World Bank to launch new multi-donor trust fund for low-income countries

World Bank Group (WBG) is planning to launch a new multi-dor trust fund, in wake of a public health crisis, to help developing countries get better prepared for disease outbreaks. new Health Emergency Preparedness and Response Multi-Dor Fund (HEPRF) will be in dition to earlier anunced support of up to $160 billion of financing it will provide for 15 months to support COVID-19 measures.

HEPRF is aimed at supporting low-income countries to help increase investments in health preparedness and support immediate COVID-19 response. health preparedness will help such countries to quickly and effectively respond to major disease outbreaks at an early st. fund will also support or countries and territories that do t have access to financing such as IDA countries in arrears and n-creditworthy IBRD countries.

“ new HEPRF will be ar tool in World Bank’s COVID-19 response and longer-term health preparedness nda to support low-income countries, as well as most vulnerable communities, including refugees,” said Annette Dixon, Vice President for Human Development at World Bank, in a statement.

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World Bank stated that China has expressed its intention to become founding dor of HEPRF, which is w open for contributions from all dor countries. Dixon thanked Government of Japan for ir “leership in health security” and encourd or dors to join initiative.

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'Allow markets to function'

Meanwhile, WBG and International Monetary Fund (IMF) has urged countries to keep ir tre open and allow markets to function, warning that export controls on medical supplies and or essentials could backfire. At a virtual press conference during spring meetings of both institutions, IMF Chief Ecomist Gita Gopinath asserted that this is t a time to restrict tre of medical supplies and essential equipment around world. IMF and World Bank's vocacy for free tre came as protectionist sentiments are growing across globe amid pandemic.

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(Im credit: AP)