How COVID-19 can push half a billion people into poverty?

More than half a billion people across the world can be pushedbelow the poverty line due to the coronavirus pandemic, Oxfamhas warned.

A report was presented by it before virtual meetings of finance ministers of the G20 group of leading developed and developing nations, the International Monetary Fund and theWorld Bank to give suggestions on how the dire situation can be avoided.

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It cited research by the King's College London and Australian National University estimating that 8 per cent of the world's population could be forced into poverty due to the adverse impact of COVID-19.

The International aid groupon Thursday urged world leaders to agree a comprehensive rescue package to muster some $2.5 trillion needed to prevent this outcome.

Among the measures that should be undertaken include the immediate cancellation of $1 trillion worth of developing country debt payments in 2020 and the creation of at least US$1 trillion in new international reserves.

According to it, the economic fallout of the coronavirus risked setting back the fight against poverty by a decade, and as much as 30 years in some regions including Africa and the Middle East.

"G20 Finance Ministers, the IMF and World Bank must give developing countries an immediate cash injection to help them bail out poor and vulnerable communities," said Jose Maria Vera,OxfamInternational Interim Executive Director.

Oxfamwarned that while many wealthy nations have introduced multi-billion-dollar economic stimulus packages to support business and workers "most developing nations lack the financial firepower to follow suit."

The warning comes right ahead of three key international meetings next week.