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COVID-19: World Bank approves 500 million-dollar loan



COVID-19: World Bank approves 500 million-dollar loan

The World Bank, on Friday, approved a 500-million-dollar loan for the Philippines to boost the country’s capacity to address disaster risks and urgent needs amid the coronavirus pandemic.

The loan is part of the World Bank’s long-standing support to the Philippines for broader policy reforms to boost resilience and capability to prepare for and recover from disasters.

It was the third loan the World Bank granted the south-east Asian country since 2012.

Speaking about the recent development, World Bank official, Achim Fock said that natural disasters and pandemics disproportionately hurt low-income families and communities.

He said “Enhancing risk management and the capacity to address these challenges can help ensure that the Philippines can sustain progress in poverty reduction.”

NAN reports that the Department of Health on Thursday reported 206 new confirmed cases of COVID-19 in the Philippines, bringing the country’s total to 4,076.

An additional 21 deaths were also recorded, pushing the death toll to 203, while 124 patients recovered.

The government earlier extended a lockdown on the main island of Luzon, which is home to the capital Manila.

The move was made in a bid to delay a peak in COVID-19 infections and allow authorities to boost the healthcare system’s capacity to test, isolate, and treat patients.

Luzon is home to some 57 million people, more than half of the country’s entire population, making it the fourth-most densely populated island in the world.

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