World Bank announces up to $12 billion in immediate fund for coronavirus



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World Bank announces up to $12 billion in immediate fund for coronavirus

On Tuesday, the 3rd of March 2020, the Washington DC-based world’s largest lender for developing and emerging economies, the World Bank had issued a statement saying that it had allotted a stark sum of $12 billion which would be distributed immediately to assist the coronavirus-hit countries to cope up with a clattering wave of healthcare and financial fallouts stemmed off the virus outbreak which had spread in to more than 60 countries as of Tuesday (March 3rd), fulfilling every criterion of a global-scale pandemic though the WHO had yet to call it a pandemic what analysts said an attempt to prevent an en masse panic attack among the virus-hit nations.

Meanwhile, adding that there had been “many unknown” factors regarding the virus outbreak’s financial fallouts and much more monetary stimulus might be required over the coming weeks, World Bank President, David Malpass said in a statement on Tuesday (March 3rd), “We’re announcing today an initial package of immediate support that will make available up to $12 billion to respond to country requests for crisis financing of their immediate needs and also to lessen the tragic impacts of the crisis”.

Besides, shortly after the World Bank announcement, in a teleconference with the reporters, Malpass said, “The point is to move fast; speed is needed to save lives. There are scenarios where much more resources may be required. We’ll adapt our approach and resources as needed. ”