For the sake of coronavirus response operations in 25 developing countries, the World Bank has approved the sanction of an initial US$1.9 billion in emergency funds on April 2. The World Bank will also work to redistribute resources in its existing financed projects worth up to US$1.7 billion and will prepare to spend up to US$160 billion over the next 15 months to combat the pandemic.
More than half of the latest emergency fund amounting to US$1 billion, allocated by the World Bank will be directed to India so as to aid it fight the fast-spreading disease in the country. The funds approved also included US$200 million for Pakistan, US$129 million for Sri Lanka; US$100 million for Afghanistan and US$82.6 million for Ethiopia, the bank confirmed.
Recognising the challenges at hand, the World Bank Group President David Malpass said, “The poorest and most vulnerable countries will likely be hit the hardest”.
“The reason that we’re going in this direction is because we think it’s doable … and it can be done quickly by the official bilateral creditors”, he added expressing confidence that all the Group of 20 major economies would support such debt relief.