World Bank announces COVID-19 relief initiative worth $12 billion for low-income countries

WION Web Team New Delhi, India Sep 30, 2020, 04.01 PM(IST)

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This initiative could help treat up to 2 billion people across countries that need it the most, and as soon as effective medication to fight the virus shows up.

The World Bank has announced plans for a $12 billion relief initiative to facilitate the distribution of COVID-19 vaccines among poor countries. 

This initiative could help treat up to 2 billion people across countries that need it the most, and as soon as effective medication to fight the virus shows up.

To avoid an unequal distribution of vaccines and life saving drugs over the course of the next few months, the World Bank will disburse cash in the upcoming 12-18 month window.

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The President of the World Bank, David Malpass said that the initiative began in a big to ensure low-income countries are not left our and cornered by wealthy nations when effective medical measures against COVID-19 become apparatus. Malpass called the move a “game changer”, while adding that once a safe vaccine becomes available, people will be able to lives with confidence again.

The driving rationale behind this decision was to not wait for a vaccine to come up before taking putting in place a mechanism to help disadvantaged countries.

Countries like the US, UK, Russia, China are working on active treatments against COVID-19. Many affluent countries have reserved vaccines, which could cause difficulties for poorer countries. Malpass said that they want to make sure that “low and middle income countries have access as well”.

Also read: How China's unapproved COVID-19 vaccine drive is putting citizens at risk

Additionally, according to World Bank predictions, the economy cannot recover and go back to its old ways until people begin living as we used to - travelling without boundaries, and socialising.

The only way people can go back to their old lives is through the inoculation of people with a vaccine. The plan will be tabled in front of the bank's board but is expected to go through.