SAN FRANCISCO, October 14, (THEWILL) – The World Bank has approved $12 billion for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatments for their citizens.
In a statement by the President. David Malpas explains that aid is part of an overall package of up to 160 billion dollars through June 2021 to help developing countries fight the pandemic.
“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines. Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery”, Malpass added.
Global COVID-19 cases surpassed 38 million as of Tuesday night, with more than 1 million deaths recorded, according to a real-time data-tracking tool developed at Johns Hopkins University.
In its latest World Economic Outlook report released Tuesday, the International Monetary Fund (IMF) projected the global economy to contract by 4.4% in 2020. It warned that the ascent out of this crisis is likely to be “long, uneven, and highly uncertain.”
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“The virus is resurging with localized lockdowns being re-instituted. If this worsens and prospects for treatments and vaccines deteriorate, the toll on economic activity would be severe, and likely amplified by severe financial market turmoil,” IMF Chief Economist Gita Gopinath said at a virtual press conference.
On the upside, Gopinath noted, faster and more widespread availability of COVID-19 tests, treatments, vaccines, and additional policy stimulus can significantly improve the outlook.
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