Washington D.C, 28 October 2021 (TDI): The International Development Association (IDA), the World Bank’s Fund for the poorest nations, has been a key partner in the development of South Asia for more than 60 years, improving the lives of millions of people and supporting development that has shown significant results.
Since the start of the pandemic, @WBG_IDA has provided over $12.8 billion to fight #COVID19 in #SouthAsia, helping buy vital medical supplies, provide learning, deliver cash transfers, and support businesses.
Learn more about how #IDAworks in South Asia: https://t.co/3kg1R4sj5M pic.twitter.com/z2hD183KxM
— World Bank South Asia (@WorldBankSAsia) October 28, 2021
The International Development Association (IDA) support has helped bring results in all sectors, including agriculture and food security, education, energy, health, and infrastructure. IDA countries are Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, and Pakistan.
As countries in the region face the devastating effects of the COVID-19 pandemic. Continued support from the IDA is essential to complicate the effects of the pandemic and ensure a green, strong, and inclusive recovery.
Health and Economic crisis: IDA
The pandemic plunged South Asia into a health and economic crisis. Worsened income inequality, devastated the population, and delayed development benefits for about three years.
The World Bank responded rapidly, support, more than $ 20 billion since March 2020, including $ 12.8 billion from International Development Fund. This support has helped governments to buy essential protective equipment and medical supplies for top workers.
Purchase and set vaccines, provide children with education, bring money and food to the most vulnerable, and support small businesses.
Going forward, South Asian countries will need ongoing support to deal with the effects of the COVID. Address the long-term structural challenges, and achieve the results of sustainable development through better reconstruction.
International development fund and South Asia
The South Asian region is the second-largest region to receive IDA recipient Sub-Saharan Africa. South Asia received $ 10.1 billion under IDA18 (2017-2020) and $ 10.3 billion under IDA19 funding cycles (2020-2023). Bangladesh is a major regional recipient of IDA credits, grants, and information.
IDA has encouraged the dynamic change in South Asia over the years. Which has contributed to poverty reduction, labor development, and growing prosperity.
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