World Bank Group deploys largest aid response of over $157 bln for COVID-19 impact

world bank group deploys largest aid response of over 157 bln for covid 19 impact

Sumary of World Bank Group deploys largest aid response of over $157 bln for COVID-19 impact:

  • In response to the devastating impact of the coronavirus pandemic on developing countries, the World Bank Group (WBG) deployed more than $157 billion over the last 15 months, the Emirates News Agency (WAM) reported on Tuesday.
  • From April 2020 to the end of June 2021 the WBG sent countries around the world aid to tackle the economic, health and social impacts induced by the pandemic, WAM said.
  • Turkey’s economy entered its first recession in a decade, just weeks before President Recep Tayyip Erdogan’s government faces local elections.
  • (File photo: AFP) “Since the start of the pandemic, the World Bank Group has committed or mobilized a record $157 billion in new financing, an unprecedented level of support for an unprecedented crisis,” said World Bank Group President David Malpass, according to WAM.
  • In 2020, global extreme poverty experienced significant growth for the first time in over 20 years, pushing around 100 million into extreme poverty, WAM reported.
  • The global economy is now expected to expand by around 5.6 percent this year.

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