World Bank has called for emergency financing of 25 billion dollar to help the world’s poorest countries grapple with the massive challenges of the COVID-19 pandemic.

World Bank Chief, David Malpass told finance ministers and central bank governors of the G20 major economies that he would propose the supplemental financing package later this month to deputies of the International Development Association (IDA).

Mr Malpass expressed concerns over the rising risk of disorderly defaults among low-income countries. He said the World Bank and International Monetary Fund have proposed a joint action plan to help the most heavily-indebted IDA countries.

According to WHO data, the number of COVID infected cases has crossed 37.88 million worldwide. The World Bank has approved 12 billion dollars in financing to help developing countries buy and distribute Corona virus vaccines, tests and treatments. It aims to support vaccination of up to one billion people. In another development, restrictions are being ramped up in parts of Europe in response to a rapid rise of COVID-19 infections.