Soon after India announced one of the largest economic stimulus plans in the word, the World Bank declared 1 billion aid to the world’s largest democracy, ANI reports.
The declaration comes on Friday, the USD 1 billion protection package, amounting to INR 75,49,00,00,000.0 will add to the Central government’s recent announcement. Called “Accelerating India’s COVID-19 Social Protection Response Program,” the funds will be used to aid India’s poorest communities stuck ard by the virus.
World Bank today announced a $1 billion support to accelerate India’s social assistance to the most vulnerable households across the country. With increased cash and food benefits, the program will ensure a safety net for the poorest during this crisis.
— World Bank India (@WorldBankIndia) May 15, 2020
Previously, the World Bank declared another 1 billion on account of COVID-19 relief. This announcement makes the World Bank’s total commitment to Inda to USD 2 billion.
“The response to the COVID-19 pandemic around the world has required governments to introduce social distancing and lock downs in unprecedented ways.,” World Bank Country Director of India Junaid Ahmad told in a press release.
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“These measures, intended to slow down the spread of the virus have, however, impacted economies and jobs – especially in the informal sector. India with the world’s largest lockdown has not been an exception to this trend.”
“World Bank today announced a $1 billion support to accelerate India’s social assistance to the most vulnerable households across the country. With increased cash and food benefits, the program will ensure a safety net for the poorest during this crisis,” World Bank tweeted in it’s India handle.
According to the Times Now, a total of 1 billion will be be released in phases. USD 550 million will be credited by the World Bank’s commissary arm- the International Development Association (IDA).
A USD 200 million loan will come from the International Bank for Reconstruction and Development (IBRD). The remaining USD 250 million will be made accessible after June 30, 2020.
The funds will be used to provide assistance to help the vulnerable communities in India, the millions of households that have been affected by the pandemic. The previous funds, the World Bank said, were to aid in better diagnosis and protection from COVID-19 via various means.