Faced with the global economic crisis which should result from the current health crisis, the World Bank is taking out heavy artillery. The institution said it was ready Thursday to deploy up to $ 160 billion over the next 15 months to help the poorest countries respond to the immediate consequences of the pandemic and support economic recovery.
India to receive $ 1 billion
Its board of directors thus approved "a first set of operations of emergency aid for the developing countries of the whole world", she explained, referring to a "first group of projects, d '$ 1.9 billion' to help 25 countries. India will be the biggest beneficiary of the first wave of programs with a billion dollar facility, followed by Pakistan with 200 million dollars and Afghanistan with just over 100 million dollars. However, the aid will be offered to countries on almost all continents, the Bank said.
Faced with the threat of #coronavirus, the @Banquemondiale Group is launching its first series of rapid assistance operations and will mobilize up to $ 160 billion in support over the next 15 months: https://t.co / yuHghbXmzp pic.twitter.com/bYp2TiGdOj
- World Bank (@Banquemondiale) April 2, 2020"Within the framework of this accelerated procedure, aid is being prepared for another group of forty countries," said David Malpass, the president of the institution, adding that it was a question of "remedying the immediate consequences on the health ”of the pandemic. "We already have health response operations in more than 65 countries," he also said. "We are working to strengthen the capacity of developing countries to respond to the Covid-19 pandemic and to shorten the timeframe for economic and social recovery," he said.
A double economic and health pressure
The poorest countries will suffer twice the effects of the coronavirus. Without adequate hospital infrastructure, excess mortality could explode there, particularly in Africa. However, once the health crisis has passed, the problems will not be resolved. The economic crisis should see an increase in extreme poverty in these countries. David Malpass therefore stressed the need to have "a major action" for the poorest countries which are the most vulnerable and will be "probably the hardest hit". "They are under double economic and health pressure," he said.
In response to widespread supply chain disruptions, the World Bank is also helping countries to access essential medical supplies "by contacting suppliers on behalf of governments," said the agency, which also encourages other countries to provide financial support to developing countries. "This package of quick responses will save lives," said Axel van Trotsenburg, chief operating officer of the World Bank. In addition, the private sector arm of the World Bank, the International Finance Corporation, is providing $ 8 billion in funding "to help private businesses affected by the pandemic and keep jobs."
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