World Bank pledges $12bn in emergency aid to fight coronavirus

World Bank pledges $12bn in emergency aid to fight coronavirus
There are fears the slowdown from the outbreak could tip countries into recession. Source: Getty Images
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Daily US Times: The World Bank has committed $12bn in aid for developing countries grappling with the coronavirus spread.

The emergency package includes low-cost grants and technical assistance and is intended to help countries improve their public health response to the crisis, as well as work with the private sector to reduce the economic impact. The cation comes as world leaders pledge to shield their countries from the economic impact of the outbreak.

World Bank President David Malpass said his organization is trying to limit the transmission of the disease.

Half of the money will come from the bank’s International Finance Corporation, which works with the private sector, while about $4bn of the $12bn is being shifted from previously available funds.

More than 92,000 coronavirus cases have been confirmed worldwide of which 80,000 are in mainland China. The country is the epicenter of the outbreak.

So far, more than 3,000 people have died by the virus, mostly in China.

New infections and death rates have been declining in China in recent weeks because of drastic quarantine measures. The country on Wednesday reported 38 more deaths but a fall in fresh cases for a third consecutive day.

But tension rises across the globe as number of reported cases and deaths have been sharply rising. South Korea remains the worst-hit country outside China.

On Wednesday, South Korea reported 516 new confirmed infections, bringing the total to 5,328 with death toll stands at 33.

Mr Malpass said in a conference with reporters, ”The point is to move fast; speed is needed to save lives. There are scenarios where many more resources may be required. We’ll adapt our approach and resources as needed.”

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