The World Bank approved $12 billion in emergency financing to help poor nations with the health costs and economic impact of the outbreak, the organization said. “We are working to provide a fast, flexible response based on developing country needs in dealing with the spread of COVID-19,” World Bank Group President David Malpass said in a statement. The money is intended to help the poorest and most at-risk nations fight the virus, which has spread to at least 74 countries across the globe, and will be used to provide emergency financing, technical assistance and policy advice. The International Monetary Fund and the World Bank said on Monday they stood ready to help member countries deal with the coronavirus outbreak, including through emergency funding. — Kopecki
Read CNBC’s coverage from the U.S. overnight: U.S. death toll hits 9 as mortality rate of COVID-19 rises
— CNBC’s Arjun Kharpal, Evelyn Cheng, Jabari Young, Todd Haselton, J.R. Reed, Dawn Kopecki and Kevin Stankiewicz contributed to this report.
Source Article from https://www.cnbc.com/2020/03/04/coronavirus-latest-updates-asia-china-south-korea.html
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