Skip to content
October 30, 2026
  • Home
  • About us
  • Contact us
  • Newsletter
  • Privacy Policy
Political Economist

Political Economist

A liberal News reporting Politics, Sports, Business, Commentaries

  • Home
  • National News
    • Metro News
      • metro
    • Society
    • Crime and Justice
  • Special Reports
    • Investigation
    • Features
    • Interviews
  • Opinion
    • Commentaries
    • Perspectives
  • Press Releases
  • International News
  • Business & Economy
  • Politics
Watch Online
  • Home
  • International News
  • COVID-19: World Bank approves initial $1.9 bn in emergency funds 
  • International News

COVID-19: World Bank approves initial $1.9 bn in emergency funds 

Admin April 3, 2020
imf

IMF logo

The World Bank on Thursday said it had approved an initial $1.9 billion in emergency funds for coronavirus response operations in 25 developing countries, with more than half the aid earmarked to help fight the fast-spreading disease in India.

Action on projects in scores of emerging market countries is expected in the coming days and weeks, the World Bank said.

In addition, the bank said it was working to redeploy resources in existing World Bank financed projects worth up to $1.7 billion. The bank has said it is prepared to spend up to $160 billion over the next 15 months to combat the pandemic.

World Bank Group President David Malpass said the institutional lender was moving quickly to strengthen the ability of developing countries to respond to the virus, and shorten the time to economic and social recovery.

“The poorest and most vulnerable countries will likely be hit the hardest,” he said in a statement.

Malpass told reporters he was confident the bank and International Monetary Fund could make progress on their joint push for official bilateral creditors to allow the poorest countries to suspend debt service payments for 14 months beginning May 1.

Malpass said he was confident nearly all the Group of 20 major economies would support such debt relief.

“The reason that we’re going in this direction is because we think it’s doable … and it can be done quickly by the official bilateral creditors,” Malpass said.

He said Saudi Arabia and France were leading the effort within the G20 to achieve “common and equitable debt relief,” adding, “It works best if everyone participates.”

He said he and IMF Managing Director Kristalina Georgieva were inviting endorsement of their proposal during the institution’s virtual Spring Meetings in mid-April.

India, the third largest economy in Asia, will receive the largest share of the initial funding – $1 billion to support better screening for the virus, contact tracing and laboratory diagnostics; pay for personal protective equipment; and set up new isolation wards for those infected, the bank said.

The funds approved on Thursday also included $200 million for Pakistan, $129 million for Sri Lanka; $100 million for Afghanistan and $82.6 million for Ethiopia, the bank said.

Argentina, Cambodia, the Democratic Republic of Congo, Haiti, Kenya and Yemen, among others, will receive smaller amounts, the bank added.

It said it was also responding to widespread supply chain disruptions by helping countries obtain urgently needed medical supplies from suppliers in China and elsewhere.

  • Facebook
  • Share on X
  • LinkedIn
  • WhatsApp
  • Email
  • Copy Link
Tags: David Malpass IMF Kristalina Georgieva

Post navigation

Previous COVID-19: Govs seek suspension of all state deductions, restructuring of all debt service payments
Next COVID-19: Lagos State discharges 4 patients as confirmed cases rises to 190

Related Stories

Nigeria Demands Increased ICJ Funding, Advocates Financial Aid for Developing Nations in Legal Disputes Bianca Ojukwu
  • International News

Nigeria Demands Increased ICJ Funding, Advocates Financial Aid for Developing Nations in Legal Disputes

October 30, 2026
Putin woos African leaders, says Russia a better partner than ‘colonial’ West
  • International News

Putin woos African leaders, says Russia a better partner than ‘colonial’ West

October 28, 2026
West ​‌‌‌⁠‍‍⁠⁠‍‌‌‌⁠‍​‍​‌​African regulators seek unified fuel standards Taliban
  • Business & Economy
  • International News

West ​‌‌‌⁠‍‍⁠⁠‍‌‌‌⁠‍​‍​‌​African regulators seek unified fuel standards

October 26, 2026
logo

Political Economist is a liberal news magazine with global affiliations.

At Political Economist, we promote free enterprise and act as a catalyst for the growth of knowledge economy. We are proudly pan-Nigeria yet richly spiced with African and global news. We offer a fair and balanced news reportage presented by our team of well-heeled professional journalists. <

About us

  • 5 Olutosin Ajayi Street, By CPM Church, Ajao Estate, Lagos State, Nigeria
  • +234 805 680 1124
  • info@politicaleconomistng.com

Follow

Subscribe to notifications

You may have missed

Military rescues 349 kidnap victims, neutralises 217 terrorists in October onyeuko
  • National News

Military rescues 349 kidnap victims, neutralises 217 terrorists in October

October 30, 2026
NDLEA Waives Drug Test Fees for Ministry of Interior Job Applicants
  • National News

NDLEA Waives Drug Test Fees for Ministry of Interior Job Applicants

October 30, 2026
Troops ​‌‌‌⁠‍‍⁠⁠‍‌‍‌​⁠⁠‍‌‌​kill 48 ISWAP fighters, recover 52 firearms in Borno, Yobe Terrorists in Sambisa forest
  • National News

Troops ​‌‌‌⁠‍‍⁠⁠‍‌‍‌​⁠⁠‍‌‌​kill 48 ISWAP fighters, recover 52 firearms in Borno, Yobe

October 30, 2026
A’Ibom: 3,264 criminal, Civil Cases Pending in Courts, AG Cites Executioner Shortage in Death Penalty Delays Umo Bassey Eno
  • metro

A’Ibom: 3,264 criminal, Civil Cases Pending in Courts, AG Cites Executioner Shortage in Death Penalty Delays

October 30, 2026
  • Home
  • About us
  • Contact us
  • Newsletter
  • Privacy Policy
Copyright © All rights reserved. | DarkNews by AF themes.