World Bank steps in to fight Coronavirus with $12 Billion aid package

• As Coronavirus spreads globally, the number of countries affected stands at 76 with over 92000 confirmed cases
• The World Bank is stepping in to help developing nations contain the virus with a $12bn aid package.

The World Bank has committed $12bn in aid for developing countries fighting the outbreak. The aid package is in the form of low-interest loans, grants and technical assistance.

The affirmative action comes as world leaders pledge support beyond borders in a bid to halt the economic impact of the pandemic.

The World Bank fears that a long economic slowdown would push countries into recession. The aid is primarily to help nations improve their public health response to the emergency at hand and work with sectors to cushion the economy.

"What we're trying to do is limit the transmission of the disease," World Bank Group President David Malpass told the BBC in an interview.

The aid would be distributed in terms of countries that are the poorest and most at-risk. $6bn of the package comes from the International Finance Corporation of the World Bank (IFC) with the rest being made up from available funds in the budget.

Here’s what data tells us about the Coronavirus and why we think the worst is over

https://www.brecorder.com/2020/03/03/576650/coronavirus-in-numbers-the-story-data-tells-us/

The WHO recently confirmed more than 92,000 cases globally and over 3000 deaths due to the virus.

China’s methods to contain the outbreak are working as new cases have declined significantly in the past few weeks. While China did report 38 more deaths on Wednesday, the number of fresh cases has still lowered.

Elsewhere, the number remains high with 516 new cases have been reported in South Korea, totaling their tally to over 5,300 people.

"The point is to move fast; speed is needed to save lives," Mr Malpass said in conference with reporters. "There are scenarios where much more resources may be required. We'll adapt our approach and resources as needed."

In the world markets, Dow Jones dropped nearly 800 points on Tuesday despite the rare rate cut by 0.5% amid fears of the virus in USA.

This is the biggest rate cut by the Fed since the financial crisis in 2008.