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Article

4 Jun 2020

Author:
International Finance Corporation

IFC response to CSOs' recommendations for protecting workers in COVID-19 response

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... [T]hank you for your letter sharing recommendations for protecting workers in response to the COVID19 pandemic and your request for additional information regarding IFC’s response...

[W]e have established a dedicated section of our website to disclose information about our COVID-19 response support. As you recommended... we have also updated this page to include a list of committed projects for ease of access of this information. We will also make project-level information public...

If IFC clients need to retrench workers as a last resort, they will need to follow the requirements of IFC’s Performance Standard 2 (PS2) on Labor and Working Conditions... [and] conduct an analysis of alternatives to retrenchment. Our recent advice document... outlines several potential options and scenarios as alternatives to retrenchment...

[W]e recently released two new documents to help our clients undertake effective safe stakeholder engagement during the pandemic and develop COVID-19 emergency preparedness and response plans... [and] we are developing a reprisals tip sheet for our clients alerting them to possible risks and providing guidance on prevention measures...

[W]e are committed to transparency regarding the US$8 billion in fast-track financing we are providing for existing IFC clients... [F]acilities [are restricted] to those clients who were in good standing with IFC and have demonstrated satisfactory performance in implementing relevant environmental, social, and governance requirements... in cases where new material environmental and social risks are identified and cannot be mitigated under existing mechanisms, IFC will disclose these projects 30 or 60 days prior to commitment depending on the project categorization...