Call From World Bank For Poorer Countries

Call From World Bank For Poorer Countries

World Bank President David Malpass said: "governments' commercial lenders also need to support efforts to ease the country's debt. As of this morning, the World Bank has funded coronavirus programs in 64 developing countries and by the end of April, we will increase that number to 100 countries". Malpass attended the Development Committee meeting, the World Bank said in a statement. World Bank President David Malpass, in his speech, predicted a major global recession due to the Coronavirus outbreak, and given the distortions in production, investment, and trade, this crisis was predicted to be greater than the one that took place in the 2008-2009 global financial crisis. David Malpass, the International Development Association (IDA), home to the majority of the world's population who live in extreme poverty, said their countries suffered the most from the outbreak. CALL FOR SUPPORT FOR POOR COUNTRIES David Malpass stated that the bank will provide $ 160 billion in financing assistance in the next 15 months through its resources and that $ 50 billion of that funding will be transferred to the International Development Association through grants and concessional loans. World Bank President Malpass also called on International Development Union countries to provide support, saying they were also pleased with the G20 support that helped suspend the repayment of the debts of poor countries from May 1. Underlining the importance of measures for debt relief for poor countries, David Malpass said: "the commercial lenders of governments also need to support efforts to ease the country's debt. "