Coronavirus: World Bank to soon support selected countries with $14 billion

Coronavirus: World Bank to soon support selected countries with $14 billion

- Two countries, Ethiopia and Afghanistan, are set to receive funding from the World Bank to fight the coronavirus

- 14 other countries have also been identified as needing support and would receive funds set aside for relief purposes

- The support would come from a $14 billion Fast Track Facility (FTF) which was approved a week ago

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The World Bank has taken steps to approve a package to help some countries recover from the effects of the coronavirus.

The countries to benefit from the initial package include Ethiopia and Afghanistan, the president of the bank, David Malpass, revealed on Sunday, March 22, 2020.

He indicated that projects in the two countries were the most advanced and 14 other countries would also be considered for funding.

READ ALSO: Coronavirus: Africa's finance ministers request for $100 billion package and tax holidays

According to Malpass, the funds would be sourced from a $14 billion Fast Track Facility (FTF) that was approved a week ago.

The plan is to fall on the approved funds to help countries deal with the health and economic implications of the coronavirus, reports.

He noted that the Bank’s officials were in close contact with the finance ministers as well as the leaders of the central banks from around the world to discuss their challenges and respond to the crisis.

Fresh reports show that the coronavirus has affected over 305,000 all over the world and led to the loss of over 13,000 lives, per a tally by Reuters.

Meanwhile, the International Monetary Fund (IMF) has acknowledged receipt of Ghana’s request for financial support to deal with the coronavirus.

On Tuesday, March 24, 2020, IMF’s African Department Director, Abebe Aemro, revealed that Ghana has requested for a Rapid Credit Facility (RCF) to help deal with the economic effects of the outbreak.

Abebe noted that the IMF is currently evaluating the request and would soon present it before the Executive Board for consideration.

The RCF gives immediate concessional financial assistance with limited conditionality to low-income countries that face an urgent balance of payment need.

READ ALSO: Bank of Ghana warns banks and financial institutions against the use of liquid funds to purchase T-Bills

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