The World Bank estimates 60 million people may fall into utmost poverty amid covid 19.
The coronavirus pandemic is expected to put over 60 million people into dire poverty globally, the World Bank has stated as it announced emergency operations worth USD 160 billion in 100 developing countries to fight the deadly virus.
World Bank President David Malpass during a conference call on Tuesday stated "The pandemic and shutdown of advanced economies could push as many as 60 million people into extreme poverty -- erasing much of the recent progress made in poverty alleviation".
"The World Bank Group has moved quickly and decisively to establish emergency response operations in 100 countries, with mechanisms that allow other donors to rapidly expand the programmes," he further stated.
Of the 100 countries, home to 70 per cent of the world's population, 39 are in Sub-Saharan Africa. Nearly one-third of the total projects are in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti, and Niger.
"To return to growth, our goal must be rapid, flexible responses to tackle the health emergency, provide cash and other expandable support to protect the poor, maintain the private sector, and strengthen economic resilience and recovery, Malpass said.
"This represents a significant milestone in the World Bank Group's effort to deploy USD 160 billion over a 15-month period. So this is a milestone in the USD 160 billion that we have committed to, he stated.
The International Development Association (IDA) is the part of the World Bank that helps the world's poorest countries.
"The bilateral debt-service suspension being offered will free up crucial resources for IDA countries to fund emergency responses to COVID-19," Malpass stated.
"Nations should move quickly to substantially increase the transparency of all their governments' financial commitments. This will increase the confidence in the investment climate and encourage more beneficial debt and investment in the future," he added
More than 310,000 people died due to the coronavirus pandemic and over 4.8 million people infected around the world. The US is the worst-hit country with over 91,900 deaths and more than 1.5 million COVID-19 cases, according to a data from Johns Hopkins University.