World Bank to propose additional $25 bn to help poorest countries amid COVID-19 pandemic

World Bank has vowed to propose a $25 billion emergency funding to help poorest countries of world that are facing huge challenges due to COVID-19 pandemic. As per reports, World Bank chief David Malpass spoke to finance ministers and central bank goverrs of G20 major ecomies that he would ditional financing pack later this month to deputies of International Development Association (IDA). 

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ditional financial pack

In dition to this, Malpass expressed his concerns over increasing risks of pending defaults among low-income group countries. He ded that World Bank and International Monetary Fund have come up with a joint action plan to help most heavily-indebted IDA countries. As per reports, World Bank and International Monetary Fund said that global ecomic contraction caused by ongoing coronavirus pandemic is largest in last eight deces, raising world poverty rate, exacerbating inequalities and damaging long-term ecomic growth prospects.

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World Bank Group on October 13 approved funds of $12 billion for developing countries to finance purchase and distribution of COVID-19 vaccines for ir citizens. financing is part of an overall pack of $160 billion that World Bank is planning to release by next year for developing countries.

World Bank with its financing also aims to provide treatments for disease and increase testing capacity of countries, apart from purchasing of COVID-19 vaccines. main objective is to strengn pandemic response system in developing countries. financing will also focus on building more efficient supply chain and logistics manment for vaccine stor handling, trained vaccinators, and large-scale communication and outreach campaigns to reach communities and households.

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World Bank Group's private sector arm International Finance Corporation (IFC) is also investing $4 billion in vaccine manufacturing firms to ramp up production of potential vaccines and ensure that developing markets gain access to available drugs. A COVID-19 vaccine is yet to come to market for large scale use, however, several drugs around world are in ir final phase of testing. Experts believe that a treatment will be available by next year. 

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Im: AP