Nigeria receding in COVID-19 toll with nine infections in three days

NIGERIA continues receding COVID-19 toll with nine infections in three daysThe World Bank says its COVID-19 vaccination programs in 81 countries would reach $11billion dollars by the end of June.

  President of World Bank, David Malpass, gave the figure during the 2022 Spring Meetings of the World Bank and the International Monetary Fund (IMF).

  Noting that the institution was dealing with COVID-19, inflation and the war in Ukraine, he said both the World Bank and the IMF have lowered their forecast for global economic growth and hinted that China’s COVID-related shutdown may weigh on the world economy in 2022 even as the war is putting stress on poor people around the world, adding to the debt burden.

  Describing shortage of fertilisers and energy as critical for the crop cycle and creating a food insecurity crisis that will last at least months and probably into next year, he expressed concern about food prices up already 37% year-over-year amid a shift in relative prices with food up more than CPI (Consumer Price Index).

  “That’s significant because it measures how much it hits the poor, who have to spend more on food in their daily budget. Ukraine was getting attention in both commitments and disbursements, including nearly $1.5billion announced in Poland last week. That is part of a surge in World Bank Group financing, that we expect to carry out over the next 15 months, which should reach $170billion, largest set of commitments ever,” ”, Malpass said.

  Malpass also said the Climate Change Action Plan and the formation of Country Climate and Development Reports (CCDRs) will identify the high priority items in countries as they work to mitigate and adapt to climate change.

  “The world needs to take important steps to address the current set of crises. One is to allow more trade. Market opening steps are very important. Market opening steps by many advanced economies could add a lot to the global supplies and alleviate some of the impact on poor countries. And they themselves need to build up their systems to produce more,” he added.

  On Central Banks’ interest rates increment, Malpass advised them to use all their tools and not be undercut by government demand stimulus.