To Combat Coronavirus, World Bank Provides $12 Billion Aid Package

Coronavirus Aid

The deadly Coronavirus has till now claimed more than 3000 lives and has swept across the borders infecting above 90,000 victims. Originating in Wuhan China, the virus is around for about 3 months, with no substantial vaccine invented yet. 

Though China as the epicenter of the virus has suffered the most destruction, now the COVID-19 virus seems to stretch its claw around the entirety of the World. With a great number of victims already falling prey to the virus across different regions, several measures have been opted out, even up to China putting a few towns under quarantine. 

The lastest aid has been provided by the World Bank, unveiling a package of $12 Billion in order to combat the COVID-19 virus for good. On Tuesday, the World Health Organisation (WHO) showed grave concern about the global shortage of necessary equipment and rising prices, due to the increasing amount of death in respiratory illnesses. 

World Bank’s initial aid package came at the hour of need, and the fund will be used for assisting countries whose health and economic sectors are badly hit by Coronavirus. Out of the  $12 billion funds, $8 billion will be provided to countries that in dire need of it at the moment. 

World Bank president David Malpass put great emphasis on the fact that as the COVID-19 virus is rapidly spreading, fast-tracked action and aid might be the only way to counter the situation and prevent more tragedies from taking place. A few of the countries have already requested for aid. 

World Bank President David Malpass also stated that “The goal is to provide fast, effective action that responds to country needs,”. He also mentioned, “We want to make the best use of the World Bank’s extensive resources and global expertise and the historical knowledge of crisis”.

Previous experiences with Ebola, Zika and other diseases have made it clear that the poor countries that have a weaker health system, are the most vulnerable to such situations, and are most at risk. The fund might boost health services, surveillance, for developing countries. These countries can also work with private sectors to lessen the impact of Coronavirus on the economy. 

The International Financial Corporation (IFC) will work with commercial bank clients, and corporate clients in the strategic sector to have the necessary supplies for containing the virus, sustain supply chains of medical equipment and limit downside risks.

Sukanya Chakraborty

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