World Bank IMF and Dev Agencies | |
World Bank IMF and Dev Agencies | |
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Wednesday,
March 04, 2020 /04:20 PM / By World Bank Group /
Header Image Credit: Euronews
As COVID-19 reaches more than 60
countries, the World Bank Group is making available an initial package of up to
$12 billion in immediate support to assist countries coping with the health and
economic impacts of the global outbreak. This financing is designed to help
member countries take effective action to respond to and, where possible,
lessen the tragic impacts posed by the COVID-19 (coronavirus).
Through
this new fast track package, the World Bank Group will help developing
countries strengthen health systems, including better access to health services
to safeguard people from the epidemic, strengthen disease surveillance, bolster
public health interventions, and work with the private sector to reduce the
impact on economies. The financial package, with financing drawn from across
IDA, IBRD and IFC, will be globally coordinated to support country-based
responses.
The
COVID-19 support package will make available initial crisis resources of up to
$12 billion in financing - $8 billion of which is new - on a fast track basis.
This comprises up to $2.7 billion new financing from IBRD; $1.3
billion from IDA, complemented by reprioritization of $2 billion of
the Bank's existing portfolio; and $6 billion from IFC, including
$2 billion from existing trade facilities. It will also include policy advice
and technical assistance drawing on global expertise and country-level
knowledge.
"We
are working to provide a fast, flexible response based on developing country
needs in dealing with the spread of COVID-19," said World
Bank Group President David Malpass. "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."
The
financial package will provide grants and low-interest loans from IDA for
low income countries and loans from IBRD for middle income
countries, using all of the Bank's operational instruments with processing
accelerated on a fast track basis. International Finance
Corporation, the World Bank Group's private sector arm, will provide its
clients with the necessary support to continue operating and to sustain
jobs.
The
World Bank support will cover a range of interventions to strengthen health
services and primary health care, bolster disease monitoring and reporting,
train front line health workers, encourage community engagement to maintain
public trust, and improve access to treatment for the poorest patients. The
Bank will also provide policy and technical advice to ensure countries can
access global expertise.
IFC
will work with commercial bank clients to expand trade finance and working
capital lines. IFC will also directly support its corporate clients - with a focus on strategic sectors including medical equipment and
pharmaceuticals - to sustain supply chains and limit downside risks. These
solutions will leverage the lessons learned from similar events in the past
with a goal to minimize the negative economic and social impacts of
COVID-19 globally.
Countries
face different levels of risk and vulnerability to COVID-19, and will require
different levels of support. The Bank Group support will prioritize the poorest
countries and those at high risk with low capacity. As the spread of COVID-19
and its impact continues to evolve, the World Bank Group will adapt its
approach and resources as needed.
The
World Bank Group is actively engaged with international institutions and
country authorities to help coordinate the global response.
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