World Bank board approves $1 billion to protect India’s poorest

The World Bank said in a statement on Thursday its board approved a $1 billion programme designed to support India’s efforts in providing social assistance to poor, vulnerable households that are being affected by the coronavirus pandemic.

A first tranche of $750 million will be disbursed immediately for the current financial year. The remaining $250 million will be made available in the coming financial year.

“The response to the COVID-19 pandemic around the world has required governments to introduce social distancing and lock downs in unprecedented ways. These measures, intended to slow down the spread of the virus have, however, impacted economies and jobs – especially in the informal sector. India with the world’s largest lockdown has not been an exception to this trend,” said Junaid Ahmad, World Bank Country Director in India.

“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.”

In April, the World Bank had announced another $1 billion in support to India’s health sector.

To date, India has more than 81,900 coronavirus cases and 2,600 people died due to the virus.