World Bank to roll out $160bn emergency aid over 15 months

The isolation facility at Mbagathi Hospital in Nairobi, Kenya. The World Bank has committed $60 million to Kenya to help the East African nation battle the COVID-19 outbreak. (Reuters)
Short Url
Updated 02 April 2020

World Bank to roll out $160bn emergency aid over 15 months

  • The board of the Washington-based development lender announced the first set of fast-track crisis funding, with an initial $1.9 billion going to projects in 25 countries
  • India will be the largest beneficiary of the first wave of programs with a facility for $1 billion, followed by Pakistan with $200 million and Afghanistan with a little over $100 million

WASHINGTON: The World Bank on Thursday approved a plan to roll out $160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic.
The board of the Washington-based development lender announced the first set of fast-track crisis funding, with an initial $1.9 billion going to projects in 25 countries, and operations moving forward in another 40 nations, the bank said in a statement.
“We are working to strengthen developing nations’ ability to respond to the COVID-19 pandemic and shorten the time to economic and social recovery,” said World Bank President David Malpass.
“The poorest and most vulnerable countries will likely be hit the hardest, and our teams around the world remain focused on country-level and regional solutions to address the ongoing crisis.”
The bank also is working to redeploy $1.7 billion of existing funding, including the use of “catastrophic drawdowns,” a type of emergency credit line.
India will be the largest beneficiary of the first wave of programs with a facility for $1 billion, followed by Pakistan with $200 million and Afghanistan with a little over $100 million, but funding is going to countries on nearly every continent, the bank said.
In addition, the World Bank’s private sector arm, the International Finance Corporation, is providing $8 billion in financing “to help private companies affected by the pandemic and preserve jobs.”


Greece readies revival of coronavirus-hit economy

Updated 04 June 2020

Greece readies revival of coronavirus-hit economy

  • Tourism accounts for around 20 percent of Greek gross domestic product
  • Greece desperately needs to attract visitors this year

ATHENS: Greece geared up Thursday to revive its tourism-dependent economy, which shrank in the first quarter owing to measures against the coronavirus, the Elstat data agency said.
Prime Minister Kyriakos Mitsotakis is to headline an event later in the day to unveil a national tourism campaign for the virus-shortened season.
He has already warned the country that the economy would fall into a “deep recession” this year before rebounding in 2021.
Tourism accounts for around 20 percent of Greek gross domestic product (GDP), so it is crucial that visitors be attracted back to the nation’s beaches and iconic island villages.
Toward that end, Greece has announced a ‘bridge phase’ between June 15 and 30, during which airports in Athens and Thessaloniki will receive regular passenger flights.
Other regional and island airports are to open on July 1.
Greece plans to impose a seven- to 14-day quarantine only on travelers from only the hardest-hit areas as identified by the European Union Aviation Safety Agency (EASA).
Sample tests will also be carried out at entry points for epidemiological purposes however.
Provisional data released by Elstat showed how important it is to get the tourism sector back on its feet.
GDP fell by 1.6 percent in the first quarter of 2020 compared with the previous three months, and by 0.9 percent year-on-year, the data showed.
But data for March alone showed that month was not as bad as expected, government spokesman Stelios Petsas told a press conference.
Now, “Greece is opening its gates to the world under safe conditions for tourism workers, for residents of tourism destinations and of course, for our visitors,” he said.
With fewer than 180 coronavirus deaths among 11 million residents, Greece seeks to market itself as a healthy holiday destination.
On Tuesday, Athens said it was suspending flights to and from Qatar until June 15 after 12 people on a flight from Doha tested positive for COVID-19.
Earlier Thursday, Greek media reported that a first batch of nearly 190 tests among residents of the Cycladic islands, one of Greece’s most popular destinations, had turned up negative.
The country desperately needs to attract visitors this year.
The latest finance ministry estimate suggests that for 2020 as a whole, business activity could drop by up to 13 percent from the level in 2019.
Between 2009 and 2018, Greece suffered its worst economic crisis in modern times, and had begun to slowly regain some of the lost ground before it was hit by the impact of coronavirus restrictions.
The country was shut down for six weeks, and the International Monetary Fund forecast in May that GDP would decline by 10 percent this year before growing by 5.5 percent in 2021.