Coronavirus: IMF, World Bank intervene, as UN releases US$15m in aid to vulnerable countries

World Bank approves $12bn for developing countries to buy COVID-19 vaccines, treatments

By PHILIP IKPONKO, Abuja –

As Coronavirus continues to spread across the globe, the International Monetary Fund (IMF) and The World Bank have intervened with assurances of their readiness to help countries deal with the financial and health effects of the epidemic, also known as COVID-19.

This assurance coincides with the announcement by the World Health Organisation (WHO), that the United Nations (UN) has released US$15 million from the Central Emergency Response Fund (CERF) to help fund global efforts to contain the COVID-19 virus.

Both IMF and the World Bank said in a joint statement on Monday: “we are engaged actively with international institutions and country authorities, with special attention to poor countries where health systems are the weakest and people are most vulnerable.

“We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance. The strengthening of country health surveillance and response systems is crucial to contain the spread of this and any future outbreaks.”

The statement, signed by IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass reads: “The IMF and the World Bank Group stand ready to help our member countries address the human tragedy and economic challenge posed by the COVID-19 virus. We are engaged actively with international institutions and country authorities, with special attention to poor countries where health systems are the weakest and people are most vulnerable.

“We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance. In particular, we have rapid financing facilities that, collectively, can help countries respond to a wide range of needs. The strengthening of country health surveillance and response systems is crucial to contain the spread of this and any future outbreaks. International cooperation is essential to deal with the health and economic impact of the COVID-19 virus. The IMF and the World Bank Group are fully committed to provide the support that people in our member countries expect from us.

The release of the $15m by the UN was contained in a press statement by the WHO on Sunday.