People queue to receive donated food from volunteers of Vecinos Parque Aluche association as the spread of the coronavirus disease The Washington-based development lender previously estimated that 60 million people would fall into extreme poverty due to Covid-19, but the new estimate puts the deterioration at 70 to 100 million, and , World Bank President David Malpass said "that number could go higher" if the pandemic worsens or drags on.
But Malpass said that will not be enough, since the economic downturn means those countries, which already are struggling to provide a safety net for their citizens, will not be in a better position to deal with the payments.Recession or depression? The World Bank has committed to deploying $160 billion in funding to 100 countries through June 2021 in an effort to addresses the immediate emergency, and about $21 billion had been released through the end of June.Malpass said the deterioration is due to a combination of the destruction of jobs during the pandemic as well as supply issues that make access to food more difficult.
"We can start calling it a depression. Our focus is on how do we help countries be resilient in working out on the other side."More debt transparency
Source: Loan Digest (loandigest.net)
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