Over USD 157 billion deployed in last 15 months to fight Covid pandemic: World Bank
World | Jul 20, 2021, 08:23 AM ISTOn health, economic and social fronts, the World Bank has spent more than $157 Billion to fight COVID pandemic.
On health, economic and social fronts, the World Bank has spent more than $157 Billion to fight COVID pandemic.
"In view of the surging demand for World Bank vaccine finance, I am pleased to announce today that the World Bank is expanding its financing available for Covid-19 vaccine financing to $20 billion over the next 18 months, adding $8 billion to the previously announced $12 billion," said World Bank Group President David Malpass, in the statement.
A World Bank (WB) release said that the USD 400 million Pakistan Program for Affordable and Clean Energy (PACE) focuses on measures to improve the financial viability of the power sector and support the country's transition to low-carbon energy.
India's economy, which is facing the heat of the second wave of coronavirus, has been projected to grow at 8.3 per cent in 2021, according to World Bank.
The World Bank's Board of Executive Directors has approved a USD 500 million program to support India's nationwide initiative to revitalise the MSME sector
Inflation and depleted incomes have raised household indebtedness and food insecurity, it said, urging the IMF and the World Bank to scale up its work to address rising levels of food insecurity and to support countries in achieving Sustainable Development Goal 2 and nutrition for all.
David Malpass said it's also the concern of inequality in terms of vaccinations and median income that's not going up very fast for some countries.
The Washington-based global lender, in its latest South Asia Economic Focus report released ahead of the annual Spring meeting of the World Bank and the International Monetary Fund (IMF), said that the economy was already slowing when the COVID-19 pandemic unfolded.
India’s economy is estimated to contract by 9.6 per cent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4 per cent in 2021, the World Bank said on Tuesday.
The National Highways of India carry about 40 per cent of road traffic. However, several sections of these highways have inadequate capacity, weak drainage structures and black spots prone to accidents.
The World Bank on Wednesday approved four India projects worth over USD 800 million to support development initiatives.
The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said, terming the COVID-19 pandemic a "catastrophic event" for many developing and the poorest countries.
The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.
The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years.
More than 150 million people may fall into extreme poverty throughout the world by 2021 as a result of the economic contraction caused by the novel coronavirus pandemic, the World Bank said in a report on Wednesday.
The Shiv Sena on Friday slammed the Modi government over the economic crisis faced by the country, saying demonetisation and "mishandling" of the coronavirus-induced lockdown were to be blamed for the current situation. An editorial in party mouthpiece 'Saamana' criticised the NDA government for what it called trying to "wash its hands of the crisis".
In a bid to rejuvenate the Ganga river, the World Bank and the Government of India today signed a loan agreement to enhance support for the Namami Gange programme. The $400 million operation comprises a loan of $381 million and a proposed Guarantee of up to $19 million.
The World Bank on Wednesday said it will give a USD 750 million-budget support to 15 crore MSMEs to increase liquidity access for viable small businesses impacted by COVID-19.
The World Bank on Sunday said its Board of Executive Directors has approved USD 500 million (about Rs 3,700 crore) loan to improve quality and governance of school education in six Indian states.
The global economy is on track to shrink by 5.2 per cent this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects.
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