Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Coronavirus: World Bank unveils US$12 billion aid package to combat outbreak

Funds, some targeted at world’s poorest nations, can be used for medical equipment or health services. Virus concerns force IMF and World Bank to switch to virtual Spring Meetings

The World Bank unveiled a US$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 “recognise the extra burden on poor countries” least equipped in the struggle to prevent the spread of Covid-19.

The funds, some of which are targeted to the world’s poorest nations, can be used for medical equipment or health services and will include expertise and policy advice, the bank said in a statement.

The virus that erupted in central China in December has killed more than 3,000 worldwide and infected over 90,000 people.

Malpass said the money – US$8 billion of which is new – will go to countries that request help. The bank has been in contact with many member nations, but he did not specify which are likely to be the first to receive aid.

“The point is to move fast. Speed is needed to save lives,” he said in a conference call.

“We want to make the best use of the World Bank’s extensive resources and global expertise and the historical knowledge of crises,” he said, citing similar crisis funding to combat the Ebola and Zika outbreaks in recent years.

Meanwhile, citing concerns about the fast spread of the coronavirus, the World Bank and the International Monetary Fund said on Tuesday said they will adopt a “virtual format” for their Spring Meetings instead of convening in person in Washington.

The institutions’ Spring Meetings, scheduled this year for April 17-19, usually bring some 10,000 government officials, businesspeople, civil society representatives and journalists from across the globe to a tightly packed, two-block area of downtown Washington that houses their headquarters.

The institutions began considering the move, first reported by Reuters last week, as the disease continued to spread rapidly around the world.

The coronavirus outbreak is plunging the world economy into its worst downturn since the global financial crisis more than 10 years ago, the Organisation for Economic Cooperation and Development warned on Monday.

IMF Managing Director Kristalina Georgieva and World Bank President David Malpass said in a joint statement that their goal was to serve their membership effectively while ensuring the health and safety of participants and staff.

They said the institutions would leverage IT-related and virtual connection capabilities to hold essential policy consultations, while continuing to share IMF and World Bank analyses.

“With this adapted format, we are confident that our member countries will be able to effectively engage on pressing global economic issues at these Spring Meetings,” they said.

An IMF official said that one possible exception to the virtual meetings shift is that the 24-member International Monetary and Financial Committee – the Fund’s steering committee – may still meet face to face.

Details for the meeting are still being worked out, the official said. The equivalent panel at the World Bank, the Development Committee, is planning to meet in a virtual format, a World Bank spokesman said.

The rapid spread of the virus raised concerns inside the IMF and the World Bank that the close interactions among people from their 189 member countries at the Spring Meetings could inadvertently contribute to the problem.

After the September 11, 2001 attacks on New York and Washington, the IMF and World Bank cancelled their annual meetings scheduled for later that month in the US capital. The meetings were reconvened in November 2001 in Ottawa, Canada.

The by-laws of both institutions state that their annual meetings of boards of governors, normally held in the fall, must be held in person.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×