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World Bank Predicts Sharpest Decline of Remittances in Recent History
April 23, 2020
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WASHINGTON, April 22, 2020 Global remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country. Remittances to low and middle-income countries (LMICs) are projected to fall by 19.7 percent to $445 billion, representing a loss of a crucial financing lifeline for many vulnerable households.
Daily Monitor
Wednesday February 03 2021
People purchase food items at Nakasero Market in Kampala on the eve of Easter last year. Covid-19 lockdowns have disrupted many African economies, further widening the gap between them and the rich countries. PHOTO/ ERIC DOMINIC BUKENYA.
Summary
Ricardo Hausmann, a professor at Harvard University, argues that poor countries need to start producing things that trade internationally.
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Poor countries are cheap. In 2019, a dollar could buy more than twice as much in Argentina, Morocco, South Africa, and Thailand as it could in the United States. It could buy more than three times as much in Vietnam, India, and Ukraine, and more than four times as much in Afghanistan, Uzbekistan, and Egypt. If a country is cheap, it should be more competitive and thus able to catch up with richer economies. In fact, many cheap countries are falling further behind.
The World Bank approved on Thursday the reallocation of $34 million to fund the procurement of Covid-19 vaccine for Lebanon, which is struggling to contain the number of coronavirus infections. The.
World Bank Supports First COVID-19 Vaccine Rollout in Lebanon
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US$34 million in emergency financing will provide access to vaccines for over 2 million people in Lebanon
BEIRUT, January 21, 2021 - The World Bank today approved a re-allocation of US$34 million under the existing Lebanon Health Resilience Project to support vaccines for Lebanon as it faces an unprecedented surge in COVID-19, with record-breaking numbers of around 5,500 daily confirmed cases since the beginning of the year. This is the first World Bank-financed operation to fund the procurement of COVID-19 vaccines. The financing will provide vaccines for over 2 million individuals. The vaccines are expected to arrive in Lebanon by early February 2021.