• Advertise
  • Contact
GFH News
Ecobank Super Rewards
  • Home
  • Economy
  • Politics
  • Others
    • Security
    • Health
    • Metro/General News
    • Crime
    • Law/Judiciary
    • Entertainment
  • Contact
No Result
View All Result
  • Home
  • Economy
  • Politics
  • Others
    • Security
    • Health
    • Metro/General News
    • Crime
    • Law/Judiciary
    • Entertainment
  • Contact
No Result
View All Result
GFH News
No Result
View All Result
Home Economy

World Bank to have COVID-19 related projects in 100 countries by end of April

gfhnews.com by gfhnews.com
April 16, 2020
in Economy
0
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

The World Bank Group says it will have COVID-19-related projects in 100 countries by the end of April.

The Bank’s President,  David Malpass, said this in his remarks at the International Monetary and Financial Committee (IMFC) virtual meeting on Thursday.

Malpass said that the world bank had been focused on taking fast, broad-based action, especially for the poorest countries.

He said that the bank was taking steps to provide unprecedented financing to help countries respond to the crisis.

“We thank our shareholders for the capital and funding that you provided for IBRD, IDA, IFC, and MIGA. I invite and urge your early subscriptions.

“This will help materially with the COVID-19 response. We very much appreciate yesterday’s subscription by the United States, which increased the subscribed capital of IBRD by nearly 9.8 billion dollars.

“I strongly welcome the G20’s announcement yesterday to allow the IDA countries that request forbearance to suspend repayment of official bilateral credit on May 1.

”Having the commitment and agreement of all official creditors is a huge achievement, and I commend all involved.

“Kristalina and I championed the debt initiative, and we’re committed to taking all the possible steps to support it. Commercial creditors would be expected to provide comparable treatment,” he said.

According to him, the World Bank will be providing massively scaled up and frontloaded net transfers to IDA countries on highly concessional terms and the IMF has its own highly impactful initiatives.

“This is a powerful, fast-acting initiative that will bring real benefits to the people in poor countries.

Beneficiary countries will use the additional resources to respond to COVID-19 and will fully disclose their public sector financial commitments.

“The World Bank and IMF are being asked to monitor their disclosures and use of the fiscal space created by the debt relief,” he explained.

Malpass said this type of broad debt and investment transparency is a high priority for development and recovery from the crisis, especially urgent in the context of COVID-19, and the low-for-long interest rate environment.

The president noted that it was critical to create the principles of transparency that would reverse the huge capital outflow from developing countries and make debt and investment more productive.

He added that many difficult steps were needed to provide debt transparency and improve the quality of investment.

These, he said include disclosure of loan contract terms and payment schedules.

Malpass cited some others as full disclosure of the stock of public and publicly guaranteed debt, SOE liabilities, and debt-like instruments; and steps by borrowers to request relief from excessive confidentiality clauses in order to proceed with transparent data reporting.

Previous Post

COVID-19: Gov. Bagudu orders strict enforcement of border closure

Next Post

Lockdown: Police arrest 10 suspects over illegal road block in Abuja

gfhnews.com

gfhnews.com

Next Post

Lockdown: Police arrest 10 suspects over illegal road block in Abuja

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 121 Followers
  • 189k Subscribers
  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Nnamdi Kanu’s trial: Isi Agu cannot be worn in my court – Justice Nyako

Nnamdi Kanu’s trial: Isi Agu cannot be worn in my court – Justice Nyako

February 16, 2022
Army Chief  urges Reps to direct further enquiries on arms deals to past chiefs

BREAKING: Nigeria’s chief of army staff Ibrahim Attahiru killed in plane crash

May 21, 2021

VIDEO: Mazi Nnamdi Kanu having good times with girl who trapped him

June 30, 2021
Breaking: Farouk Lawan bags 7 years jail term for demanding $3m bribe from Femi Otedola

Breaking: Farouk Lawan bags 7 years jail term for demanding $3m bribe from Femi Otedola

June 22, 2021

Shaba Ibrahim, first person to bag SANship from kogi/Lokoja Federal Constituency.

3
Emir of Borgu charges Nigerians to be good ambassadors

Emir of Borgu charges Nigerians to be good ambassadors

3
Merck Foundation `More Than a Mother’ campaign against infertility, stigmatization – President

Merck Foundation to celebrate, mentor 2020 winners of More Than A Mother’ FASHION Awards – CEO

2
Infertility is a shared responsibility, couples should work together – Merck Foundation CEO

Infertility is a shared responsibility, couples should work together – Merck Foundation CEO

2
ASUU: Only workers captured by IPPIS will receive salaries, Buhari insists

National conference asks Buhari to protect anti-corruption legacy

March 26, 2023
BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

March 26, 2023

PEPSI TO THRILL FANS WITH AN OPPORTUNITY TO WIN AN ALL EXPENSE PAID TRIP TO THE UCL FINALS

March 24, 2023
PDP Suspends Fayose, Anyim And Others

PDP Suspends Fayose, Anyim And Others

March 23, 2023

Recent News

ASUU: Only workers captured by IPPIS will receive salaries, Buhari insists

National conference asks Buhari to protect anti-corruption legacy

March 26, 2023
BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

March 26, 2023

PEPSI TO THRILL FANS WITH AN OPPORTUNITY TO WIN AN ALL EXPENSE PAID TRIP TO THE UCL FINALS

March 24, 2023
PDP Suspends Fayose, Anyim And Others

PDP Suspends Fayose, Anyim And Others

March 23, 2023

GFH News is a Nigeria based online news platform that gives news on the go. Our team gather news from different sectors, locally and internationally, with fact checks.
Get the news as it breaks.

Browse by Category

  • Agriculture
  • Aviation
  • Banking
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • FACT CHECK
  • Feature
  • Foreign
  • Health
  • Holiday
  • Infrastructure
  • Labour
  • Law/Judiciary
  • Metro/General News
  • Mining
  • Oil&gas
  • Politics
  • Religion
  • Science
  • Security
  • Sports
  • Technology
  • Terrorism
  • Tourism
  • Trade
  • Tragedy
  • Transportation
  • Travel
  • Uncategorized
  • Wildlife
  • work

Recent News

ASUU: Only workers captured by IPPIS will receive salaries, Buhari insists

National conference asks Buhari to protect anti-corruption legacy

March 26, 2023
BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

March 26, 2023
  • Advertise
  • Contact

© 2020 GFH News

No Result
View All Result

© 2020 GFH News