COVID-19 gulps $157b World Bank fund in 15 months

The World Bank Group on announced that it expended the sum of $157 billion to fight COVID-19-related health, economic, and social impacts in 15 months.

World Bank disclosed this in a report that the fund spent between April 1, 2020, to June 30, 2021, was in response to damages done by COVID-19 to the lives and livelihoods of millions of people in developing countries.

This is the largest crisis response of any such period in the bank group’s history and represents an increase of more than 60 per cent over the 15 months before the pandemic.

World Bank Group President David Malpass explained that since the start of the pandemic, the World Bank Group has committed a record $157 billion in new financing, an unprecedented level of support for an unprecedented crisis.

He assured that the bank will continue to provide critical assistance to developing countries through this ongoing pandemic to help achieve a more broad-based economic recovery.

“The Bank Group has proven to be a rapid, innovative, and effective platform to support developing countries as they respond to the pandemic and strengthen resilience for future shocks.

The bank said since the start of the pandemic, it supported countries to address the health emergency, strengthen health systems, protect the poor and vulnerable, support businesses, create jobs and jump-start a green, resilient, and inclusive recovery.

Following last year’s COVID-related economic deterioration, the global economy is expected to expand 5.6 per cent in 2021.



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