World Bank Approves 1 Billion Dollar Fund For India

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World Bank Approves 1 Billion Dollar Fund For India
Photo Credit: International finance

Amid the spread of coronavirus pandemic, the World Bank has approved 1 billion dollar fund for India to assist in efforts for providing social assistance to the poor and vulnerable. The social safety package for India is linked to central government programmes. World Bank stated that the billion-dollar social protection package was in addition to the previous package of $1 billion allotted to India for COVID-19 emergency response and health systems a month ago. “The World Bank’s billion-dollar support for social protection will help India leverage its PM Garib Kalyan Yojana,” stated World Bank Country Director Junaid Kamal Ahmad.

The first segment of the operation, $750 million for the fiscal year 2020, can be implemented countrywide via the Pradhan Mantri Garib Kalyan Yojana and in the second segment, the program will deepen the social protection package, whereby additional cash of $250 million for the fiscal year 2021 and in-kind benefits primarily based on local needs will be extended through state governments and portable social protection transport systems.

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