Five Caribbean countries among 100 to get World Bank aid

Clay Curtis
May 23, 2020

On announcing this figures to the general public, the President of the World Bank Group, David Malpass, informed the global community that the progress made in the last three years in the poverty alleviation will be erased by the COVID-19 crisis.

The head of the World Bank cautioned on Tuesday that the COVID-19 pandemic threatens to push up to 60 million people into extreme poverty (under 1.90 USA dollars per day), wiping out the gains made in recent years.

The warning signals an intensification of pessimism among economists about the scale and duration of the fallout from what the Bank described as an "unprecedented crisis".

The World Bank Group President David Malpass stated on Tuesday that the development leader has launched the emergency coronavirus or COVID-19 aid programs in 100 developing nations, with commitments for the concessional financing and the grants of around $5.5 billion so far.

To combat this anticipated poverty epidemic, the World Bank has sent emergency relief operations into 100 developing countries, which happen to be home to more than 70 percent of the world population. Malpass added that the World Bank chose to deploy $160 billion in order to provide rapid, flexible responses to tackle the health emergency, support the poor, maintain the private sector, and strengthen economic resilience and recovery.

39 I can't send money back home & # 39; How is Lifeline cut off for the world's poorest due to Covid-19

The Bank Group's support through grants, loans and equity investments will be supplemented by the suspension of bilateral debt service, as endorsed by the Bank's governors. "This will increase the confidence in the investment climate and encourage more beneficial debt and investment in the future", he added.

Strengthening health systems, monitoring, and prevention, particularly in low-income countries and in fragile and conflict-affected situations. "It is home to numerous world's poorest countries and is unable to handle such a pandemic", UN High Commissioner for Human Rights Michelle Bachelet and African Commission on Human and Peoples' Rights.

The World Bank said last month that it expects people in sub-Saharan Africa to suffer the most. Senegal to receive $20 million and $35 million to Ghana, "which includes funding to strengthen disease surveillance systems, public health laboratories, and epidemiological capacity for early detection".

The group said the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) have also fast-tracked support to businesses in developing countries, including trade finance and working capital to maintain private sectors, jobs and livelihoods.

The programs will reinforce healthcare systems; and also help procure vital life-saving medical equipment and supplies. Close to 300 clients have requested support, and the facility may be oversubscribed. Currently, 39 of the World Bank's 100 target countries are there, and at least 23 million residents of the region are projected to be heading for extreme poverty because of the coronavirus outbreak.

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