COVID-19: World Bank Plans to Spend $150bn in 15 Months

• COVID-19: World Bank Plans to Spend $150bn in 15 Months

In a bid to curtail the impact of the fast-spreading coronavirus on the global economy, the World Bank Group has expressed its readiness to spend around $150 billion over the next 15 months to help ease the impact of the virus on nations and aid recovery process.

The pandemic had disrupted global supply chains, plunged oil prices, weighed on global stocks and financial markets amid massive global lockdowns of persons in many nations.

David Malpass, President, the World Bank Group, who spoke on the COVID-19 pandemic during the G20 Finance Ministers conference call, said: “We are working to provide a fast response, utilizing all our available instruments.

“Countries need to move fast to boost health spending, strengthen social safety nets, support the private sector and counter financial-market disruption.”

Malpass said the group’s first goal is to provide support for nations in need during the crisis.

He, however, said “Countries will need to implement structural reforms to help shorten the time to recovery and create confidence that the recovery can be strong.

He added, “For those countries that have excessive regulations, subsidies, licensing regimes, trade protection or litigiousness as obstacles, we will work with them to foster markets, choice and faster growth prospects during the recovery.

“The resources to address the problems I’ve discussed are substantial. The World Bank Group, including International Finance Corporation and Multilateral Investment Guarantee Agency, could deploy as much as $150bn over the next 15 months.”