World Bank to provide up to $12 Billion for COVID-19 Country Response
As COVID-19 reaches quite 60 countries, the planet Bank Group is making available an initial package of up to $12 billion in immediate support to help countries dealing with the health and economic impacts of the worldwide outbreak. This financing is meant to assist member countries take effective action to reply to and, where possible, lessen the tragic impacts posed by the COVID-19 (corona-virus).
The World Health Organization (WHO) on Tuesday warned of a worldwide shortage of protective equipment to fight the disease also as pricing because the price from the respiratory illness mounted. Also on Tuesday, the United States Federal Reserve cut interest rates in an emergency move to try to prevent a global recession, and finance officials from the G7 group of rich countries said they were able to adopt fiscal and monetary measures where appropriate.
Through this new means package, the planet Bank Group will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies. The financial package, with financing drawn from across IDA, IBRD and IFC, are going to be globally coordinated to support country-based responses.
“We are working to supply a quick , flexible response supported developing country needs in handling the spread of COVID-19,” said International Bank for Reconstruction and Development Group President David Malpass. “This includes emergency financing, policy advice, and technical assistance, building on the planet Bank Group’s existing instruments and expertise to assist countries answer the crisis.”
That would not require global health officials to declare the outbreak an epidemic , he added.
Poor countries with weak health systems were the foremost vulnerable in such outbreaks, he said, but past experience with Ebola and other outbreaks showed that taking the proper measures quickly could lessen the transmission of the disease and save lives.
He also cautioned countries against taking measures that might further limit trade.
Some countries had already requested aid, Malpass said but declined to call them.
Countries face different levels of risk and vulnerability to COVID-19, and can require different levels of support. The Bank Group support will prioritize the poorest countries and people at high risk with low capacity. As the spread of COVID-19 and its impact continues to evolve, the planet Bank Group will adapt its approach and resources as required . The World Bank Group is actively engaged with international institutions and country authorities to assist coordinate the worldwide response.
Image Source : youth-time.eu