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World Bank Provides $ 12 Billion to Fight Corona Virus

Dhe World Bank provides developing countries with loans and aid totaling $ 12 billion to help fight the novel corona virus. It is about helping the states “quickly” and “flexibly” to face the health and economic consequences of the Covid 19 epidemic, said World Bank President David Malpass on Tuesday. The funds could be used to expand health systems, among other things, the World Bank said. Around four billion dollars of the new aid package will come from existing programs.

“It takes speed to save lives,” added Malpass. The aim is to get the “best possible benefit from the World Bank’s extensive resources, global expertise and historical knowledge of crises”. The World Bank President recalled that the World Bank had already launched aid packages in the event of crises caused by epidemics, such as Ebola or Zika.

Fed rate cut doesn’t ease the tide

Just a few hours earlier, the World Bank and the International Monetary Fund (IMF) had canceled their annual spring meeting in the United States because of the novel corona virus. The meetings, originally planned for the headquarters of the organizations in Washington in mid-April, should now take place in a “virtual format”, it said.

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Meanwhile, New York stock indices tumbled after a surprise Fed rate cut on Tuesday. The market fluctuated strongly in early trading, indecisiveness characterized the events. Then the courses drifted significantly into the red. The leading index Dow Jones Industrial closed 2.94 percent lower to 25,917.41 points. The day before, he had won more than five percent and made up a large part of the losses from the sell-out of the previous week.

Because of the dangers to the economy from the outbreak of the new corona virus, the US Federal Reserve cut the key interest rate by 0.50 percentage points. However, the Fed was unable to alleviate market worries. On the contrary, the opposite happened. Fed chief Jerome Powell said it can be seen that the corona virus is already affecting the growth of many countries and global financial markets. The extent of the impact on the American economy is still “highly uncertain”. The market-wide S&P 500 slipped 2.81 percent to 3003.37 points. The technology-heavy Nasdaq 100 declined 3.19 percent to 8,594.49 points. The uncertainty about the unpredictable consequences for the economy by the corona virus is still great.

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