The World Bank abandoned plans to launch a fresh set of pandemic bonds for developing countries after widespread criticism
The World Bank has scrapped plans to issue a second set of pandemic bonds for the relief of developing nations suffering from the COVID-19 outbreak, according to the Financial Times.
But its efforts have been met with criticism on grounds that the amount pales in comparison to what is actually needed to limit contagion. The payout medium offered highly attractive yields to investors at the risk of losing the principal payment amount. Around early 2019, the Washington-based institution said it would modify the structure of the bonds before marketing its latest product in May 2020. However, the planned repeat of the"pandemic emergency financing facility," or PEF, has been shelved, the FT said.
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