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World Bank deploys $157bn to fight COVID-19 impacts

World Bank deploys $157bn to fight COVID-19 impacts

Mubasher: The World Bank Group has allocated more than $157 billion to face the health, economic, and social impacts of coronavirus (COVID-19) over the last 15 months, marking the largest crisis response in the bank's history.

This deployment came in response to COVID-19 which has severely affected millions of people in developing countries, according to a recent press release.

The bank's support from April 2020 to June 2021 represents a rise of more than 60% over the 15-month period prior to the pandemic.

From July 2020 to June 2021, the bank has deployed almost $110 billion or $84 billion excluding mobilisation, short-term financing, and recipient-executed trust funds.

Since the beginning of the pandemic, the World Bank has enabled countries to tackle the health emergency, foster health systems, protect the poor and vulnerable, support businesses, create jobs, and start a green, resilient, and inclusive recovery.

The global economy is forecast to expand 5.6% in 2021, following the COVID-19 repercussions in 2020, according to the bank.

While around 90% of advanced economies are expected to regain their pre-pandemic per capita income levels by 2022, only about one-third of emerging market and developing economies are predicted to witness the same.

The World Bank Group President, David Malpass, said: "The Bank Group has proven to be a rapid, innovative, and effective platform to support developing countries as they respond to the pandemic and strengthen resilience for future shocks."

Malpass added: "But we must do more still. I remain deeply concerned about limited availability of vaccines for developing countries, which are critical to save lives and livelihoods."