New Delhi, May 15: World Bank announced USD 1 billion social protection package for India linked to Govt of India programmes. The package was announced in the wake of the rising coronavirus cases across the country. In April, the World Bank approved a plan to roll out $160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic.
Junaid Ahmad, World Bank Country Director for India said that social distancing has led to a slowdown of the economy. "Govt of India has focused on Garib Kalyan Yojna to help protect the poor and vulnerable as a bridge between health interventions are happening and where the economy can be revived", he said.
India's coronavirus count crossed the grim milestone of 81,000 on Friday. According to data released by the Union Ministry of Health and Family Welfare, 3,967 new COVID-19 patients and 100 fatalities were reported in the past 24 hours. The total cases in the country have reached 81,970, with 2,649 deaths. World Bank to Roll Out USD 160 Billion Emergency Aid to Help Countries Deal With COVID-19 Pandemic, India to Be Largest Beneficiary in First Wave of Programs.
World Bank Announces $1 Billion Social Protection Package For India:
World Bank announces USD 1 billion social protection package for India linked to Govt of India programmes. pic.twitter.com/a1YpTpAt1O
— ANI (@ANI) May 15, 2020
World Bank had mentioned earlier that India will be the largest beneficiary of the first wave of programs with a facility for $1 billion, followed by Pakistan with $200 million and Afghanistan with a little over $100 million, but funding is going to countries on nearly every continent. In order to help private companies overcome the impact of coronavirus, International Finance Corporation, provided $8 billion in financing amid the pandemic to preserve jobs.
(The above story first appeared on LatestLY on May 15, 2020 10:57 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).