By Foster Obi
Since the COVID-19 outbreak, developing economies have suffered unprecedented capital outflows. The World Bank Group has created a virtual one-stop for the latest information about Debt Service Suspension Initiative (DSSI). It highlights the potential savings for each eligible country—both in dollar terms and as a percentage of GDP.
The data as released by the Bank includes, saving lives: The World Bank Group is assisting 100 countries, home to 70% of the world’s population, with their COVID-19 responses. 2/3 of these projects are health operations including emergency needs. Here are some of these projects.
Forced displacement: The economic and social impacts of coronavirus are likely to deeply affect both refugees and host communities in developing countries, exacerbating their pre-existing vulnerability and dependence on overstretched humanitarian assistance.
Education: School closures due to COVID-19 have left over a billion students out of school. A new World Bank report finds that the pandemic could lead to permanent loss in learning and trillions of dollars in lost earnings over time for this generation of students.
Building a balanced future: In cities, it’s not all about density. Cities must think in terms of economic geography to help contain the spread of COVID-19. This crisis is exposing inequalities that urgently need to be addressed. Read how the World Bank is deploying AI in 15 cities across the globe to support the most vulnerable.
Geospatial innovation: While investments in healthcare are obvious, geospatial investments — such as those planned in Kosovo — are also critical, as they can support different sectors of the economy, including healthcare.
New normal: We will be living with COVID-19 and its consequences for a long time to come. What will be the new normal for health systems and universal health coverage?
South Asia: As COVID-19 ravages lives and economies across South Asia, millions of women and men in the region are engaged in a relentless fight to curb the spread of the coronavirus and support their communities.
It takes a village: Acute food insecurity is projected to double in 2020, exacerbated by COVID-19. Members of the World Bank-supported S4YE Youth Advisory Group (YAG) have stepped up to help manage the food crisis in their respective local communities.
