World Bank announced recently that by June 2021, it would be donating over $50 billion in grants countries and individuals affected mostly by the COVID-19 Pandemic.
President of World Bank Group, David Malpass explained that the latest review of poverty data by the bank, revealed overwhelming inequality caused by outbreak of the virus.
He said the recession in advanced Nations is fair as when compared to developing and third world countries. However, extreme poverty may rise by 150 million people come 2021.
“To that effect, we launched health emergency programmes in 111 countries and donated grants to badly affected countries.
According to him, “World Bank will provide over $50 billion by June 2021 in grants or concessional credits.
“Our goals concerning debt relief in meetings held were clear, fiscal savings for poorest countries.
He expressed delight on the approved package of $12 billion as response in purchase of COVID-19 tests, treatments and vaccines.