Centre borrows another $1 billion from World Bank for COVID-19 relief

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• The Government of India and the World Bank signed an agreement for $750 million of $1 billion assistance proposed for Accelerating India’s COVID-19 Social Protection Response Programme to support India’s efforts at protecting vulnerable households impacted by the COVID-19 pandemic.

About:

• The programme will be implemented by the Ministry of Finance, Government of India.

• This takes the total commitment from the Bank towards emergency COVID-19 response in India to $2 billion. A $1 billion support was announced earlier in April 2020.

• This new support will be funded in two phases – an immediate allocation of $750 million for fiscal year 2020 and a $250 million second tranche that will be made available for fiscal year 2021.

• The first phase will be implemented countrywide through the Pradhan Mantri Garib Kalyan Yojana (PMGKY). It will immediately help scale-up cash transfers and food benefits using platforms of Public Distribution System (PDS) and Direct Benefit Transfers (DBT).

• In the second phase, additional cash and in-kind benefits based on local needs will be extended through state governments and portable social protection delivery systems.

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Mains Paper 2: International

Prelims level: World Bank for COVID-19 relief

The post Centre borrows another $1 billion from World Bank for COVID-19 relief appeared first on Aspirant World.

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