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COVID-19: 60 Million People Likely to Go into Extreme Poverty – World Bank

Published

5 years ago

May 20, 2020

Eric

The World Bank Group has again raised an alarm that the growing impact of the coronavirus pandemic on the global economy and shutdown of many advanced economies could push as many as 60 million people into extreme poverty.

The World Bank Group President, David Malpass, said the situation erases much of the recent progress recorded in poverty alleviation around the world.

He said these prospects were what compelled the World Bank Group to move swiftly and decisively to establish emergency response mechanisms that allow donor groups and organisations to rapidly expand help programmes in 100 countries, home to 70 per cent of the world’s population.

To return to the path of global economic growth, Mr Malpass said the group’s goal must be rapid and flexible to tackle the health emergency.

He said the objective must also be to provide cash and other expandable support to protect the poor, maintain the private sector, and strengthen economic resilience and recovery.

Since March, the World Bank said, it delivered record levels of support to help countries protect the poor and vulnerable, reinforce health systems, maintain the private sector and bolster economic recovery.

“This assistance, the largest and fastest crisis response in the Bank Group’s history marks a milestone in implementing the Bank Group’s pledge to make available $160 billion in grants and financial support over a 15-month period to help developing countries respond to the health, social and economic impacts of COVID-19 and the economic shutdown in advanced countries,” it said on Tuesday.

Of the 100 countries, 39 are in Sub-Saharan Africa, with nearly one-third of the total projects located in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti, and Niger.

The group said the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) have also fast-tracked support to businesses in developing countries, including trade finance and working capital to maintain private sectors, jobs and livelihoods.

Mr Malpass said the group’s support through grants, loans and equity investments would be supplemented by the suspension of bilateral debt service, as endorsed by the bank’s governors.

The eligible countries for International Development Agencies (IDA) that request a forbearance on their official bilateral debt payments, the World Bank President said, would have more financial resources to respond to the COVID-19 pandemic and fund critical, life-saving emergency responses.

“The bilateral debt-service suspension being offered will free up crucial resources for IDA countries to fund emergency responses to COVID-19,” Mr Malpass said.

“Nations should move quickly to substantially increase the transparency of all their governments’ financial commitments. This will increase the confidence in the investment climate and encourage more beneficial debt and investment in the future.”

The group’s operations in 100 countries aim to save lives, protect livelihoods, build resilience, and boost recovery by strengthening health systems, monitoring and prevention, particularly in low-income countries and in fragile and conflict-affected situations.

The health response programmes address emergency containment and mitigation needs for COVID-19, including strengthening countries’ health systems to treat severe cases and save lives.

The group also establishes and supports efforts in fragile and conflict-affected situations as a priority, given the rapidly growing number of cases in some of these countries.

The World Bank President said disbursement of financial supports are already ongoing to Senegal ($20 million) and Ghana ($35 million) including funding to strengthen disease surveillance systems, public health laboratories, and epidemiological capacity for early detection.

Again, the bank is also leveraging countries’ existing social protection systems to help families and businesses restore income, preserve livelihoods, and compensate for increasing prices and unexpected medical expenses.

These safety nets are needed to augment with safe, direct food distribution, accompanied by key information on nutrition, social distancing, and hygiene.

Premium Times

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Tinubu Presents N47.9trn 2025 Appropriation Bill to NASS

Published

4 days ago

December 18, 2024

Eric

President Bola Tinubu, on Wednesday, presented the proposed 2025 federal budget to a joint session of the National Assembly.

The N47.9 trillion budget saw a whopping N3.5 trillion allocated to the education sector.

Other sectors that got higher allocations include defence and security – N4.91tn, infrastructure – N4.06tn and health – N2.4tn.

“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Restoration Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute presentation at 1:10pm.

This budget highlights the government’s focus on improving education, healthcare, and infrastructure, in line with its ‘Renewed Hope Agenda’ aimed at boosting the economy and addressing key national priorities.

The live broadcast of the budget presentation today revealed the government’s plans for the next fiscal year. With a strong emphasis on human capital development, the president highlighted the budget’s commitment to improving the nation’s economic foundation.

