World Bank signs agreement to provide $200mn for COVID-19 response

ISLAMABAD: World Bank has signed a financing agreement worth $200 million with government of Pakistan for Covid-19 pandemic response.

The project titled ‘Pandemic Response Effectiveness in Pakistan’ will support the government to prepare and respond to the disease and strengthen national systems for public health preparedness and mitigating socioeconomic disruptions. Federal Minister for Economic Affairs Hammad Azhar witnessed the signing ceremony.

The World Bank’s Board of Executive Directors approved the package to help Pakistan take effective and timely action to respond to the COVID-19 pandemic by strengthening the country’s national healthcare systems . This support will also draw an extra $38 million from eight existing projects for urgently needed medical equipment and supplies.

While focusing on the COVID-19 preparedness and emergency response in the health sector, the package will also help the poor and vulnerable cope with the immediate impact of the pandemic through social protection measures, food rations, and remote learning education.

“The World Bank is ramping up its support to Pakistan and its people to fight the spread of COVID-19 in the country,” said Illango Patchamuthu, World Bank Country Director for Pakistan.

“PREP will help strengthen the country’s capacity to detect and monitor the disease. In addition, it will also make available resources to support cash transfer through existing arrangements to the poor and vulnerable. We will continue to partner with Federal and Provincial Governments to ensure effective implementation during these testing times.”

PREP will help establish quarantine facilities in collaboration with public and private hospitals and also supply equipment to hospitals, including ventilators and Personal Protection Equipment for doctors and paramedics.

The project will benefit infected people, vulnerable populations, medical and emergency personnel, service providers in medical and testing facilities along with national and provincial departments of health.

The project is financed from the International Development Association (IDA), the World Bank’s credit window for developing countries, while $100 million is provided through the World Bank Group’s COVID-19 Fast-Track Facility.

The extra $38 million financing is repurposed from existing projects and will support federal and provincial governments in purchasing necessary equipment and supplies.