World Bank to Launch Emergency Programs in Over 100 Countries
The World Bank Group (WBG) is expected to launch health emergency programs in over 100 countries by the end of April to support the fight against COVID-19, with 64 already in operation, President David Malpass said Friday.
"In response to COVID-19, the World Bank Group has focused on taking fast, broad-based action," Malpass said at a virtual press conference during the Spring Meetings of the International Monetary Fund (IMF) and the WBG, Xinhua reported.
Malpass said the WBG will work to deploy as much as $160 billion over the next 15 months, tailored to the nature of the health, economic and social shocks that countries are facing during the COVID-19 pandemic.
He noted that other multilateral development banks (MDBs), such as Asian Development Bank, and Inter-American Development Bank, have committed as a group to roughly $80 billion over this period, bringing the total funding from MDBs to $240 billion.
The World Bank president said he is pleased that Group of Twenty (G20) countries have recently decided to provide a suspension in debt service to bilateral creditors during the crisis, calling it "a powerful fast-acting initiative that can bring real benefits to the poor."
Noting that China is one of the big creditors, Malpass said China's support in the international agreement to allow a moratorium of debt repayments for the poorest countries is "important" and was "very welcome."
In response to a question from Xinhua regarding protectionism amid the pandemic, Malpass said big countries need to step forward and pledge not to use the crisis as a reason to close or block the markets.
"We should allow markets to function, markets to clear and the supplies to go to those most in need," he said, adding that China is exporting medical supplies to the rest of the world, which is "very welcome."
The press conference came shortly after a meeting of the Development Committee, the joint ministerial committee of the boards of governors of the WBG and the IMF, which also urged countries to keep trade open.
source: Financial Tribune
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
