Pandemic Emergency Financing Facility To Disburse $195.8M, World Bank Says, Forecasts First Increase In Global Poverty Since 1998
New Humanitarian: In the news: Investors take a hit in World Bank pandemic insurance scheme
“A chunk of private investors’ money will pay for COVID-19 response efforts in developing countries after a World Bank pandemic insurance scheme criticized for its stringent thresholds finally paid out. About $195.8 million will be disbursed under the terms of the Pandemic Emergency Financing Facility, known as the PEF…” (Parker, 4/20).
POLITICO: Forecasts from World Bank project first global poverty increase since 1998
“As the novel coronavirus sprawls across the globe, wreaking havoc on human lives and economic health, the World Bank on Monday predicted that 2020 would see the first increase in global poverty in more than two decades. Economists at the international financial institution calculate that the pandemic will push 40 million to 60 million people into extreme poverty, with its ‘best estimate being 49 million,’ according to a post on the bank’s Data Blog…” (Ward, 4/20).
Reuters: Coronavirus spread triggers World Bank pandemic bond payout
“…[International Development Association (IDA)] countries such has Laos, Yemen, or Honduras are all to receive millions in help from the World Bank already, though not through the PEF instrument designed to deliver quick funds. Campaigners have been critical of the complex instrument which now paying out only after reported cases of coronavirus have crossed more than 2.26 million globally and killed more than 154,613 people…” (Strohecker, 4/20).