Nearly 140 campaign groups and charities urged the IMF and World Bank, G20 governments and private creditors on Tuesday to help the world’s poorest countries through the coronavirus crisis by cancelling debt payments.
World Bank Group President David Malpass on Friday said the rapidly spreading COVID-19 pandemic was expected to cause a “major global recession” that would likely hit the poorest and most vulnerable countries the hardest.
The World Bank on Thursday said it had approved an initial $1.9 billion in emergency funds for coronavirus response operations in 25 developing countries, with more than half the aid earmarked to help fight the fast-spreading disease in India.
The coronavirus pandemic is putting increasing strains on emerging market economies, but the International Monetary Fund has sufficient resources to meet their needs for now, IMF officials said on Wednesday.
The World Bank has approved a $500 million education loan to Tanzania after years of delays because of concerns about the country’s policy of banning pregnant students from public schools.