World Bank fast tracks COVID -19 relief funding for developing countries

May 16, 2020 News

– No word on Guyana’s request for US $5M

Even as the World Bank rolls out a plan to fast-track COVID -19 relief packages to developing countries, there is no word on the status of Guyana’s request for a US $5 M loan.

Tahseen Sayed, World Bank Country Director for the Caribbean

It has been close to two months since Minister of Finance Winston Jordan announced that the Government had approached the international loan agency for the funds meant to aid in implementing measures to tackle COVID -19.
Amidst concerns impending sanction over Guyana current political milieu, the Minister of Finance had expressed optimism that Guyana would secure funding. Jordan had promised to give an update on the status of the request several weeks ago.
Yesterday, when a question on the status of loan was posed to the Minister via WhatsApp, it yielded no response, Kaieteur News reached out to Public Relations Officer of the Ministry of Finance, Wanita Huburn.
Similarly, the PR Officer was mum on the issue, only stating that, “MOF does not discuss negotiations with its bilateral and multilateral partners.”
Asked directly if she could confirm whether it was a yes or no from the World Bank, she said that she could not state if loan had a positive response since an answer would be considered a comment on the ‘negotiations’.
The Ministry’s failure to pronounce on the status of the loan application comes in the wake of a recent announcement by the World Bank that it will speed up support and technical assistance to developing countries.

Minister of Finance, Winston Jordan

According to the institution, the World Bank’s package of immediate support will see US$14 billion in financing, complemented by policy advice and technical assistance, to help vulnerable countries cope with the health and economic impacts of the COVID-19 pandemic.
“Through this new fast track package, the World Bank Group will help developing countries strengthen health systems, disease surveillance, and public health interventions, and work with the private sector to reduce the impact on economies,” it said on its website, while noting that it will be globally coordinating to support country-based responses.
“The COVID-19 support package will make available $14 billion in new financing, on a fast-track basis: $2.7 billion from IBRD, $1.3 billion from IDA, $8 billion from IFC (including $2 billion from existing trade facilities), complemented by reprioritization of $2 billion of the Bank Group’s existing portfolio. It will also include policy advice and technical assistance drawing on global expertise and country-level knowledge,” it added.
To date, countries in Latin America benefitting from the fast track facility include Argentina, Ecuador, El Salvador, Haiti, Honduras and Paraguay, while those in the same jurisdiction benefitting from other forms of finance/redeploying of existing projects are Bolivia, Colombia, the Dominican Republic Honduras and Saint Vincent and the Grenadines.
In addition, the World Bank provided US$412,000 to Suriname to purchase essential medical supplies for the country’s emergency response to the COVID-19 (coronavirus) pandemic.
In a statement last week, Tahseen Sayed, World Bank Director for Caribbean Countries noted that as part of its rapid response at the onset of the pandemic, Suriname benefited from World Bank financing to procure and distribute personal protective equipment and medical supplies to key hospitals handling COVID-19 cases.
“The World Bank is pleased that timely commitment of financing enabled rapid procurement and distribution of essential medical supplies and equipment to support the immediate needs of the Suriname health system,” she said.
According to the information, over the next 15 months, some $160 billion in financial support will be deployed to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery.

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