World Bank Group deploys over $157 billion to fight coronavirus

SourceSaudi Gazette
SectorFinancial Services
CountryMiddle east

WASHINGTON — In response to COVID-19 severely damaging the lives and livelihoods of millions of people in developing countries, the World Bank Group deployed over $157 billion to fight the pandemic’s health, economic, and social impacts over the last 15 months between April 1, 2020, to June 30, 2021. This is the largest crisis response of any such period in the Bank Group’s history and represents an increase of more than 60 percent over the 15-month period prior to the pandemic. Bank Group commitments and mobilizations in the fiscal year 2021 alone (July 1, 2020–June 30, 2021) amounted to almost $110 billion (or $84 billion excluding mobilization, short-term financing, and recipient-executed trust funds).

Since the start of the pandemic, the Bank Group supported countries to address the health emergency, strengthen health systems, protect the poor and vulnerable, support businesses, create jobs and jump-start a green, resilient, and inclusive recovery. Following last year’s COVID-related economic deterioration, the global economy is expected to expand 5.6 percent in 2021. Thus far, the recovery is uneven and many of the world’s poorest countries are being left behind. While about 90 percent of advanced economies are expected to regain their pre-pandemic per capita income levels more...