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World Bank To Allocate Up To $160 Billion To Fight Coronavirus

World Bank To Allocate Up To $160 Billion To Fight Coronavirus

The World Bank (WB) intends to allocate up to $160 billion by June 30, 2021, to fight the consequences of the spread of the new coronavirus, according to a statement issued on Monday by the World Bank.

"In response to the [new coronavirus-induced] COVID-19 pandemic, the world Bank has taken rapid response measures and intends to allocate up to $160 billion over 15 months, by June 30, 2021. In the fiscal year 2020 (for the Bank ended June 30), the World Bank has provided a total of about $ 21 billion in COVID-19-related assistance, " the document notes.

"As developing countries face an unprecedented medical, social, and economic crisis that threatens decades of development progress and plunges millions of people into poverty, the World Bank's mission remains more urgent than ever. <...> We continue to work to increase our support to low - income countries and redirect resources to countries suffering from instability, conflict, and violence," said WB President David Malpas. "In the long term, our priorities are focused on achieving broad-based economic growth and rising average incomes by expanding access to critical infrastructures such as electricity and clean water, expanding the reach of digital financial services, strengthening the rule of law and ensuring private sector growth and development, and promoting transparency and sustainability in debt and investment issues."

An outbreak of a coronavirus infection was recorded in late 2019 in Central China and has spread to most countries. On March 11, the world health organization recognized it as a pandemic. All countries and territories were forced to take various emergency measures of a sanitary and epidemiological nature, which led to a deep international economic crisis. Since the beginning of the pandemic, more than 19.8 million people have been infected with the coronavirus in the world, and more than 731 thousand have died.

According to the IMF forecast, the global economy will experience a decline of almost 5% this year, but it will recover and grow by 5.4% next year.

In response to the global outbreak of COVID-19, the World Bank Group worked to respond quickly and intends to deploy up to $160 billion in the 15 months ending June 30, 2021. The WBG provided a total of approximately $21 billion in COVID-19 related support in FY20.

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