Education sector receives major funding

A significant portion of the 2025 budget is dedicated to education, with N3.5 trillion allocated to the sector. President Tinubu stated that part of this funding would be directed toward infrastructure development, including support for Universal Basic Education (UBEC) and the establishment of nine new higher educational institutions.

“We have made provision for N826.90 billion for infrastructural development in the education sector,” Tinubu said.

This allocation aims to improve educational facilities and support ongoing efforts to strengthen Nigeria’s educational system.

Focus on human capital development

During the presentation, the president emphasized the importance of investing in Nigeria’s human capital. “Human capital development, our people are our greatest resource. That is why we are breaking record investment in education, healthcare, our social services,” he remarked.

Tinubu also pointed to the N34 billion already disbursed through the Nigerian Education Loan Fund (NELFUND) to assist over 300,000 students.

The budget includes continued investments in healthcare and social services as part of the broader goal of enhancing the quality of life for Nigerians.

Strengthening the economy and national security

Tinubu highlighted that the 2025 budget is designed to build a robust economy while addressing critical sectors necessary for growth and security.

“This budget reflects the huge commitment to strengthening the foundation of a robust economy, while addressing the critical sectors essential for the growth and development we envision; and secure our nation,” he said.

The budget aims to tackle key challenges and foster long-term economic stability by prioritizing infrastructure and development in key sectors.

Healthcare and social services allocations

In addition to education, Tinubu focused on the allocation for healthcare and social services. The government plans to increase investments in healthcare infrastructure and services to ensure broader access to essential healthcare for Nigerians.

These investments are part of the administration’s strategy to improve overall living conditions and enhance public health across the country.

President Tinubu’s proposed 2025 budget is said to reflect the administration’s commitment to achieving its development objectives, with a focus on economic growth, human capital development, and infrastructure improvement.

As the National Assembly reviews the budget, the president reiterated his administration’s resolve to address the nation’s most pressing needs.

Source: Nairametrics

Headline

Ghana’s President-elect Mahama Visits Tinubu in Abuja

Published

5 days ago

December 17, 2024

Eric

Ghana’s President-Elect, Dr. John Dramani Mahama, a courtesy visit to President Bola Tinubu at his residence, Presidential Villa, State House on Monday.

Mahama won 56 percent of the votes in this month’s presidential election, compared to the ruling party candidate and Vice President Mahamudu Bawumia, who secured 41 percent.

The landslide comeback for former president Mahama ended eight years in power for the New Patriotic Party (NPP) under President Nana Akufo-Addo, whose last term was marked by Ghana’s worst economic turmoil in years, an IMF bailout and a debt default.

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I Stand by What I Said, Kemi Badenoch Replies VP Shettima

Published

2 weeks ago

December 12, 2024

Eric

The leader of the United Kingdom’s Conservative Party, Kemi Badenoch, has lashed back at Vice President Kashim Shettima over the latter’s reaction to her comments about Nigeria.

Badenoch was born in the UK in 1980 to Nigerian Yoruba parents.

Badenoch, who attained age 16 in Nigeria before departing the country for the UK where she was elected Conservative Party’s leader, described Nigeria as a nation brimming with thieving politicians and insecurity.

However, Shettima, while speaking at the 10th Annual Migration Dialogue at the Presidential Villa in Abuja on Monday, December 9, 2024, accused Badenoch of “denigrating her country of origin” with her remarks.

The vice-president listed influential people whose families had migrated to other countries, commending former UK Prime Minister Rishi Sunak as a “brilliant young man who never denigrated his nation of ancestry.”

Reacting on Wednesday, Badenoch lashed back at Shettima, saying she doesn’t do “PR for Nigeria”.

Her spokesperson, as the Tory leader, according to UK Express, said: “Kemi is not interested in doing Nigeria’s PR; she is the Leader of the Opposition in the UK.

“She tells the truth; she tells it like it is; she isn’t going to couch her words. She stands by what she said.”