World Bank to grant Pakistan $200 million to fight corona virus. It is to combat and to take timely action to respond to COVID-19 coronavirus.
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The money will be transfer to Pakistan by the World Bank Fast-Track support for COVID-19 program.
The World Bank approved a $200 million loan to Pakistan to assess the damage caused by the Coronavirus. The purpose of granting the loan is to help Pakistan to strengthen health care facilities. This support will also draw an extra $38 million from eight existing projects for urgently needed medical equipment and supplies.
“The World Bank is ramping up its support to Pakistan and its people to fight the spread of COVID-19 in the country,” says Illango Patchamuthu, World Bank Country Director for Pakistan.
According to sources, the World Bank will provide this support of $200 million to Pakistan in May 2020. For this money, the government will first estimate the total damage caused by Corona virus. For this purpose, registration of citizens is in process with regards to their health, education, profession and other information.
Overall, the economic condition tells that Corona virus poses dangers to Pakistan’s economy. Further, a number of businesses are not operational as the virus forces people to observe lock down, social isolation and other measures. This forces them to stop any operational activities in all economic sectors.
The government realized this situation. Recently, partial lock down is over. This step ensures livelihood and economic activity for small and medium level enterprises as well as laborers and general public.
Thus, it is principally decided that World Bank to grant Pakistan $200 million to fight corona virus.
Pakistan has been a member of the World Bank since 1950. Since then, the World Bank has provided $40 billion in assistance.