World Bank approves another $1 billion aid to India as social security fund amid covid-19 pandemic
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World Bank said that the billion-dollar social protection package was in addition to the previous package of $1 billion allocated to India for COVID-19 emergency response and health systems.
World Bank on Friday announced $1 billion social protection package for India linked to Govt of India programmes. The package was announced in the wake of the rising coronavirus cases across the country.
This takes the total commitment of the World Bank for India's COVID-19 response to $2 billion. A $1 billion support was announced last month towards immediate support to India’s health sector.
Also read: India COVID-19 death toll rises to 2,649 as total cases reach 81,970
This new support will be funded in two phases – an immediate allocation of $750 million for the fiscal year 2020 and a $250 million second tranche that will be made available for the fiscal year 2021.
The first phase of the operation will be implemented countrywide through the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
In the second phase, the program will deepen the social protection package, whereby additional cash and in-kind benefits based on local needs will be extended through state governments and portable social protection delivery systems.
World Bank said that the billion-dollar social protection package was in addition to the previous package of $1 billion allocated to India for COVID-19 emergency response and health systems.
"The World Bank's billion-dollar support for social protection will help India leverage it's PM Garib Kalyan Yojana," said World Bank Country Director (India) Junaid Kamal Ahmad.
In April, the World Bank approved a plan to roll out $160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic.
Earlier on April 3, The World Bank had approved $1 billion emergency funding for India to help it tackle the coronavirus pandemic.
(With inputs from ANI)