World Bank Announces $12 Billion In Emergency Aid For Coronavirus

The World Bank has committed $12 billion (9.4 billion pounds) in immediate aid to help countries grappling with health and economic effects of the coronavirus spread. The package includes low-cost loans, grants and assistance.

World Bank President David Malpass told Reuters that there were still "many unknowns" about the virus and "much more" aid might be required, but he declined to elaborate.

On Tuesday, the World Health Organization (WHO) warned of a global shortage of protective equipment to fight the fast-spreading disease as well as price gouging as the death toll from the respiratory illness mounted.

World Bank said it would prioritise the poorest and most at-risk countries in distributing the aid to counter the effects of the virus.

COVID-19 has now spread to around 90,000 people in 80 countries. The death toll from the disease has surpassed 3,000, a vast majority of which were reported in China.

The organisation's International Development Association, which helps the world's poorest countries, could also receive additional funds in the second quarter of 2020 if its Pandemic Emergency Financing Facility (PEF) is triggered, but has not occurred yet.

The World Health Organisation (WHO) has declared the outbreak a public health emergency of international concern.

On Tuesday, the US Federal Reserve cut interest rates in an emergency move to try to prevent a global recession while finance officials of G7 nations said they were ready to adopt fiscal and monetary measures where appropriate.