Infrastructural projects in countries like Fiji will take a direct hit due to the COVID-19 pandemic says the World Bank. [File Photo]
Infrastructural projects in countries like Fiji will take a direct hit due to the COVID-19 pandemic says the World Bank.
In its latest report, East Asia and Pacific in the Time of COVID-19, the World Bank says there will be disruption in import of raw materials and inflow of workers for infrastructure projects in many small island economies.
It goes on to say that the Pacific Island countries have not seen many coronavirus cases so far but will still suffer economic consequences.
With the rapid rise in COVID-19 cases around the world, World Bank says the unprecedented nature of the economic shock to each country, an exceptional policy response is needed.
For its part, the World Bank Group has already rolled out a $14 billion fast-track package to strengthen the COVID-19 response in developing countries and shorten the recovery time.
The immediate response includes financing, policy advice, and technical assistance to help countries cope with the health and economic impacts of the pandemic.
As countries need broader support, the World Bank Group is prepared to deploy up to $160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery.
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