World Bank plans $160b relief package • G20 leaders to inject $5tr into global economy

Posted on Mar 27, 2020

THE World Bank is finalising a package of coronavirus relief valued at up to $160 billion over the next 15 months. Its President David Malpass, said on Thursday.

Malpass said in a statement after a G20 leaders call on Thursday.

“The goals are to shorten the time to recovery, create conditions for growth, support small and medium enterprises, and help protect the poor and vulnerable,” he said.

He added that the health crisis hit close to home, as former World Bank U.S. Executive Director Carole Brookins has died of COVID-19, the disease caused by the coronavirus.

The World Bank earlier this month approved 14 billion dollars in loans and grants to bolster coronavirus medical responses, an amount that is included in the 160 billion dollars.

Malpass said the bank now has new COVID-19-related projects underway in 56 countries and is encouraging other multilateral development banks to co-finance follow-up tranches.

World Bank Group entities are restructuring existing projects in 24 countries to direct funds to the health emergency.