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WASHINGTON, United States (AFP) — Latin America and the Caribbean will suffer the worst economic and health impact from the coronavirus, the World Bank said Friday, forecasting a nearly 8.0 percent drop in regional GDP. “Our region is suffering the worst economic and health impacts of Covid-19 of anywhere in the world,” according to Carlos Felipe Jaramillo, the Bank’s regional vice president. He said the findings in the report “calls for clarity on how […]
WASHINGTON, United States (AFP) — The World Bank on Tuesday said it has asked its board of directors to approve $12 billion to help poor countries purchase and distribute eventual vaccines against Covid-19. The bank has already implemented emergency response programs in 111 countries and the extra money, if approved, would be aimed at low- and middle-income countries. “An effective and safe Covid-19 vaccine is the most promising path forward for the world to reopen […]
Numbers could go higher if pandemic drags on by Heather SCOTT Agence France Presse WASHINGTON, United States (AFP) — The coronavirus pandemic may have driven as many as 100 million people back into extreme poverty, World Bank President David Malpass warned Thursday. The Washington-based development lender previously estimated that 60 million people would fall into extreme poverty due to COVID-19, but the new estimate puts the deterioration at 70 to 100 million, and he […]
WASHINGTON, United States (AFP) — Global economic growth could rebound next year — but the number of people living in extreme poverty is expected to remain unchanged after a huge surge this year due to the coronavirus pandemic, the World Bank warned Tuesday. The projection came after the Washington-based development lender said Monday the pandemic could drive between 70 and 100 million people into extreme poverty in 2020 as the global economy faces its worst […]
(Eagle News)–The World Bank has approved a $100-million loan for the Philippines’ COVID-19 Emergency Response Project. “The government has taken quick and decisive action in the fight against the COVID-19 pandemic and the World Bank is proud to support its efforts. Right now, no other investment offers greater return,” Achim Fock, World Bank country director for Brunei, Malaysia, Philippines and Thailand, said in a statement on Thursday, April 23. The COVID-19 Emergency Response project, which […]
(Eagle News) — The World Bank on Friday, April 10, approved a $500-million loan to boost the Philippines’ capacity to “support urgent needs created by the COVID-19 crisis.” In a statement, the World Bank said its board of executive directors approved the Third Risk Management Development Policy Loan” also to help the Philippines “address disaster risks, respond to and recover from natural disasters.” “The World Bank is committed to supporting efforts to strengthen the Philippines’ […]
(Eagle News)–Finance Secretary Sonny Dominguez on Thursday, April 9, said he was eyeing a $5.6-billion loan from the World Bank and the Asian Development Bank to help boost the Philippine economy amid the coronavirus disease 2019 pandemic. According to Dominguez, “kung kulang pa, we will probably be going sa commercial market.” “We are confident we have the financial capability to bridge this problem that COVID-19 has brought us,” he said, assuring the public that “at […]
(Eagle News) — The World Bank has allotted US$100-million fast-track loan to the Philippine government for the procurement of personal protective equipment for (PPE) for health care workers, and other equipment needed to contain the spread of the coronavirus disease in the country. The $100 million aid to the Philippines to fight COVID-19 will help the Department of Health in the procurement also of testing and laboratory materials, quarantine areas, isolation rooms and other […]
WASHINGTON, United States (AFP) — The World Bank unveiled a $12 billion aid package on Tuesday that will provide fast-track funds to help countries combat the coronavirus outbreak. “The goal is to provide fast, effective action that responds to country needs,” World Bank President David Malpass told reporters. He said it is critical to “recognize the extra burden on poor countries” least equipped in the struggle to prevent the spread of the COVID-19 virus. The […]
by Heather SCOTT WASHINGTON, United States (AFP) — Recovery in a handful of countries will boost global growth slightly this year but the outlook is riddled with potential pitfalls that could derail this tepid upswing, the World Bank cautioned Wednesday. A renewal of trade tensions, which eased recently with announcement of an initial agreement between the United States and China, would erode the modest progress and could spread quickly beyond the two economic powers. In […]
by Heather SCOTT Agence France Presse A wave of debt in emerging and developing nations has grown faster and larger than in any period of the last five decades and could end with another crisis, the World Bank warned Thursday. And if the wave breaks, it could be more damaging since it would engulf private companies in addition to governments, at a time when economic growth is sluggish, according to a new report that […]
(Eagle News) — The Philippines inked on Thursday, Dec. 19, a $400-million loan accord with the World Bank, which represented the first tranche of a three-part financing package that aims to further boost the country’s competitiveness and fiscal sustainability amid the threat of climate change. Finance Secretary Carlos Dominguez III, on behalf of the Philippine government, and acting Country Director Achim Fock, representing the World Bank, signed the agreement for the development policy loan on […]
