World Bank President David Malpass predicted the bank could provide up to USD 160 billion in assistance over the next 15 months. (Photo Credit: IANS File Photo)
The World Bank has approved its first funds to help some of the globe's poorer countries combat the coronavirus outbreak. It approved total aid of USD 1.9 billion for 25 countries on Thursday. The largest amount of assistance was USD 1 billion for India followed by USD 200 million for Pakistan, USD 129 million for Sri Lanka, USD 100 million for Afghanistan and USD 83 million for Ethiopia. World Bank President David Malpass predicted the bank could provide up to USD 160 billion in assistance over the next 15 months. (Coronavirus Outbreak Live Updates)
World Bank officials said the emergency resources would include money to purchase critical medical supplies such as masks and ventilators, with the World Bank lending its procurement expertise to help obtain these supplies on global markets. The approval of the first round of support for 25 countries will be followed quickly with aid to another 40 countries, officials said. In addition to the support effort, Malpass said he and Kristalina Georgieva, managing director of the International Monetary Fund, are lobbying the Group of 20 major industrial countries to support instituting a 14-month pause in requiring the poorest countries to make debt repayments.
Malpass said that would free up about USD 14 billion over the next year that the countries would be able to use to fight the coronavirus. He said the proposal was discussed at last week's conference call with President Donald Trump and other G-20 leaders. Malpass said he hoped it would receive approval when the World Bank's policy panel, the Development Committee, holds a virtual meeting on April 17. Meanwhile, the coronavirus pandemic has killed more than 50,000 people worldwide with nearly three-quarters of the deaths in Europe, according to an AFP tally at 1750 GMT Thursday using official figures.
A total of 51,364 deaths have been recorded across the world, including 37,709 in Europe, with Italy registering 13,915, followed by Spain with 10,003, France with 5,387 and the United States with 5,316. Since the virus emerged in China in December, 989,281 global infections have been confirmed, more than half of them in Europe, which has 542,077. The United States and Canada have 235,900 cases and 5,427 deaths and Asia has 112,061 cases with 3,998 deaths.