Published 11:44 IST, February 4th 2020
World Bank calls on countries to 'strengthen health surveillance' amid coronavirus dread
Amid the unprecedented deadly coronavirus outbreak, World Bank has called for all countries to step up programs to fight the novel virus on February 3.
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Amid the unprecedented coronavirus outbreak, World Bank has called for all countries to step up programs to fight the novel virus on February 3. The official statement also said that the World Bank was considering to mobilize its own resources against the disease which has claimed 425 lives with at least 20,438 confirmed cases in China. Recently, Hong Kong also reported the first death due to 2019-nCoV.
Our sympathies to all affected by the serious situation related to #Coronavirus. The Chinese authorities have policy space to respond & have announced a sizeable injection of liquidity, which should help mitigate the costs to economic growth. https://t.co/cdXc7PLy1e
— World Bank (@WorldBank) February 3, 2020
The World Bank also said that it is trying to assist and support the affected countries with the coronavirus and called it 'life-saving work' to stop the further spread and mitigate its impact. The World Bank's declaration of monitoring the economic and social impacts of crisis also comes as coronavirus killed more than 400 people in the mainland, while the previous outbreak in 2002-03 of Severe Acute Respiratory Syndrome (SARS) virus claimed 349 lives in China and nearly 800 globally.
According to the official website, World Bank said, “We are calling on all countries to strengthen their health surveillance and response systems, which is essential to contain the spread of this and any future outbreaks. We are closely coordinating with international partners to accelerate the international response to support countries to manage the global health emergency.”
The fear of coronavirus taking a toll on the economy has spiked since more than 20 countries have confirmed cases. The World Bank has also said that it would support China's efforts to respond to the outbreak including its efforts to 'maintain resilience in its economy'. According to international reports, if the coronavirus outbreak reaches the same severity as the Spanish flu in 1918 which killed 30 million people, it would cost one per cent to ten per cent of growth.
China's central bank injects $173 billion
Amid fears of epidemic causing instability in China's economy, Chinese Central Bank had also said that it would inject nearly $173 billion in its economy to contribute to the fight against the nationwide crisis. The People's Bank of China released a statement which said that it would launch 1.2 trillion yuan reverse purchase operation to maintain 'reasonable abundant liquidity' in the banking system.
In order to further stabilise the currency market as the nation deals with the epidemic, the banking system would be 900 billion yuan more than it was in the same period last year. The announced move will kick in the day China's financial markets reopen after an extended Chinese Lunar Year holidays.
11:44 IST, February 4th 2020