economy had been growing on average by 6.5%. And with this pandemic, unless we manage to have a very good agricultural production exceptionally this year, we will be in recession. But I just came back with the President from an economic tour inside the country to see what farmers has been doing in the country. Because the exceptional rainy season this year, we believe that we might be able to avoid actually recession. So we'll see over the next two months how the economic production definitely will evolve. What we also have done during this crisis is really to put together a resilience program. We injected about 7% of GDP into the economy by basically mobilizing support for SMEs, for the private sector, support for the vulnerable populations. We basically distributed food to more than 8 million people in the country, about 1.2 million households in the country. We also supported our diaspora. You know, our diaspora contributes to about 12% of our GDP. And that diaspora that is living in many countries around the world has been also affected. So the government had to send the money to support them. And this is part of our basically our resilience plan. We also invested significantly in the health sector. We made sure that doctors, nurses, and everybody had all the tools and equipment that they needed to really treat patients, but also work in terms of preventing the virus to really expand across the country. We also hired more doctors, doctors that were retired, nurses that retired. We called them back. We also developed various testing centers, not only in the capital. We basically expanded the testing centers across the country, in the regions. Even in far regions that are very far from the capital, had their own testing centers so that we could very quickly, within a few hours, initially 20 to 24 hours, later one within a few hours, you could do your test and know whether you had the virus or not. That was a significant investment made by government. We distributed free-lead masks, protective gears, all sorts of tools and products and equipment to really face this pandemic. That was a very huge budget as well. What we also did was to support the private sector to maintain workers. We basically provided lines of funding, lines of financing that are guaranteed by the government that provided concessional loans to SMEs and other companies, provided that either they keep workers on, or if they have to temporarily let go workers, they needed to pay them at least 70% of their salaries. That was a very important process. But also the central bank put in place a auditorium system so that all the companies that are affected or population affected by the pandemic could see their loans freeze, let's say, for three months without any interest costs, without any penalties. That was something done also with central bank. We had more than $500 million of those loans, for example, that was sort of benefited from a auditorium. So this is what Senegal have done and we really now are working on the recovery plan, which I can share with you later, it's almost ready. We've been working on it for the last few months. The plan includes, let's say, focusing more on food security, focusing more on health, upgrading again our infrastructure, focusing more on the pharmaceutical industry, how to make it more attractive to private sector, focusing more on digitalization, because we know digital transformation managed to help all economies around the world that has a solid digital system to continue providing services and providing workers with the opportunity to work from home. We also focusing on strengthening social protection. Social protection was very important in the Senegal emerging plan, but it has become more important now because of the consequences of this pandemic. I think I'll stop for now and I'm sure we'll have the opportunity to talk more about what we expect from the international community, from the multilateral development agencies, from the need, really, to think out of the box and to not apply past tools to these new challenges, to these new problems, but also enable the countries to recover basically. You know, it's very tempting to try to come back into austerity after countries have spent a lot of resources to face this pandemic. The pandemic is not gone yet. We need more time, we need more resources, we need more time to come back to the deficit level that we had before, to the economic growth that we had before, that will take a little bit more time. So we need to work with the international community, in particular with the IMF, the World Bank, the African Development Bank, the Islamic Development Bank, and everybody, so that we can come back to that level, but it takes time. Thank you very much. Minister, thank you, thank you very much indeed. We are in the market for good ideas, all of us, and I really agree with you, you know, going back to what we've done in the past is not going to help us sufficiently now, so I hope we can generate some of those good ideas this morning. I'd also like to say, I think just, you know, congratulations to Senegal, I mean, you clearly had a very, very comprehensive response to a phenomenally difficult crisis, and I'm sure there are very important lessons to be learned from what you've done. If I may, we have a little time before we go into our breakout sessions, and I wonder if I