World Bank Approves $7million Coronavirus Grant for Zimbabwe
The World Bank has agreed to grant $7 million to Zimbabwe to help it fight the new coronavirus outbreak. Zimbabwe is more than $1.2 billion in arrears to the World Bank, African Development Bank and European Investment Bank, making it normally ineligible for funding or debt forgiveness from global lenders. Zimbabwe’s finance minister, Mthuli Ncube. Souce : Voice of America, The World Bank spokesman said that while Zimbabwe and other countries indebted to the lender could not access regular financing, they could get money from its trust funds to fight the coronavirus that has slowed down the global economy. The lender explained that, “The bank’s senior management has underlined the need for additional trust fund financing to ensure that Zimbabwe and the small group of other countries in arrears can receive support as part of our global effort to help countries respond to the COVID-19 crisis.” Zimbabwe will get $5 million from the World Bank’s global financi...