The President of the World Bank Group, David Malpass, has revealed that the bank needs to spend at least $70 billion per year to tackle the impact of the pandemic induced poverty. This was revealed by Mr. Malpass during the recently concluded Annual Meetings Plenary, closely monitored by Nairametrics.
Mr. Malpass noted that the World Bank’s new poverty projections suggest that by 2021, an additional 110 to 150 million people would have fallen into extreme poverty, living on less than $1.90 per day. COVID-19 and its associated economic crisis, compounded by the effects of armed conflict and climate changes, are reversing hard-won gains in poverty reduction, ending more than two decades of continuous progress.
Commenting on how he arrived at the $70 billion estimates, Mr. Malpass said,
“To put the financial challenge in perspective, consider the 100 million people we fear have already been pushed into extreme poverty by COVID-19. To provide them just $2 per day would cost $70 billion per year – that’s just to undo one part of COVID’s damage and well beyond the financial capacity of the World Bank Group or any other development agency.
“It makes clear that IDA-19’s three-year envelope of US$82 billion will not be sufficient enough to meet the needs of the world’s poorest countries at this desperate time,”
Speaking further, he said, “A $25 billion supplemental COVID emergency financing package would avert a ‘financing cliff’ in FY22-23 and make available additional resources to IDA countries to support their recoveries.’’
Nairametrics had earlier reported World Bank’s warning that as many as 150 million people would fall into extreme poverty by 2021, due to the economic effect of the pandemic. Further noting that about 8 out of every 10 persons that will fall into extreme poverty will be from middle-income countries.
Why it matters
It is clear that we face a unique pandemic of inequality, the downturn is broader and deeper and it has affected virtually all sectors and people – with women and children being the hardest hit.
With the recent disclosure by the World Bank, it is imperative we find viable solutions. As proven by various empirical studies, poverty, economic inequality and other factors fuel civil unrest, crime, and in extreme cases terrorism. Hence, the need to urgently proffer solutions.
What they are doing
Malpass revealed what the World Bank Group is doing to address these challenges. The highlights of the group’s intervention so far include;
- Provided over $160 billion in surge financing to the world’s extremely poor countries, with over $50 billion of this fund available in grants and long-maturity loans.
- Plan to make available $12 billion to countries for the purchase and deployment of COVID-19 vaccines. IFC also invested heavily in vaccine manufacturers through its $4billion Global Health Platform.
- Facilitated reduction in the debt burden of extremely poor countries, which manifested in G20 and Paris Club suspending collection of debt-service payment for about 44 countries, with an estimated sum of $5 billion in debt service relief.
- Provided $83billion in climate-related investments in the past five years.
Federal Government declares Thursday October 29 public holiday, to mark Eidl-Mawlid
Federal Government has declared Thursday, October 29, 2020 as a public holiday to mark the Eidul-Mawlid.
The Federal Government has declared Thursday, October 29, 2020 as a public holiday to mark the Eidul-Mawlid.
This disclosure was made by the honourable Minister of Interior, Rauf Aregbesola.
Ogbeni Rauf Aregbesola congratulated muslim faithfuls both at home and abroad for the opportunity to observe this year’s celebration. He further enjoined them to show love, patience and perseverance.
In the light of the aforementioned facts, the minister urged Muslims to detest or shun lawlessness, looting and daylight robbery which undermine National security and safety.
Ogbeni Aregbesola, who described the youths as the hope and future of the nation, advised them to deepen democracy and not dampen it.
For him, it is with more democracy that we can overcome our challenges, noting that the challenges of nationhood that we face are surmountable if we work through the democratic process.
What you should know:
Eid Mawlid is an annual celebration for Muslims meant to marked the birthday of the Prophet Mohammed.
Just-in: President Buhari reappoints Yakubu as INEC Chairman for second term
President Muhammadu Buhari has reappointed Professor Mahmood Yakubu as Chairman of the Independent National Electoral Commission (INEC).
President Muhammadu Buhari has reappointed Professor Mahmood Yakubu as Chairman of the Independent National Electoral Commission (INEC) for another five-year term.
This disclosure was made by the Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement titled, ‘President Buhari nominates Prof Yakubu as INEC chairman for a second term in office’.
The statement read, “President Muhammadu Buhari has presented the Chairman of the Independent National Electoral Commission, Prof Mahmood Yakubu, for a second term in office.’’
#EndSARS protest: Hoodlums loot 110 tractors in Yola
Hoodlums looted the North East Commodity Association (NECAS) Warehouse In Yola state.
Due to the ongoing demonstrations against police brutality tagged “EndSARS” protest, hoodlums have stolen at least 110 tractors and other farm implements from the North East Commodity Association (NECAS) Warehouse In Yola.
Confirming this development to TheVanguard, was the chairman of NECAS, Alhaji Sadiq Umar-Daware, who also revealed that the hoodlums also broke into the main warehouses of the Rice Farmers Association and Maize Farmers Association of Nigeria, carting away valuables which include farm inputs and fertilisers.
What they are saying
Commenting on the latest development, Mr. Umar-Daware, said: “They did not only took tonnes of produce, but they also made away with the farm inputs for the dry season farming and the offices of Rice Farmers Association, Maize Farmers Association of Nigeria (MFAN) and the NECAS were also looted and vandalised.
Commenting further, he said: “What they took away include tonnes of rice, beans, maize, sorghum and millets, and computers, tables, chairs, office equipment, water dispensers and cash,’’ he said.
Mr. Umar noted that complaints have been forwarded to security agencies, although the organization is still awaiting a formal response. He, however, urged people in Adamawa and its environs to be on the lookout for anybody in possession of the tractors, and report to NECAS, RIFAN and MFAN officials for recovery and necessary action.
What you should know
NECAS is involved in agriculture-related services and human capacity development across the North-East region States of Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe.
Since its establishment in 2018, the association has expanded its scope of activities, especially through the Federal Government, CBN’s Anchor Borrowers’ Programme (ABP), mechanisation drive, and partnerships with development agencies.