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Business News of Wednesday, 25 March 2020

Source: PUNCH

COVID-19: World Bank to deploy $150bn for economic recovery

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The World Bank Group has expressed its readiness to deploy about $150bn over the next 15 months to stimulate economic recovery of countries affected by the Coronavirus pandemic.

The Coronavirus pandemic had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, lockdown of large swaths movements of persons in many countries, among others.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.