Corona Crisis: World Bank Announces $1 Billion Aid For India’s Poorest, Economic Revival

New Delhi: The World Bank on Friday announced a $1 billion special package to support the government’s efforts to revive the economy as well as uplift the most vulnerable households in the country.

The stimulus fund will focus on providing direct cash transfers for the poorest, social protection for essential workers involved in COVID-19 relief efforts, who face high risk of exclusion under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), and also ensure their food requirement, World Bank India said in a statement.

In-sync with PMGKY, the funds will be allocated in two phases – $750 million for 2020 and $250 million will be released in 2021, it added.

“These measures are intended to slow down the spread of the virus that has impacted the economy and jobs, especially in the informal sector. In this context, cash transfers and food benefits will help the poor and vulnerable access a ‘safety bridge’ towards a time when the economy will start to revive,” World Bank’s Country Director for India, Junaid Ahmad told ANI.

Moreover, the Word Bank will partner with the government in three areas – health, social protection and micro, small & medium enterprises (MSME), he added.

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