US$12b COVID-19 aid pledged to Caribbean
WASHINGTON (CMC):
CARIBBEAN COUNTRIES affected by the deadly novel coronavirus (COVID19) could benefit from a multibillion-dollar aid package announced by the World Bank Group.
The Washington-based financial group said that as COVID-19 continued to affect a number of countries globally, it was making available an initial package of up to US$12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak. It said this financing is designed to help member countries take effective action to respond to, and lessen, the tragic impacts posed by COVID-19.
CARIBBEAN CASES
Last weekend, three Caribbean countries, including the Dominican Republic, announced that they had recorded cases of the virus that has killed more than 3,000 people mainly in China, South Korea, Japan, and the United States.
Caribbean Community (CARICOM) countries have since agreed to establish an expanded Bureau of Heads of Government to continue discussions with the travel and tourist industry, regional and international financial institutions, as well as the private sector “with respect to the marshalling of resources to augment the region’s capacity to deal with a possible outbreak”.
The World Bank said that through this new fast-track package, it would help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies.
The financial package will be globally coordinated to support country-based responses.
The COVID-19 support package will make available initial crisis resources of up to US$12 billion in financing, US8 billion of which is new.
“We are working to provide a fast, flexible response based on developing-country needs in dealing with the spread of COVID-19,” said World Bank Group President David Malpass.
“This includes emergency financing, policy advice, and technical assistance, building on the World Bank Group’s existing instruments, and expertise to help countries respond to the crisis.”
The financial package will provide grants and low-interest loans from IDA for low-income countries and loans from IBRD for middleincome countries, using all of the bank’s operational instruments with processing accelerated on a fast-track basis. International Finance Corporation, the World Bank Group’s private-sector arm, will provide its clients with the necessary support to continue operating and to sustain jobs.