The World Bank: Tens of millions of people around the world will find themselves in extreme poverty due to the Coronavirus

Washington,(ST)-David Malpas the President of World Bank has announced that tens of millions of people around the world will find themselves in extreme poverty due to the Coruna epidemic.

“Our assessment is that up to 60 million people will find themselves driven into extreme poverty by this pandemic, which will eliminate all progress made to eradicate poverty in the past three years,” Malbas said in a conference call, according to Russia Today’s website. ”
“Today, we are announcing that the World Bank Group is now financing emergency programs in 100 countries –that’s home to 70% of the world’s population.”

This represents a significant milestone in the World Bank Group’s effort to deploy $160 billion dollars over a 15-month period. So this is a milestone in the $160 billion dollar that we have committed to. The programs are tailored to the countries to effectively respond to the health, economic and social shocks that that country are facing. The programs will reinforce healthcare systems; and also help procure vital life-saving medical equipment and supplies. And these programs contain mechanisms that allow other donors to rapidly expand the program. And we invite that. There can be co-financing, there can be additional donors parallel with these programs, so it is important that we note that the programs are expandable. And because of the breadth that means the interested donors and other multilateral banks can reach countries around the world.Malpas added.

Russia Today
Haifaa Mafalani