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Coronavirus: World Bank pledges $12bn in emergency aid

The World Bank has reportedly committed $12 billion in aid for developing countries that are facing the coronavirus outbreak and how to combat it financially and medically. The WB aid includes low-cost loans, grants and technical assistance to aid these countries in preventing the outbreak and managing the coronavirus if it does begin to spread. The action was announced as leaders around the world are pledging to shield their countries from the economic impact of the disease’s spread.

Experts have warned that the economic slowdown from the outbreak could tip unstable countries into recession, therefore the World Bank has stated they plan to work with the private sector to reduce the economic impact. The World Bank stated that it will prioritize the poorest countries who are most at risk as the virus has spread to 70 countries around the world. The coronavirus has now infected more than 92,000 worldwide, and 3,000 have died as a result.

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