In what he described as the largest and fastest crisis response in the Bank’s history, David Malpass, World Bank Group President, said the bank has provided emergency COVID-19 assistance to 100 developing countries, home to seventy percent of the world’s population.
In the wake of the pandemic, the World Bank pledged $160 billion in grants and financial support over a 15-month period, an initiative it says would “help developing countries respond to the health, social and economic impacts of COVID-19 and the economic shutdown in advanced countries.”
“The pandemic and shutdown of advanced economies could push as many as 60 million people into extreme poverty – erasing much of the recent progress made in poverty alleviation,” Malpass said at a media call in Washington on Tuesday.
Details reveal that while 39 of the hundred countries who got assistance are in sub-Saharan Africa, nearly one-third of the total projects are in fragile and conflict-affected situations including Afghanistan, Chad, Haiti, and Niger.
Mr. Malpass also highlighted the importance of transparency by governments. He said transparency in government expenditure and revenue was critical to recovery after the pandemic.
The World Bank President applauded countries participating in the debt payment service suspension programme for poor countries, initiated by the World Bank and the International Monetary Fund, and endorsed by the G20. However, Malpass expressed frustration at commercial creditors who still collect payment from poor countries.
“IDA (International Development Association) countries need to act quickly to take advantage of this initiative. It will free up resources for the major COVID-19 response and economic response that the countries need to take,” Malpass said.
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