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World Bank Pledges $ 16.6 Billion In Immediate Funds To Fight The Epidemic, Economy News & Top Stories
WASHINGTON The World Bank has announced an initial $ 12 billion ($ 16.6 billion) in immediate funding to help countries address the health and economic effects of the emerging coronavirus epidemic is spread rapidly from China to some 80 countries.
World Bank President David Malpass said there are still "many unknowns" on the fast-spreading virus and "much more" help may be needed, but declined # 39; elaborate.
Tuesday's announcement highlighted growing concern over the economic and human impact of the virus.
The World Health Organization on Tuesday warned of a global shortage of protective gear to fight the disease as well as price hikes as the number of deaths from respiratory diseases increased.
Also on Tuesday, the US Federal Reserve cut interest rates in an emergency to try to prevent a global recession, and finance officials from the G-7 wealthy group are declared ready to adopt fiscal and monetary measures if necessary.
Malpass called on countries to coordinate their actions at regional and international levels, saying that the speed and scale of the response would be essential to save lives.
"We are announcing today an initial package of immediate support that will make available up to $ 12 billion to meet the demands of countries for crisis financing of their immediate needs and also to mitigate the tragic effects of the crisis, "he said.
"The goal is to go fast. Speed is necessary to save lives," he said during a teleconference with reporters. "There are scenarios where many more resources may be required. We will adapt our approach and our resources as necessary."
The World Bank's International Development Association, which helps the world's poorest countries, may also receive additional funding in the second quarter of this year if its pandemic emergency funding mechanism is triggered, which has yet to happen, said Malpass.
This would not force global health officials to declare the pandemic epidemic, he added.
Poor countries with weak health systems are the most vulnerable in such epidemics, he said, but past experience with Ebola and other epidemics has shown that taking the right action quickly could reduce disease transmission and save lives.
He also advised countries not to take measures that would further limit trade.
Some countries had previously asked for help, said Malpass, but refused to name them.
The World Bank said the $ 12 billion in accelerated low-interest grants, loans and loans would help developing countries provide better access to health services, strengthen disease surveillance and strengthen public health interventions, as well as work with the private sector to reduce the impact on economies.
About $ 4 billion in funding will be reprogrammed from other World Bank instruments, officials said.
The World Bank has said its International Finance Corporation (IFC) will work with commercial bank customers to expand trade finance and working capital as countries scramble to get supplies to contain the virus.
IFC will also work with corporate clients in strategic sectors such as medical equipment and pharmaceuticals to support supply chains and limit downside risks.
REUTERS
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