World Bank seeks $100 bln in donations to address ‘tragic reversals’ in development

The World Bank hopes to raise $100 billion in donations for the International Development Association fund for poorer countries to address “tragic reversals in development” caused by the COVID-19 pandemic, World Bank President David Malpass said Monday.

Malpass said the multilateral development bank forecasts global growth of 5.7% in 2021 and 4.4% in 2022, but said the worsening disparities between advanced economies and developing countries had set back efforts to reduce extreme poverty by year, and in some cases decades.
Source: Reuters (Reporting by Andrea Shalal and David Lawder)