World Bank board approves US$12 billion in combating COVID-19


World Bank to give out US$12 billion to help developing countries

In view of the seriousness of the global pandemic and its lasting impacts, the World Bank Group revealed yesterday (13th October) that its executive board had approved US$12 billion (RM49.7 billion) to aid the purchase, distribution and treatment of Covid-19 vaccines. Out of the total US$12 billion, $8 billion (RM33.2 billion) will be given out on a fast track basis to provide immediate and effective action. The money is part of the World Bank Group (WBG) package that the World Bank has developed to help low-and-middle-income countries in their fight against the novel coronavirus pandemic. The overall World Bank Group (WBG) package entails financial support up to US$160 billion in total resources through June 2021. The financing approval came as no surprise as the World Bank President had announced the project in late September this year.

The money is part of the World Bank Group (WBG) package to help low-and-middle-income countries

The World Bank has been in contact with numerous member countries that requested for help. Nevertheless, the executive board did not reveal which countries would be among the first to receive aid. It is understandable that there will be strong demand and for COVID-19 vaccines in developing countries as they are most vulnerable in face of the pandemic. Moreover, these countries are often the least equipped in terms of medical advancement.

The main objectives of the latest financing program from the World Bank

An official statement said the latest financial support by the World Bank will be able to help over a billion people.

World Bank Group President David Malpass said that the financing package is essential in facilitating the process of research into the Covid-19 pandemic and boosting the pharmaceutical industry in developing countries. The financing program includes technical support to recipient countries so they can prepare for deploying vaccines at scale.

On top of that, the latest financing package would also provide the organization’s medical expertise and historical knowledge of crises. The World Bank has extensive knowledge in crisis funding with previous financing programs to combat Ebola and Zika outbreaks. Besides, a portion of the funds will go to expanding the immunization capacity and strengthen disease surveillance. The package also includes working with the private sector and helping health systems deploy the vaccines effectively.

Even as vaccines have yet to appear on the market, it was essential to prepare because of the complicated vaccine distribution process.

Moreover, he also believed that prompt delivery, vaccines would help developing countries that are currently experiencing financial difficulties. In the long run, citizens in these countries will have access to safe and effective Covid-19 vaccines.

Researchers worldwide are working around the clock to find a vaccine against SARS-CoV-2, the virus causing the COVID-19 pandemic

Lasting economic ramifications due to Covid-19 pandemic

The Organization for Economic Cooperation and Development (OECD) warned on Monday (12th October) that Covid-19 is hurting the world economy. The economy globally is recording its worst performance since the global financial crisis more than 10 years ago.


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