5/28, 9:16 PM (Source: TeleTrader)
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World Bank to examine its IDA replenishment plan

World Bank President David Malpass said on Thursday that the Washington-based institution should examine potential supplemental replenishment of the International Development Association (IDA) lending facility in case the economic crisis caused by the coronavirus pandemic deepens.

Malpass stated that the funds of the IDA19 replenishment scheme worth $82billion are not sufficient to support all the countries affected by the pandemic. However, he rejected the proposal made by more than 300 lawmakers from around the world to both the Bank and the International Monetary Fund to drop the debts of the poorest countries, noting it was more important to keep the Bank's inflow and then redistribute the loans to those countries.

The World Bank previously announced a $160 billion scheme for the economic recovery of the countries hit by the crisis.

Breaking the News / JR