The World Bank Group will deploy $150 billion over the next 15 months to stimulate economic recovery in countries affected by the Coronavirus pandemic.
The fund is expected to shorten the economic recession timeline in countries affected by the Coronavirus-induced disruption of the global supply chains, slump in global crude oil prices, turmoil in global stock and financial markets, lockdown of large swaths movements of persons, among others.
President, World Bank Group, Malpass in his remarks from the G20 Finance Ministers conference call on the COVID-19 pandemic, said the difficulties of these times are mostly to be felt by the poor and vulnerable.
Malpass said the World Bank Group aims to provide prompt support during these crises, to alleviate the severe consequences on households’ livelihoods and business activities, and the said support would be based on the country’s need.