Coronavirus: World Bank Pledges 12B In Emergency Aid
Source: BBC News
The World Bank has committed $12bn (£9.4bn) in aid for developing countries grappling with the spread of the coronavirus. The emergency package includes low-cost loans, grants and technical assistance.
The action comes as leaders around the world pledge to shield their countries from the economic impact of the outbreak. It follows warnings that slowdown from the outbreak could tip countries into recession.
The aid is intended to help countries improve their public health response to the crisis, as well as work with the private sector to reduce the economic impact. "What we're trying to do is limit the transmission of the disease," World Bank Group President David Malpass told the BBC.
The organisation said it would prioritise the poorest and most at-risk countries in distributing the aid to counter the effects of the virus, which has spread to more than 70 countries around the world...
Read more: https://www.bbc.com/news/business-51728766
Most vulnerable to the coronavirus are countries with weak health systems, limited financial resources and close economic links with China.
The countries most at risk to the economic impact of the outbreak are Sri Lanka, Vietnam, and the Philippines, according to a vulnerability index by the Overseas Development Institute (ODI).
