The World Bank (WB) estimates that up to 60 million people will be pushed into extreme poverty due to the consequences of the coronavirus pandemic.

The recent media call of World Bank Group President David Malpass, published on WB’s website, notes that this fact “erases all the progress made in poverty alleviation in the past three years”.

“Our forecasts indicate deep recession this year as much as minus five percent recession for the global economy. Families have lost loved ones, millions of jobs and livelihoods are lost, the health systems are under enormous strain worldwide,” said David Malpass.

According to him, the World Bank Group is now financing emergency programs in 100 countries –that’s home to 70% of the world’s population.

“This represents a significant milestone in the World Bank Group’s effort to deploy USD 160 billion dollars over a 15-month period. So this is a milestone in the USD 160 billion dollar that we have committed to. The programs are tailored to the countries to effectively respond to the health, economic and social shocks that the countries are facing,” said David Malpass.