World Bank Approves 500 Million Dollars Loan For Philippine Over Coronavirus

The World Bank approved a policy loan worth 500 million Dollars for the Philippines on April 10th to aid the country in responding to disasters and the COVID-19 pandemic.

World Bank-Approves 500 Million Dollar Loan For Philippine

The World Bank’s board of executive directors approved the loan to “strengthen the Philippine government’s capacity to address disaster risks, respond to and recover from natural disasters”.

This is the third Risk Management Development Policy Loan granted to the Philippines by the World Bank, following one in 2012 and another in 2015.

GMA News reported that the Philippine government is currently creating a new department for Disaster Risk and Resilience. This department is meant to strengthen the country’s disaster risk management.

Achim Fock, the World Bank acting country director for Brunei, Malaysia, Philippines, and Thailand, said, “Natural disasters and pandemics disproportionately hurt poor families and communities”.

According to Fock, the World Bank wants to support the Philippines’ efforts to respond to both natural disasters and health and economic shocks. He said that the strengthening of these efforts and the country’s capacity to respond to these challenges “can help ensure that the Philippines can sustain progress in poverty reduction.

The $500 million loans will support the Philippines’ adoption and implementation of a unified disaster recovery planning framework, emergency cash transfer program during shocks, and development of multi-year investment plans for seismic risk reduction, among others.

The Philippine Star reported that the World Bank considers the Philippines one of the most hazard-prone countries in the world.

The Philippines is vulnerable to various natural hazards such as landslides, volcanic eruptions, tsunamis, and earthquakesAround 60% of the Philippines’ total land area, accounting for nearly 74% of the Philippine population, is exposed to these hazards. With the island of Luzon under an enhanced community quarantine due to the coronavirus pandemic, the country is in need of financial support. Fock said on April 7th, 2020 that the World Bank is “extremely supportive” of the quarantine to ensure that the Philippines recovers earlier.

The World Bank is rolling out a $14 billion financial package to help developing countries respond to the COVID-19 crisis and recover from its impacts. The International Finance Corporation, a member of the World Bank Group, is also rolling out $8 billion for affected private companies.

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