Mumbai: The World Bank on Friday announced a social protection package of USD 1 Billion linked to the Government of India Programmes.
The fund will help India to sustain the weak and vulnerable sections who are severely affected by the pandemic.
A month earlier, World Bank had announced USD 1 billion for India’s healthcare sector
The current support will be funded in two phases— an immediate allocation of $750 million in 2020 and the rest $250 million in 2021.
“The World Bank’s billion-dollar support for social protection will help India leverage it’s PM Garib Kalyan Yojana (PMGKY)”, says World Bank India Director, Junaid Ahmed on Friday.
The decision comes one day after the lawmakers around the world urged the International Monetary Fund (IMF) and World Bank to cancel the debts of the poorest countries to avert the global economic meltdown.
The World Bank had said it will look after ways to extend its support for the poorest countries but denied complete waive off from debts.