Financial package for India again, WB approves $1 billion, second in a row
Washington: World Bank has approved a financial package for India again. The World Bank has approved a 1 billion dollar social security package for India’s poorest and weakest people. The package meant for those affected by the global epidemic coronavirus (COVID-19).
The World Bank’s Executive Board of Directors approved the package on its meeting held on May 14. Together, the World Bank’s assistance to India in the fight with the Covid-19 epidemic challenge has reached 2 billion dollars. One billion dollars was provided to India’s medical sector in the last month.
The new package will be provided in two instalments. The first Rs 750 million will be released immediately in the current financial year. The remaining 250 million will be disbursed in the next financial year.
The first instalment will be spent under Pradhan Mantri Garib Kalyan Yojana. This will benefit cash transfers and groceries to poor people. The second instalment will be spent on social security work.