Zim gets US$7m lifeline from World Bank
ZIMBABWE will get US$ 7 million from the World Bank to fight the coronavirus pandemic despite being in arrears with the Washington-based lender.
The lender will mobilise US$ 5 million from its Global Financing Facility Trust Fund to support the nation’s health response to the outbreak and redirect about US$ 2 million from its ongoing Zimbabwe Idai Recovery Project to support affected communities, a World Bank spokesperson said in an emailed response to questions.
Information, Publicity and Broadcasting Services Secretary Mr Nick Mangwana last night commented on the development saying the fight against Covid-19 was an international fight, which was not won if any country still had a problem. This is because the virus does not respect political frontiers.
“It’s a good thing that the World Bank has recognised that and is going to help capacitate Zimbabwe’s readiness to play its part in defeating the pandemic. These are unusual times, which cannot be treated by any institution as ordinary circumstances. We are glad everyone is beginning to recognise that,” he said.
The support will come from the bank’s trust funds and partners because Zimbabwe is not current on its debt-service obligations with the institution and therefore can’t access funds through its regular financing channels, the lender said.
“We recognise this is a global crisis that impacts every country and we cannot leave anyone behind,” the World Bank said. Its existing multi-donor Zimbabwe Reconstruction Fund technical assistance programme is also now focused on supporting the Government’s emergency-response efforts, it said.
Finance Minister Professor Mthuli Ncube wrote to multilateral lenders, including the International Monetary Fund, seeking assistance on April 2.
The World Bank joins the growing list of international organisations such as the European Union and African Union, corporates, humanitarian organisations and countries that have rendered assistance to Zimbabwe towards the fight to contain Covid19. — Bloomberg/Herald Reporter.