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World Bank to propose 25 billion in extra funding for poorest countries

World Bank has called for emergency financing of 25 billion dollar to help the world’s poorest countries grapple with the massive challenges of the COVID 19 pandemic.

World Bank Chief, David Malpass told finance ministers and central bank governors of the G20 major economies that he would propose the supplemental financing package later this month to deputies of the International Development Association.

Malpass expressed concerns over the rising risk of disorderly defaults among low-income countries. He said the World Bank and International Monetary Fund have proposed a joint action plan to help the most heavily-indebted IDA countries.