Amid Coronavirus pandemic hitting the global economy, the World Bank on Thursday, approved $1 billion emergency financial aid for India to combat the coronavirus outbreak, which has taken 2,069 people in its grip in the country and has claimed 53 lives so far.
“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,” the World Bank said.
It has approved total aid of $ 1.9 billion for 25 poor countries with the largest amount of assistance being given to India, followed by $ 200 million for Pakistan, $ 129 million for Sri Lanka, $100 million for Afghanistan and $ 83 million for Ethiopia.
After this first round of aid for 25 countries, now another round of relief packages to 40 other countries will be given.
The emergency resources would include money to purchase critical medical supplies such as masks and ventilators and the World Bank will lend its procurement expertise to help obtain these supplies on global markets.
World Bank President David Malpass and Managing Director of IMF Kristalina Georgieva are asking the G-20 countries to support instituting a 14-month pause in requiring the poorest countries to make debt repayments.
The World Bank said that the next step is to grant up to $160 billion assistance over the next 15 months to support measures against the global fight to arrest COVID-19 pandemic, focussing on immediate relief and bolster economic recovery.
According to Malpass, the proposal for financial aid was discussed at last week’s conference call with US President Donald Trump and other G-20 leaders and further approval would be taken when the World Bank’s policy panel, the Development Committee, holds a virtual meeting on April 17.
The Coronavirus pandemic has infected over one million people worldwide on Friday as the number rose to 1,016,128 and claimed 53,146 lives. Meanwhile, 328 coronavirus cases have been reported in the last 24 hours in India.