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World Bank announces $160 billion assistance to 100 countries

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World Bank announces $160 billion assistanceOn May 20, 2020, The World Bank announced emergency operations worth USD (United States Dollar) 160 billion to 100 developing countries over a 15-month period to fight the deadly Coronavirus. The coronavirus pandemic and shutdown is expected to put over 60 million into extreme poverty globally.

Key Points:

i.Since March 2020, the Bank Group has rapidly delivered record levels of support in order to help countries protect the poor and vulnerable, reinforce health systems, maintain the private sector, and bolster economic recovery. 

ii.Of the 100 developing countries, nearly 70% are home to the world’s population, 39 are in Sub-Saharan Africa. Nearly one-third of the total projects are in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti and Niger.

iii.The International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) have also fast-tracked support to businesses in developing countries, including trade finance and working capital to maintain private sectors, jobs and livelihoods.

iv.The Bank Group’s support through grants, loans and equity investments will be supplemented by the suspension of bilateral debt service, as endorsed by the Bank’s governors.

v.IDA (International Development Association), eligible countries can request forbearance on their official bilateral debt payments to have more financial resources and respond to the COVID-19 pandemic, fund critical, lifesaving emergency responses.

vi.The International Development Association (IDA) is the part of the World Bank that helps the world’s poorest countries.

vii.The Bank Group’s operations in 100 countries aim to save lives, protect livelihoods, build resilience and boost recovery by:

  • Strengthening health systems, monitoring, and prevention, particularly in low-income countries and in fragile and conflict-affected situations.
  • Scaling up social protection.
  • Supporting businesses and preserving jobs.
  • Procuring medical equipment and supplies.

About World Bank:
Headquarters– Washington D.C., United States (US).
Motto– Working for a World Free of Poverty.
President– David Malpass.