Finance Minister attends the Development Committee Meeting of the World Bank-IMF

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News: The Union Finance Minister participated in the 101st Meeting of the Development Committee of the World Bank-IMF through a video conference.

Facts: 

  • The main discussions were on World Bank Group Response to the COVID-19 Emergency, and the Covid-19 Debt Initiative: International Call for Action in Support of IDA Countries.
  • World Bank has provided a financial support of 150 to 160 billion USD to combat COVID-19 for the next 15 months

Additional Facts

International Development Association (IDA)

  • It is the part of the World Bank that helps the world’s poorest countries. It was established in 1960.
  • It aims to reduce poverty by providing loans (called “credits”) and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.
  • It lends money on concessional terms-IDA credits have a zero or very low interest charge. It also provides grants to countries at risk of debt distress.