Economy Top Stories

World Bank Group deploys $157 bn to fight
Covid-19 pandemic

The world economy is expected to grow by 5.6% in 2021

In what might be one of the largest crisis responses in history, the World Bank Group has deployed $157 billion to fight Covid-19 which will help the global economy to grow by 5.6 percent in 2021, according to media reports. The amount will go to fight the impact of the Covid-19 pandemic on health, economic and social fronts during the past 15 months.

Since the beginning of the pandemic, the World Bank Group has assisted countries to address the challenges faced by the healthcare sector, strengthen the health infrastructure, protect the poor and vulnerable, help keep businesses afloat, and also create job at the time of dire need.

The organisation revealed the news of its critical financing came just a few days after the International Monetary Fund announced the news of a similar decision by investing a $650 billion expansion in resources to support economically vulnerable nations to fight Covid-19.

World Bank Group President David Malpass told the media, “We will continue to provide critical assistance to developing countries through this ongoing pandemic to help achieve a more broad-based economic recovery.”

He also mentioned that the World Bank Group has proven to be a rapid, innovative, and effective platform to support developing countries as they respond to the pandemic and strengthen resilience for future shocks.

Malpass also mentioned that he still wants to do more and that he is still deeply concerned about the limited availability of vaccines, especially when they are critical in saving lives, especially in developing countries.

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