The World Bank said its executive board approved on Tuesday US$12 billion in new funding for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests, and treatments for their citizens. The financing plan is part of US$160 billion in total resources that the multilateral development lender has pledged to provide to developing countries through June 2021 to help fight the coronavirus pandemic.
The vast majority of International Monetary Fund loans extended during the Covid-19 pandemic have suggested or demanded spending cuts that would worsen poverty and inequality, charity group Oxfam says.
The World Bank on Tuesday said it has asked its board of directors to approve US$12 billion to help poor countries purchase and distribute eventual vaccines against COVID-19. The bank has already implemented emergency response programs in 111 countries and the extra money, if approved, would be aimed at low- and middle-income countries.
The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, the World Bank's chief economist Carmen Reinhart said on Thursday.
The association representing staff at the World Bank asked that Brazil’s nomination of Abraham Weintraub to be executive director be reviewed over his past racial comments and other concerns, according to a letter circulated in the bank on Wednesday.
The economic fallout from the coronavirus pandemic could plunge an extra 395 million people into extreme poverty and swell the total number of those living on less than US$1.90 a day worldwide to more than 1 billion, researchers said in a report on Friday.
Mexico has taken out a one billion US dollars loan from the World Bank as the effects of the coronavirus begin to squeeze the economy, a business newspaper reported on Sunday.
World Bank Group President David Malpass announced on Monday that Carmen Reinhart has been appointed as the new Vice President and Chief Economist of the World Bank Group. Reinhart’s appointment is effective on June 15, 2020.
The Latin America and Caribbean (LAC) region is seeing a sharp decline in growth due to the COVID-19 (coronavirus) crisis, which requires several policy responses to support the most vulnerable, avert a financial crisis, and protect jobs, according to a new report from the World Bank.
The World Bank Board of Directors approved today a loan of US$20 million to support Paraguay in strengthening its health system in the face of the coronavirus pandemic (Covid-19). In the context of the country's current health situation, already affected by the worst dengue outbreak in recent years, the project will help strengthen the already overburdened health system through the purchase of medical supplies and equipment.