World Bank extends support to 100 countries

Top News World Bank coronavirus crisis could push 60 million into “extreme poverty” By Ayhan

Top News World Bank coronavirus crisis could push 60 million into “extreme poverty” By Ayhan

"We can not afford to remain lazily and hope that this most viral and deadly disease will roam Africa, which is home to numerous world's poorest countries who are simply unable to manage such a pandemic", United Nations High Commissioner for human rights Michelle Bachelet and president of the African Commission for Human and Peoples' Rights Solomon Dersso said in a joint statement.

World Bank President David Malpos said, "With the end of this pandemic and developed economies, more than 60 million people will be trapped in the morass of poverty".

The World Bank has said that due to the corona virus epidemic, more than 60 million people worldwide will be trapped in a quagmire of extreme poverty.

The warning suggests deepening pessimism among economists about the scale and duration of the fallout from what the bank described as an "unprecedented crisis".

The World Bank on Tuesday said that the coronavirus pandemic will push over 6 crore people into extreme poverty, even as it announced emergency operations worth $160 billion (Rs 12.1 lakh crore) in 100 developing countries to fight the virus, PTI reported on Wednesday. Emergency relief efforts have already reached 100 developing countries, home to 70% of the world's population.

He said the objective must also be to provide cash and other expandable support to protect the poor, maintain the private sector, and strengthen economic resilience and recovery.

The coronavirus pandemic could push 11 million people into Asia into poverty warns the World Bank

Mr Malpass said the group's support through grants, loans and equity investments would be supplemented by the suspension of bilateral debt service, as endorsed by the bank's governors.

In conclusion, the WB Group has called on the International Development Association (IDA) countries to act quickly on the advantages of the programs designed and to have full transparency on their debt and investment activities by their respective governments.

Of the 100 countries that have been supported by the World Bank, 39 are in sub-Saharan Africa, according to the statement. "This will increase the confidence in the investment climate and encourage more beneficial debt and investment in the future", he added.

About one-third of the total supports are in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti, and Niger.

The health response programmes address emergency containment and mitigation needs for COVID-19, including strengthening countries' health systems to treat severe cases and save lives.

To demonstrate its determination to ensure a speedy recovery for the countries, the bank said "Disbursement is already underway on $20 million to Senegal and $35 million to Ghana, which includes funding to strengthen disease surveillance systems, public health laboratories, and epidemiological capacity for early detection". In addition to procuring medical equipment and supplies and aiding businesses, the program is also directed towards boosting healthcare and social protection. These safety nets will need to be augmented with safe, direct food distribution, accompanied by key information on nutrition, social distancing, and hygiene.

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