WASHINGTON, July 10, 2020 – As people in developing countries around the world faced multiple crises, including the COVID-19 pandemic, the World Bank Group worked to respond quickly with technical and policy advice, and scaled up financing targeted to the poor and towards improving development outcomes. World Bank Group support rapidly adjusted to help countries fight the pandemic by focusing on four priorities: saving lives threatened by the pandemic; protecting the poor and vulnerable; securing the foundations of the economy to shorten the time to recovery; and strengthening policies and institutions for resilience based on transparent and sustainable debt and investments. To support these emergency programs, World Bank Group financing was significantly scaled up, reaching $74 billion in commitments.
Financing deployed, together with technical and policy advice and analytical support, is helping countries address health and economic impacts of the pandemic, maintaining countries’ private sector, aiding nations with food insecurity due to locust swarms in Africa and the Middle East, and combating widening inequality, among other key priorities.
“As developing countries face an unprecedented health, social and economic crisis that is jeopardizing decades of development progress, we have been working intensely on fast, broad actions to limit the harm and help countries prepare for recovery so they can rebuild better and stronger than before,” said World Bank Group President David Malpass. “We’ve been focused on helping countries overcome the pandemic with programs that reinforce healthcare systems, protect the poorest households, maintain the foundations of the economy, fight inequality and ensure a resilient and sustainable recovery.”