The World Bank has committed $12bn
(£9.4bn) in aid for developing countries grappling with the spread of the oronavirus.
(£9.4bn) in aid for developing countries grappling with the spread of the oronavirus.
The emergency package includes low-cost loans, grants and
technical assistance.
technical assistance.
The action comes as leaders around the world pledge to shield
their countries from the economic impact of the outbreak.
their countries from the economic impact of the outbreak.
It follows warnings that slowdown from the outbreak could tip
countries into recession.
countries into recession.
The aid is intended to help countries improve their public
health response to the crisis, as well as work with the private sector to
reduce the economic impact.
health response to the crisis, as well as work with the private sector to
reduce the economic impact.
“What we’re trying to do is limit the transmission of the
disease,” World Bank Group President David Malpass said.
disease,” World Bank Group President David Malpass said.
The organization said it would priorities the poorest and most
at-risk countries in distributing the aid to counter the effects of the virus,
which has spread to more than 70 countries around the world.
at-risk countries in distributing the aid to counter the effects of the virus,
which has spread to more than 70 countries around the world.
Half of the package comes from the bank’s International Finance
Corporation, which works with the private sector. About $4bn of the $12bn is
being shifted from previously available funds.
Corporation, which works with the private sector. About $4bn of the $12bn is
being shifted from previously available funds.
Countries with weak health systems, limited financial resources
and close economic links with China are said to be most vulnerable to the
coronavirus outbreak.
and close economic links with China are said to be most vulnerable to the
coronavirus outbreak.
The countries most at risk to the economic impact of the
outbreak are Sri Lanka, Vietnam, and the Philippines, according
to a vulnerability index by the Overseas Development Institute (ODI).
outbreak are Sri Lanka, Vietnam, and the Philippines, according
to a vulnerability index by the Overseas Development Institute (ODI).
