World Bank announces $12 Billion aid package as emergency aid to countries coping with coronavirus
The World Bank unveiled a $12 billion aid package on Tuesday that will provide fast-track funds to help countries coping with the health and economic impacts of the global outbreak. The bank on Tuesday (local time) released a statement announcing an emergency fast track package that includes low-cost loans, grants, and technical assistance.
"We are working to provide a fast, flexible response based on developing country needs in dealing with the spread of COVID-19," said World Bank Group President David Malpass.
The statement further stated that the financing is designed to help member countries take effective action to respond to and, where possible, lessen the tragic impacts posed by coronavirus. The organisation asserted that it would prioritise the poorest and most at-risk countries in distributing the aid to counter the effects of the virus.
"This includes emergency financing, policy advice, and technical assistance, building on the World Bank Group's existing instruments and expertise to help countries respond to the crisis," he added.
He said it is critical to "recognize the extra burden on poor countries" least equipped in the struggle to prevent the spread of the COVID-19 virus.The funds, some of which are targeted to the world's poorest nations, can be used for medical equipment or health services and will include expertise and policy advice, the bank said in a statement.
The virus that erupted in central China in December has killed more than 3,000 worldwide and infected over 90,000 people.
Citing growing concerns about the fast-spreading coronavirus, the International Monetary Fund (IMF) and the World Bank have also decided to adopt a "virtual format" for their Spring Meetings instead of convening in person in Washington. On Tuesday, Malpass and Kristalina Georgieva, Managing Director of IMF, released a joint statement in which they stated that their goal was to serve their membership effectively while ensuring the health and safety of participants and staff.
"With this adapted format, we are confident that our member countries will be able to effectively engage on pressing global economic issues at these Spring Meetings," the statement said.
The leaders added that the institutions would leverage IT-related and virtual connection capabilities to hold essential policy consultations while continuing to share IMF and World Bank analyses.
This years' Spring Meetings are scheduled for April 17-19. The meetings usually bring in more than 10,000 government officials, entrepreneurs, members of the civil society and journalists from the world to the institution's headquarters in Washington downtown.
(With inputs from agencies)
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