PNG AMONGST 65 COUNTRIES FOR FINANCIAL SUPPORT
Papua New Guinea is amongst 65 developing countries to benefit from the World Bank Group’s K551.7 billion (US$160 billion) broader economic program.
The program will help cover the countries over the next 15 months.
In a media release, Papua New Guinea Minister for Health, HIV and AIDs, Jelta Wong has announced a K69.67 million (US$20 million) from the bank to fight Coronavirus disease in the country.
“Thus, this support will surely elevate the current progress of the National Government in its effort to combat Covid-19 in the country,” said Wong.
The financial assistance comes days after the World Bank Group which launched its first operations for COVID-19 emergency health support.
Therefore, the operation aims at strengthening developing country responses to the Covid-19 pandemic.
World Bank Group President David Malpass noted on their website: “The poorest and most vulnerable countries will likely be hit the hardest.”
“The World Bank Group is taking broad, fast action to reduce the spread of COVID-19 and we already have health response operations moving forward in over 65 countries.”
“Special provisions for fast-track financing are allowing an initial group of World Bank projects totaling $1.9 billion to get underway quickly in 25 countries.
“Bank teams are also working with clients to rapidly redeploy a further $1.7 billion from existing projects to urgent pandemic response and recovery. This includes restructuring and use of projects’ emergency components as well as contingent financing instruments designed for catastrophes.
“The focus of these first efforts is to help health systems tackle the immediate challenges of COVID-19.”