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COVID-19 Could Push Over 60 Million People Into Exreme Poverty

COVID-19 Could Push Over 60 Million People Into Exreme Poverty”

To help combat the deadly virus, the World Bank has offered financing emergency programs in 100 countries.

Last month, the World Bank speculated that roughly 49 million people would be pushed into extreme poverty, with the worldwide financial institution defining "extreme poverty" as "living on less than $1.90 per day". The Bank Group's health response addresses emergency containment and mitigation needs for COVID-19, including strengthening countries' health systems to treat severe cases and save lives.

"The epidemic and the closure of developed economies will put more than 60 million people in a quagmire of poverty", World Bank President David Malpos told reporters in a conference call.

As a part of its coronavirus response, the World Bank launched a massive emergency aid program that has so far reached 100 developing countries.

The World Bank Last month it estimated that people in sub-Saharan Africa would be more vulnerable.

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The statement explained that since March, the World Bank Group had rapidly delivered record levels of support in order to help countries protect the poor and vulnerable, reinforce health systems, maintain the private sector, and bolster economic recovery.

"Nations should move quickly to substantially increase the transparency of all their governments' financial commitments. This will increase the confidence in the investment climate".

It said almost one-third of the total projects are in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti, and Niger and that the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) have also fast-tracked support to businesses in developing countries, including trade finance and working capital to maintain private sectors, jobs and livelihoods.

The World Bank has spent US$5.5 billion to shore up beleaguered health systems, economies and social services in poor countries. It said that disbursements already underway include a 20-million-U.S. -dollar IDA grant for Haiti, 20 million USA dollars to Senegal and 35 million US dollars to Ghana. A $20 million IDA grant was approved for Haiti that aims to enhance testing, minimize spread through contact tracing of confirmed cases, and provide laboratory and protective equipment for health care staff. These safety nets will need to be augmented with safe, direct food distribution, accompanied by key information on nutrition, social distancing, and hygiene.

The group said the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) have also fast-tracked support to businesses in developing countries, including trade finance and working capital to maintain private sectors, jobs and livelihoods. Close to 300 clients have requested support, and the facility may be oversubscribed. Currently, 39 of the World Bank's 100 target countries are there, and at least 23 million residents of the region are projected to be heading for extreme poverty because of the coronavirus outbreak.



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