The World Bank should provide additional $25 billion in emergency support for poorest countries to manage the novel coronavirus pandemic, World Bank President David Malpass said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 14th October, 2020) The World Bank should provide additional $25 billion in emergency support for poorest countries to manage the novel coronavirus pandemic, World Bank President David Malpass said on Wednesday.
"The scale of the challenges ahead is staggering, so we need to do more. We are proposing to IDA [International Development Association] Deputies later this month a $25 billion supplemental COVID Emergency Financing Package," Malpass said at the annual virtual meeting of finance ministers and central bank governors from the Group of 20 (G20) nations.
On Tuesday, the World Bank announced an assistance package in the amount of $12 billion for developing nations to acquire coronavirus vaccines, tests and finance treatments for their citizens.
IDA, the arm of the World Bank that helps the world's poorest countries, is overseen by 173 shareholder nations.
IDA offers no interest or low-interest loans and grants for programs that boost economic growth, reduce inequality and improve living conditions.
