The World Banks said Coronavirus is morphing into a major economic crisis, with very serious financial consequences.
The Worl Bank will have to spend at least $70 billion per year to tackle the impact of the pandemic induced poverty.
A World Bank report says about 1 billion students in developing countries may be out of school due to the looming second wave of COVID-19.
Total external debt of the least developed countries under the DSSI increased to $744 billion in 2019.
WHO has warned Africa not to relax despite recording lower cases and mortality rates compared to other regions of the world.
Vice President Yemi Osinbajo disclosed recently that Nigeria will not be issuing Eurobonds.
The World Bank said that the pandemic has put a decade of hard-won economic progress at risk.
As many as N150 million will fall into extreme poverty, the World Bank has predicted.
The World Bank boss warned that the pandemic could trigger another debt crisis, hence, the need for debt cancellation.
The World Bank has announced plans to help developing countries acquire access to COVID-19 vaccines.