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Coronavirus outbreak: World Bank approves $1-bn emergency fund for India

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CIO Insider Team

On Thursday 03April 2020, the World Bank sanctioned a 1-billion emergency fund for India to solve the outbreak of coronavirus, which has asserted 2,500 infected and 76 lives in the country. An amount of 1.9 billion was set first by the World Bank which will help 25 countries and using fastrack process new operations are moving forward in more than 40 countries said the bank. A huge amount of 1 billion by the World Bank is given to India.

"In India, $1 billion emergency financing will support better screening, contact tracing, and laboratory diagnostics; procure personal protective equipment;

and set up new isolation wards and the Board of Executive Directors approved the first set of emergency support operations for developing countries around the world, using a dedicated, fast-track facility for COVID-19 response.” says the World Bank.

The World Bank has authorised to give 200 million for Pakistan, 100 million for Afghanistan, for Maldives 7.3 million and for Sri Lanka 128.6 million. The bank is functioning to grant up to 160 billion for the coming 15 months to support measures to solve the pandemic which will concentrate on the immediate health importance and increase economic recovery.

The extended program of the economy will aim to decrease the time to recovery, make conditions for development, help small and medium enterprises and assist the poor. There are chances of reflecting a heavy poverty focus in these operations, with a focus on policy related financing and helping the poor and the environment.

"The World Bank Group is taking broad, fast action to reduce the spread of COVID-19 and we already have health response operations moving forward in over 65 countries," said World Bank Group President David Malpass.

"We are working to strengthen (the) developing nations' ability to respond to the COVID-19 pandemic and shorten the time to economic and social recovery. The poorest and most vulnerable countries will likely be hit the hardest, and our teams around the world remain focused on country-level and regional solutions to address the ongoing crisis," Malpass said.

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