Finance News

The World Bank will provide 18 billion dollars for a lifetime

The World Bank has announced a ৭ 17 trillion (180 billion) financial aid package to address the global economic crisis. In the next 15 months, the money will be given to poor countries affected by war, epidemics, and inflation. News from The Guardian

The agency will discuss the funding proposal with member countries at the World Bank’s spring meeting, which began last week. Under the proposal, Crore 500 million would be spent on these countries over the next three months, with the rest to be paid next year.

Corona, which has been in operation for more than two years, has increased the cost of living in the country. Added to that is Russia’s recent invasion of Ukraine. In this situation, the most affected countries needed to provide quick financial assistance to deal with the crisis said World Bank President David Malpas.

The president of the World Bank said that the recent sanctions imposed by China on food and fuel prices, high-interest rates, the Ukraine war, and the Corona have all contributed to the growth of the world economy. Last January, the global economic growth forecast for the current year was 4.1 percent. It has come down to 3.2 percent.

“I am deeply concerned about developing countries,” Malpas told reporters. They are facing sudden inflation for fuel, fertilizers, and food. There is a risk of rising interest rates, ”he said. He said the poorest countries have the most problems with food due to import dependence.

At the same time, Malpas advised the central banks to use other methods to deal with inflation without relying solely on interest rates. He said that inequality between rich and poor has increased all over the world. If the interest rate is increased in this situation, the inequality will increase further.