The World Bank says it has begun efforts to create a 170 billion emergency fund to help poor countries affected by the crisis.
The World Bank’s director, David Malpas, said the fund would benefit countries facing inflation and debt. Malpas added that debt and high inflation have hampered the growth of the international community and urgent action is needed to address the problem. The World Bank chief said the 170 billion earmarked for the International Crisis Fund would be disbursed to eligible countries over the next 15 months. He added that he expects 50 billion to be disbursed over the next three months. According to World Bank figures, 60 percent of low-income countries are in debt, which they are now unable to repay or will face in the future.
