COVID-19 Fallout: 60 Million People Face Extreme Poverty, Says World Bank
The World Bank defines extreme poverty as living on $1.90 or less per person per day.
According to him, from the beginning what the World Bank Group’s goal was to provide rapid, flexible responses to developing countries. “That’s a way we can protect the poorest, by providing cash and other expandable support on debt, also to maintain the private sector and bolster the economic recovery”, said Malpass. “Today, we are announcing that the World Bank Group is now financing emergency programs in 100 countries –that’s home to 70% of the world’s population”, Malpass remarked. This represents a significant milestone in the World Bank Group’s effort to deploy $160 billion dollars over a 15-month period, he said.
“The programs are tailored to the countries to effectively respond to the health, economic and social shocks that that they are facing. The programs will reinforce healthcare systems; and also help procure vital life-saving medical equipment and supplies. And these programs contain mechanisms that allow other donors to rapidly expand the program. And we invite that, said Malpass. “Added to this, there are the billions of dollars that were fast-tracked by the IFC and MIGA, the parts of the World Bank, to help maintain the private sector. The programs are going to work to mitigate corruption. “Transparency is a key step in creating resilience and recovery after the crisis, that’s transparency in terms of government debt, in terms of government investment, in terms of contracts and expenditures and tax collection. Those are all critical in having a strong recovery on the other side of the crisis” said Malpass.
The current #COVID19 crisis could erase recent progress made in poverty alleviation. @DavidMalpassWBG lays out @WorldBank’s plan to help countries get on the path to economic resilience and recovery: https://t.co/OKkGcNJR3E pic.twitter.com/r308SO1mkU— World Bank (@WorldBank) May 19, 2020