Covid-19 has meant lockdown in almost all countries. Economy has come to a standstill. Almost every country is feeling the punch.
The World Bank Group President David Malpass said that the multilateral lender was finalising a package that could provide as much as $160 billion in financial support for the worst-hit countries by the coronavirus pandemic.
Noting that the World Bank has approved a $14 billion package focused on the immediate health and social consequences of the outbreak, Malpass said ‘we’re now finalizing an additional package that will focus on the broader economic consequences’.
The World Bank has new COVID-related projects underway in 56 countries, encouraging other multilateral development banks to co-finance follow-up tranches. It is restructuring existing projects in 24 countries in order to direct funds to the health emergency. All hopes are not lost. Let’s now stay inside our houses. Once things gets well, measures for economic upliftment will commence.