Yale School of Management

Posts by World Bank

Update on the progress of the World Bank’s COVID-19 response efforts

July 27, 2020
In March the World Bank Group (WBG) announced $14 billion in fast-track financing to help countries respond to the COVID-19 pandemic. Since then, the WBG has provided approximately $8.3 billion in both fast-track and other financing for 339 projects across 117 countries (see here). The following lists the elements comprising the package. $8 billion from the International Finance Corporation (IFC) $2.7 billion from the International Bank for Reconstruction and Development (IBRD) $1.3 billion from the International Development Association (IDA) $2 billion reprioritized from existing World Bank projects towards COVID-19 relief Continue reading “Update on the progress of the World Bank’s COVID-19 response efforts”

Who's afraid of some (not so big or bad) debt relief?

July 24, 2020
By early July 2020, top officials at the IMF and World Bank admitted that the Debt Service Suspension Initiative (DSSI), the  G20’s debt relief program faced challenges. They hoped to make some progress at the mid-July G20 meetings, but the July G20 meetings came and went without major action on the program. Considering that the DSSI was supposed to be one of the international community’s marquee responses to the most severe instance of capital flight from developing economies in recent memory, it is important for billions of people that they get the program right.  Continue reading “Who's afraid of some (not so big or bad) debt relief?”

EU Programs Supporting non-EU Countries

May 13, 2020
On April 22, the European Commission approved a €3 billion macro-financial assistance (MFA) program to ten neighboring countries outside the European Union for a period of one year to help them cover their immediate financing needs. Like the €20 billion Team Europe strategy announced earlier, this helps demonstrate the EU’s solidarity with other countries in tackling the COVID-19 pandemic. Continue reading “EU Programs Supporting non-EU Countries”

Multinational Organizations’ Efforts to Assist Countries through COVID-19 crisis

May 6, 2020
The International Monetary Fund (IMF), World Bank, and other multinational organizations have announced plans to make hundreds of billions of dollars available to emerging markets in response to the COVID-19 crisis. But their own experts have said these funds will probably be insufficient, and they have collectively released only a small fraction of that amount so far. Continue reading “Multinational Organizations’ Efforts to Assist Countries through COVID-19 crisis”

IFC Provides $8 Billion in Fast-Track Financing to Private Sector

April 29, 2020
The International Finance Corporation (IFC) will be providing fast-track financing of $8 billion to support companies impacted by the COVID-19 pandemic. On March 3, the World Bank Group approved $6 billion in fast-track financing through the IFC. It approved an additional $2 billion on March 17. Continue reading “IFC Provides $8 Billion in Fast-Track Financing to Private Sector”

World Bank Support to Developing Countries

April 16, 2020
The World Bank (“The Bank”) has deployed a number of programs to support developing countries during the ongoing COVID-19 crisis. Since March, over 65 countries have received financial support in amounts ranging from USD 2 million to USD 1 billion. The programs aim to assist governments experiencing severe fiscal constraints and support healthcare infrastructure during the pandemic. Overall, the Bank committed to provide up to USD 160 billion in long term loans and grants to be deployed globally over the next 15 months. This post describes the channels, size of support, lending conditions and the way governments use funds for different World Bank programs. Continue reading “World Bank Support to Developing Countries”