Amid Multiple Crises, World Bank Group Refocuses Programs and Increases Financing to $74 billion in Fiscal Year 2020

WASHINGTON, July 10, 2020 – As people in developing countries around the world faced multiple crises, including the COVID-19 pandemic, the World Bank Group worked to respond quickly with technical and policy advice, and scaled up financing targeted to the poor and towards improving development outcomes. World Bank Group support rapidly adjusted to help countries fight the pandemic by focusing on four priorities: saving lives threatened by the pandemic; protecting the poor and vulnerable; securing the foundations of the economy to shorten the time to recovery; and strengthening policies and institutions for resilience based on transparent and sustainable debt and investments. To support these emergency programs, World Bank Group financing was significantly scaled up, reaching $74 billion in commitments.

Financing deployed, together with technical and policy advice and analytical support, is helping countries address health and economic impacts of the pandemic, maintaining countries’ private sector, aiding nations with food insecurity due to locust swarms in Africa and the Middle East, and combating widening inequality, among other key priorities.

More…https://www.worldbank.org/en/news/press-release/2020/07/10/amid-multiple-crises-world-bank-group-refocuses-programs-and-increases-financing-to-74-billion-in-fiscal-year-2020

Written by The World Bank