WB approves $160bn emergency aid to help world deal with COVID19 negative impacts.
The World Bank has approved 160 billion dollar emergency aid over 15 months.
Pakistan will get $200 million but India will remain the largest beneficiary with $ 1 billion out of it.
It will help countries deal with the impact of the global coronavirus pandemic.
WB approves $160bn emergency aid
The Bank said in a statement that its board approved the first set of fast-track crisis projects with an initial US $ 1.9 billion going to 25 countries.
It fiurther said the operations moving forward in another 40 nations.
Meanwhile, World Bank President David Malpass said our teams around the world remain focused on country-level and regional solutions to address the ongoing crisis.
He said this while talking to reporters in Washington.
Notably, India will be the largest beneficiary of the first wave of programs with a facility for $ 1 billion.
Pakistan will get $ 200 million and Afghanistan will get over $ 100 million.
Pakistan and others propose debt restructuring
Earlier, Pakistan government has been demanding debt restructuring due to pandemic’s negative impacts on developing countries.
WHO Director-General Tedros Adhanom Ghebreyesus also called it essential.
While addressing a virtual news conference in Geneva, he called debt relief essential for developing countries in order to enable them to take care of their people and avoid economic collapse in the wake of coronavirus pandemic.
Tedros also voiced deep concern about the rapid escalation and global spread of COVID-19 cases, which has now reached 205 countries and territories.
Besides, World Bank and the International Monetary Fund (IMF) backed debt relief to help developing countries cope with the pandemic’s social and economic consequences.
Meanwhile, Tedros also praised India’s $22.6bn economic stimulus plan.