PH receives $1.2B loan from World Bank to fight COVID-19

The World Bank has disbursed a total of $1.2 billion as of April this year  in concessional financing to the Philippines to support the government’s efforts in containing the spread of the coronavirus pandemic and providing emergency relief to families most affected by this unprecedented global health and economic crisis. 

 Since April 2020, the World Bank has disbursed to the Philippines   $200 million as additional financing for the Second Social Welfare and Development Project (SSWDP), $500 million for the Third Disaster Risk Management Development Policy Loan (TDRMDP), and another $500 million for the Emergency Covid-19 Response Development Policy Loan (ECRDPL). 

Finance Secretary Carlos Dominguez III said earlier that as of July 8, the government had raised a total of $5.3 billion in concessional budgetary support from the Philippines’ development partners to help cover the yawning deficit resulting from the need to spend big on measures to provide relief to virus-hit sectors, beef up the country’s healthcare capacity, and keep the economy afloat. 

The Philippines also secured a total of $126 million in grants and loans from its development partners for various COVID-19 specific projects, including the purchase of emergency medical supplies and equipment, and a food distribution program for the poorest households in Metro Manila.

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