Extreme poverty, defined as living on less than $1.90 a day, is likely to affect between 9.1 percent and 9.4 percent of the world’s population this year, it said. That would represent a regression to the rate of 9.2 percent in 2017. Had the pandemic not convulsed the globe, the poverty rate was expected to drop to 7.9 percent in 2020.
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 (IDA).
Mr 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.
Covid-19 will push as many as 150 MILLION people into extreme poverty by 2021 – World Bank