Focusing multilateral money

World Bank and IMF must step up to protect pvt sector, govts

The World Bank group, which includes the bank, the private sector-focused International Finance Corporation (IFC), and the loan guarantee-focused Multilateral Investment Guarantee Agency (MIGA), has now moved to address the fast-spreading public health and economic crisis caused by the novel coronavirus. The initial spending approved was worth $1.9 billion, and is due to be spent in 25 countries. However, more than 50 per cent of that money will be spent in India, which is to get $1 billion of it. This infusion of money is welcome, and is an indication that the bank is cognizant of its primary purpose. The