COVID-19: World Bank Dolls Out $500 Million Loan To Fight Coronavirus

The World Bank has approved a 500-million-dollar loan for the Philippines to push the country’s capacity to address disaster risks and needs amid the coronavirus pandemic.

Brandnewsday reports that the loan is part of the World Bank’s palliative measure to support the Philippines for broader policy reforms to boost flexibility and inclination to prepare and recover from disasters.

The World Bank, on Friday to the Philippines, made it the third loan the World Bank granted the south-east Asian country since 2012.

Reacting to the recent development, World Bank official, Achim Fock disclosed that the natural disasters and pandemics disproportionately is affecting low-income families and communities.

Fock said, “Enhancing risk management and the capacity to address these challenges can help ensure that the Philippines can sustain progress in poverty reduction.”

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Meanwhile, the Department of Health on Thursday reported 206 new confirmed cases of COVID-19 in the Philippines, bringing the country’s total to 4,076.

An additional 21 deaths were also recorded, pushing the death toll to 203, while 124 patients recovered.

The government earlier extended a lockdown on the main island of Luzon, which is home to the capital Manila.

The move was made in a bid to delay a peak in COVID-19 infections and allow authorities to boost the healthcare system’s capacity to test, isolate, and treat patients.

Luzon is home to some 57 million people, more than half of the country’s entire population, making it the fourth-most densely populated island in the world.

The coronavirus (COVID-19) is affecting over 127 countries and territories around the world and 1 international conveyance (the Diamond Princess cruise ship harboured in Yokohama, Japan).

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