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World Bank will allocate up to $ 12 billion to fight against coronavirus

US, WASHINGTON (NEWS OBSERVATORY) — The World Bank on Tuesday said it would immediately provide up to $ 12 billion to help countries struggling with the effects of the coronavirus epidemic, which quickly spread from China to about 80 countries.

World Bank President David Malpas said that “a lot of unknowns” remain around the rapidly spreading coronavirus and may require “much more” help, but declined to reveal details.

The World Health Organization (WHO) on Tuesday warned of a global lack of protective equipment to fight the virus and overpricing amid rising death toll.

The Federal Reserve urgently cut rates on Tuesday to try to prevent a global recession, and G7 officials said they were ready to take fiscal and monetary stimulus measures if necessary.

Melpas called on countries to coordinate actions on

regional and international level.

“The bottom line is to act quickly; speed is needed to save lives, ”he said during a teleconference with reporters.

“There are scenarios where much more resources may be required. We will adjust our approach and resources as necessary.”

International Bank Development Association, which helps the world’s poorest countries can also get additional funds in the second quarter of 2020, if any emergency financing mechanism launched, which is not yet happened, said Malpas.

The World Bank reported grants of $ 12 billion, low-interest loans and borrowings will help developing countries provide better access to health services, strengthen surveillance and support health interventions, and work with the private sector to reduce the economic impact of the virus.

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Article is written and prepared by our foreign editors from different countries around the world – material edited and published by News Observatory staff in our US newsroom.