might come back to you, Prime Minister, and ask for some advice. I mean, you are one of the very longest serving Prime Ministers in the world. How do we get the international community to come together in a way that you've called for? How do we promote more global cooperation? Have you got any good ideas? Thank you for the commission. That Sena posed for me about the change. I think it is in the state that we are a bit difficult. The multilateralism has been disturbed by unilateralism. That is a point that causes it difficult for us to mobilize. However, I think at the present with the common current, the trend for cooperation in order to respond in one side to COVID-19 and the other side in order to restore or for cooperation at a time of crisis, let's say, for example, in the region, in Asia, after Cambodia and a number of countries announced the restriction of export of food, we reopened the quickest possible export of food in relation to the supply chain of food in the region in order to avoid protectionism and contribute to the supply of food to the country that do not produce food. Recently, I listened to excellency ministers from Senegal in relation to agriculture. It's true, like I mentioned, we turn the crisis into the opportunity. Our opportunity for developing countries, especially agricultural countries, there is a big opportunity for Cambodia. We are promoting to guarantee in the way that all the work in relation to food production, planting, farming, to guarantee for people inside the country and also to share for other countries by exporting to the country that do not produce food. So in general, we still see that even though there is a trend that obstructs by unilateralism, but the current of multilateralism is still strong and we create a cooperation. It's true that in this circumstance, even in ASEAN, there is a flight of a very small flight. Let's say for Cambodia today, we have only three flights that come to Cambodia. So in such a situation, it obstructs or hinders the coordination for cooperation. Even the border with Vietnam, our neighbors, Laos and Thailand, our neighbors, to come to Cambodia, they had to fly to South Korea or China or to Taipei before coming to Cambodia. For Cambodia, it is the same. If we would like to go to Thailand, we had to fly to South Korea to come to Thailand. So the difficulty is the problem is that when we come to and then and the measure against COVID to contain COVID, we take different measures, not consistent with each other yet. I hope that World Health Organization will play a role to coordinate on this issue and that the regional organization needs to coordinate on this issue too. That's my short response. Thank you. Prime Minister, thank you very much indeed for that. We are celebrating the 75th anniversary of the United Nations this week. And what I hear you saying is that global cooperation, multilateralism is more important than ever. And I think the point is unless we get that right, it's very, very hard to see how we're going to get the economic recovery right. So I think collectively we need to add our voices to more global cooperation for recovery. Let me turn now if I may to Minister Hoth. I mean, you've talked eloquently about the role of the private sector and the need for the IFIs, the World Bank and the IMF to come in as well behind the recovery. We'll be moving into the annual meetings shortly, I mean, virtually. What key messages should we send to Ministers of Finance about how to work more effectively with the private sector? And equally, what are the key messages for the private sector, how they work better with Ministers of Finance? Because it seems to me we need to raise that dialogue up a gear or two if we're going to really inject energy into this recovery. Minister? Absolutely. Susanna, the private sector's role is even more important, more important than ever before because you know the countries are constrained in terms of themselves from making the investment. Borrowing and investing in infrastructure, in health, in all those sectors has become more, not challenging, but the need is so big that the government's money alone will not do it. That is why we need to attract more private sector money. That is why in Senegal, for example, we are promoting a new role that will be passed in October to change the PPPP framework in Senegal, to make it more flexible, more attractive, to enable also the local private sector, the local champions to be part of the investment process in PPPPs and to make sure also social sectors can benefit from the private sector's money by smartly blending the donor's money, the government's, let's say, support and public money with the private sector money to, for example, help us build new hospitals, new diagnostic centers, maybe partially or fully managed by the private sector, for example. We are also looking at the reforms that are needed in the health sector to make sure that it's easy for somebody who's not a doctor to invest in new hospitals, for example, or new clinics. We are also pushing the reforms in the pharmaceutical sector to make sure that somebody who's not a pharmacist can also have a controlling stake into an industrial, into a, let's say, pharmaceutical plant. It is not the case today. We are also making sure that, let's say, we are having the tax exemptions or at least reforms in the rice