World Bank document shows 27 countries seeking to ensure access to crisis funds
World Bank document shows 27 countries have moved since the Iran war started to put in place crisis instruments that could quickly access funding from existing World Bank programs. The World Bank document did not name the countries or the total amount of funds potentially being sought. The World Bank declined to comment.
The document showed that 3 countries had approved new instruments since the Middle East conflict began on February 28, while the others were still completing the process. Officials in Kenya and Iraq have confirmed they are seeking rapid financial support from the World Bank to deal with the war's fallout. The 27 countries are among 101 that had access to some form of pre-arranged financing instrument that they could tap in a crisis, including 54 that signed up to the Rapid Response Option, which allows countries to use up to 10% of their undisbursed financing.
World Bank President Ajay Banga last month said the bank's crisis toolkit would allow countries to draw on pre-arranged contingent financing, existing project balances and fast-disbursing instruments to access an estimated $20 billion to $25 billion. He said the bank could also reorient parts of its portfolio to bring the total to $60 billion over six months, with further longer-term changes possible to bring the total to around $100 billion.
Quick Summary
An internal World Bank document shows that twenty-seven countries have moved to put in place crisis instruments. The goal is to quickly access funding from existing World Bank programs - but the reason for the urgency remains unclear.
Summary - read the full story for complete context.
Image: MyJoyOnline
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from MyJoyOnline
Related Stories
More from Business & Economy
BoG failed in its supervisory role in GN Bank crisis - Senyo Hosi
Senyo Hosi says the BoG failed in its supervisory role in the GN Bank crisis - but what could have been done differently?
5h ago•4 min read
Amin Adam warns against politicising banking regulation after GN Savings ruling
Why is a former Finance Minister warning against politicising banking regulation after the GN Savings ruling?
3h ago•2 min read
GN Savings ruling poses fiscal and financial-stability risks - Amin Adam
Why is a former Finance Minister warning that a court ruling could expose Ghana to fiscal and financial-stability risks?
3h ago•2 min read
Build inclusion into core of workplace culture - Telecel Ghana HR Director
Telecel Ghana is being recognized for transforming workplace inclusion - but how are they doing it?
6h ago•3 min read
