World Bank Announces $12 Billion to Counter Coronavirus

World Bank Announces $12 Billion to Counter Coronavirus

After more than 60 countries being infected by coronavirus, the World Bank pledges $12 billion to help the affected countries to deal with the health and economic bang of the global epidemic. The emergency fast track package provides low-cost loans, grants and other technical assistance.

"We are working to provide a fast, flexible response based on developing country needs in dealing with the spread of COVID-19," says David Malpass, President, World Bank Group. "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 further adds.

The financing is intended to assist the affected countries to take necessary measures to reduce the impact and prevent further dangers posed by coronavirus. Further, the bank has asserted to prioritize the poorest and highly risk-prone countries to provide financial help to counter the effects of the deadly virus. 

Considering the rapid-spread of virus and its rising concern, the International Monetary Fund (IMF) and the World Bank have decided to adopt a virtual format for spring meeting instead of direct meeting in Washington. This year's spring meetings are scheduled for 17-19 of April, more than 10,000 government officials, civil society & journalist members, and entrepreneurs would be part of it.

In a statement, David & Kristalina Georgieva, Managing Director of IMF states "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."