Its president says 'much more' aid might be required as WHO warns of a global shortage of protective equipment.
The World Bank on Tuesday announced an initial US$12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries.
Also on Tuesday, the US Federal Reserve cut interest rates in an emergency move to try to prevent a global recession, and finance officials from the G7 group of rich countries said they were ready to adopt fiscal and monetary measures where appropriate. “We’re announcing today an initial package of immediate support that will make available up to US$12 billion to respond to country requests for crisis financing of their immediate needs and also to lessen the tragic impacts of the crisis,” he said.
The Bank’s International Development Association, which helps the world’s poorest countries, could also receive additional funds in the second quarter of 2020 if its Pandemic Emergency Financing Facility is triggered, which has not occurred yet, Malpass said.
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