World Bank could deploy $150 billion over 15 months in coronavirus battle

WASHINGTON (Reuters) - World Bank Group President David Malpass on Monday said that the development lender could deploy as much as $150 billion in resources over the next 15 months to help developing countries fight and recover from the coronavirus pandemic. Malpass, in a statement to G20 finance ministers and central bank governors released by the World Bank, also called on G20 creditor nations to allow the poorest countries to suspend all payments on bilateral debt while they battle the virus

Reuters March 24, 2020 00:08:03 IST
World Bank could deploy $150 billion over 15 months in coronavirus battle

coronavirus battle" src="https://images.firstpost.com/wp-content/uploads/reuters/03-2020/24/2020-03-23T173806Z_1_LYNXMPEG2M1RD_RTROPTP_2_HEALTH-CORONAVIRUS-CHINA-CDC.jpg" alt="World Bank could deploy 150 billion over 15 months in coronavirus battle" width="300" height="225" />

WASHINGTON (Reuters) - World Bank Group President David Malpass on Monday said that the development lender could deploy as much as $150 billion in resources over the next 15 months to help developing countries fight and recover from the coronavirus pandemic.

Malpass, in a statement to G20 finance ministers and central bank governors released by the World Bank, also called on G20 creditor nations to allow the poorest countries to suspend all payments on bilateral debt while they battle the virus.

Malpass said the poorest countries should be allowed to concentrate their resources on their health responses to the crisis.

"I’m calling on the G20 leaders to allow the poorest countries to suspend all repayments of official bilateral credit, until the World Bank and the IMF (International Monetary Fund) have made a full assessment of their reconstruction and financing needs," he said in a statement.

The World Bank is now preparing projects in 49 countries to help fight the virus under a new fast-track credit facility, and decisions were expected this week on as many as 16 of these projects, Malpass said.

He said the institution was consulting with China and other key countries to obtain help with the rapid manufacture and delivery of many of medical supplies to countries in need.

(Reporting by David Lawder; Editing by Chizu Nomiyama and Lisa Shumaker)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes
India

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes

The Pulitzer prize winner, who was in Kandahar covering operations against Taliban, was killed when he was riding along with the Afghan Special Forces

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province
India

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province

Siddiqui had also covered the 2020 Delhi riots, COVID-19 pandemic, Nepal earthquake in 2015 and the protests in Hong Kong

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth
India

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth

Danish's photographs were not just documentation, but the work of someone who went down to eye-level, as they say in photographic parlance.