The World Bank is moving ahead with a new “crisis facility” to get more money to the world’s poorest nations, as well as to Ukraine, as they battle to prevent even worse backsliding on core development needs like health and education.
Inflation and high interest rates are hurting many of the poorest nations the hardest, the Washington-based lender has warned, pushing it to argue for this new pool of funds that will be exclusively open for the most vulnerable.
The bank’s Senior Managing Director Axel Van Trotsenburg told Devex there was “very good support” for the new funding mechanism during recent talks with high-level representatives of the bank’s member countries. He noted there were multiple meetings this week, including a marathon session with deputies that ran for several hours.