production sector, for example, to make it more competitive. You know, the rice, for example, in Senegal and the pharmaceutical sector does not, let's say, pay VAT. When you buy this product, you don't pay VAT. But if you're an investor or you're, let's say, what you call a real material, you may pay some VAT on it, and that is an imbalance that we have to fix. What we are also doing is supporting the private sector in terms of guarantees to the banking sector so that they can lend easily to the private sector that is investing, to support investment in the recovery phase. What we are also trying to do is to make sure also that we are collecting more taxes but not from the same people. We want to widen the tax base so we are working with our partners in particular, the IMF, the African Development Bank and World Bank, to reform also, let's say, the tax mobilization and also to reform the informal sector. One of the lessons that we have learned in this crisis is that we have to succeed in formalizing more the informal sector. Because if you don't know your informal sector, it's a big challenge because you're not able to support them in times of crisis. You cannot support them more efficiently. But also, you know, it will be hard to collect tax also from that informal sector. So all those things need to go together. It's important for the government to make sure that all the reforms are done for the private sector to invest more but also it is important for the private sector also to help the government mobilize domestic resources. Because we cannot just keep expecting money from the international partners, we need to increase our tax base. Today, our tax to GDP is about 16, roughly 16%, 16 to 17%, but we need it to go to 20% over the next three years and we are doing reforms for that. But ideally, we need to be around the 25%, but it will take, that will take more time. So what I want also to share with you is that for the private sector to invest, in particular in the infrastructure space, we need to have project preparation facilities. We have many project facilities around the world, but it's easy to access to the money. That's why in Senegal, we are putting our own project preparation facility focused on Senegal and mobilize money from the budget, from the donors, so that in particular grant money, so that when we are talking to investors, we are not just showing them a list of projects. We are showing them all the information they need to make the right decision to invest. All the feasibility studies, the bankability studies, environmental studies, even showing them the financial model, so that the transaction can move very fast. Because very often, these PPP transactions can take four years, seven years from the idea to starting construction. And that time lag, we have to reduce it drastically. And the best way to reduce it is to have money for project preparation. It's not wasted money. Governments, ministers of finance around Africa, around the world, in particular emerging markets, need to know that it's not a wasted investment. It's an investment to attract more resources. You can spend about 5%, 8% to prepare a project, and that is not wasted money. Because if the project is successful, you can even convert that money you invested into some equity stake in the PPP project and maybe have your local investors also to be involved and partner the international investors, but also make sure that we are doing capacity building at the same time. We rely a lot on international investments, but it has to come with transfer of skills, capacity building, if you are one day, to be able ourselves also to do some of those projects, some of those complex projects. Thank you. Minister, thank you. I'm sorry to rush you. You are passionate about PPPs, and so am I, so I wish we had longer to discuss it, and I think the key point is the most important P in PPPs is partnership. It takes to, it takes government and the private sector. We have to move on sadly, but I think what I've taken from both our speakers is firstly really seizing the opportunities that this terrible crisis hopefully give us, that global cooperation is more important than ever, and that we must work across public and private sectors, because if we don't, we will never get the resources to get the sustainable development goals back on track. We now have an opportunity to look at some of these issues in more detail, but Prime Minister, Minister, thank you both very, very much for such a stimulating introduction. Thank you, Sudan. We could discuss this all day, and I'm sure if we did, we would come up with some of those new out-of-the-box ideas that we need so badly. We're now going to seamlessly move into three breakout sessions. Please don't ask me how this happens, because the experts will do it, but there is one on growth jobs and poverty reduction, which will be led by Sarah Pantebiano, one on resilience supply chains, led by Dipali Gunefa, and one on sustainable recovery, led by Mary Lamfrendo. We've got about half an hour for that, and then as if by magic, we will reconvene at 11, and then I will ask the three discussion leaders to feedback the main points of their discussion, and then we will try and pull it all together. So I'm going to hand back to WEF colleagues to work their magic so that we all go into our respective breakout groups. Thank you.