Countries Has Proposed Grants from Multilateral Agencies - Photo by IMF Office

JAKARTA (TheInsiderStories) – After the multilateral agencies announces the loan facilities program for develop and poor countries to overcome the COVID-19 outbreak with total amount over than hundreds billion, several countries has applied the proposals. The latest, World Bank approved a 15-month emergency fund worth of $160 billion to help countries deal with the pandemic.

The Washington-based said the first phase of aid would be disbursed in the amount of $1.9 billion to 40 countries.  In addition, the World Bank is working worldwide to redeploy resources in existing World Bank financed projects worth up to $1.7 billion.

“The World Bank Group is taking broad, fast action to reduce the spread of COVID-19 and we already have health response operations moving forward in over 65 countries,” said World Bank Group President David Malpass in a written statement on April 2.

Among the initial projects has been approved are $82 million for Ethiopia to address critical needs for COVID-19 preparedness and response. The Democratic Republic of Congo worth of $47 million will provide immediate support to put in place containment strategies, train medical staff and provide equipment to ensure rapid case detection and contact tracing.

For Mongolia $26.9 million, Cambodia $20 million, Tajikistan $11.3,  the Kyrgyz Republic $12.15 million, Haiti will benefit from a $20 million IDA grant, Ecuador $20 million, Yemen a $26.9 million IDA grant, Djibouti with $5 million in IDA credit, a $100 million to support Afghanistan to slow and limit the spread of COVID-19, India worth of $1 billion emergency financing, and Pakistan $200 million.

While, International Monetary Fund (IMF) managing director Kristalina Georgieva said, as now some 85 countries indicate they rely on them for financial support, build up our capacity to serve our poorest members, and help countries experiencing foreign exchange shortages, including possibly by short-term liquidity line.

“The US recently approved the doubling of the New Arrangements to Borrow, and our executive board agreed on a new round of bilateral borrowing to secure the IMF’ $1 trillion lending capacity,” she conveyed at the latest G20′ virtual meeting.

The board, she adds, also has approved a reform of the Catastrophe Containment and Relief Trust that allows poorest member countries to invest in crisis response rather than repay the Fund. Its also approved a framework for a new round of bilateral borrowing by the IMF from Jan. 1, 2021, to succeed the current bilateral borrowing agreements through end of this year.

The new framework will have an initial term of three years through end-2023, which is extendable by one more year through end-2024. These new agreements will help maintain the IMF’ lending capacity of $1 trillion for the next few years, ensuring its ability to respond to members’ needs.

Like many other countries around the world, IMF has disbursed SDR104.92 million ($143 million) for Honduras to face significant challenges of the pandemic.

In addition, the Asian Development Bank (ADB) has announced an initial package of $6.5 billion to address the immediate needs of its developing member countries to respond the COVID-19 pandemic. The Fund has approved a further $2 million grant to support Pakistan’ efforts to combat the coronavirus from the Asia Pacific Disaster Response Fund.

Until Thursday, global coronavirus cases surpassed 1 million with more than 52,000 deaths as the pandemic further exploded in the US and the death toll climbed in Spain and Italy. In Indonesia total death toll reached 170, 112 cured, and the positive cases climbed to 1,790.

Written by Staff Editor, Email: theinsiderstories@gmail.com